Luxury real estate agents in New Zealand have noted a surge in interest from foreign billionaires, especially from the tech and construction sectors. This comes in anticipation of a potential policy change if the National-led government takes office next month.
Caleb Paterson, a real-estate agent who collaborates with agents and wealthy individuals primarily from the US and UK, told BusinessDesk that there’s been a notable increase in interest. This followed the National party’s announcement that it would revoke the ban on foreign property buyers if they come to power.
Since 2018, foreign individuals, barring those from Singapore and Australia, have been restricted from owning properties in New Zealand. However, if the National party forms the next government, they plan to allow foreign investors to buy NZ homes priced over $2 million starting from the 2025 fiscal year. Purchases would also attract a 15% foreign buyer stamp surcharge.