Why buy in New Zealand property market?

new-zealand-property-market

With its majestic bays, islands and rolling hills, New Zealand is a dream destination — a once-in-a-lifetime place to visit for some travelers. With plenty of habitable land, low costs and good yields and a low population density, New Zealand property market is attractive for investors.

Auckland has the country’s most expensive apartments, where prices are US$611 per square foot (sq. ft.) with rental yields ranging from 6.09% to 7.18%. In New Zealand’s capital Wellington, apartments cost US$397 per sq. ft. with rental yields ranging from 6.88% to 8.43%. Smaller apartments are more profitable than larger ones.

In Christchurch, property prices are cheaper and cost US$263 per sq. ft. but deliver a gross rental yield of 7%. Hamilton offers the least expensive houses for US$225 per sq. ft. with gross rental yields of 7% near the city center.

There are some restrictions for Non-New Zealanders buying properties. Approval from the Overseas Investment Office is needed when non-New Zealanders purchase property for more than US$10 million; more than five hectares of land; and a plot where there is coastal land and is larger than 21,527 square feet.

While Non-Zealanders can purchase real estate in New Zealand, it does not entitle them to stay in the country beyond the limits of their visa. Immigration regulations still apply for the application of residency.

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