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Transcript

New Zealand Delays Opening Real Estate To Foreign Buyers Until 2026 · IMI Podcasts

• 0:00
  SPEAKER_00: New Zealand has pushed back changes to its foreign home buyer rules, currently before Parliament at second reading, until the first half of 2026, delaying plans to let active investor Visa Plus, AIP holders buy or build homes worth$5 million New Zealand dollars or$2.8 million or more.
• 0:19
  SPEAKER_00: The timeline slip undercuts earlier political assurances that the law would pass this year and pushes pending decisions for buyers and sellers into next year.
• 0:28
  SPEAKER_00: What will change?
• 0:29
  SPEAKER_00: The proposal will allow AIP visa holders to purchase or build a single home valued at$5 million New Zealand doll or more.
• 0:37
  SPEAKER_00: The AIP investment criteria themselves do not change.
• 0:41
  SPEAKER_00: Any home purchase is in addition to the qualifying investment, also a minimum of$5 million New Zealand dollars.
• 0:47
  SPEAKER_00: Since 2018, only citizens, tax residents, and Australians or Singaporeans have been able to buy residential property freely.
• 0:56
  SPEAKER_00: Until the bill passes, that status quo remains.
• 0:59
  SPEAKER_00: Local media reports that there are just under 10,000 properties nationwide valued at 5 million New Zealand dollars or more, with around 7,000 ready to live in.
• 1:09
  SPEAKER_00: Most are concentrated in Auckland and Queenstown Lakes, and sales at that level are rare, about 0.2% of transactions last year.
• 1:17
  SPEAKER_00: After the second reading, the bill goes to the committee of the whole house, then a third reading for a final vote.
• 1:23
  SPEAKER_00: If it passes, it gets royal assent and becomes law, with a start date set in the act or by order in council.
• 1:30
  SPEAKER_00: That will be the point at which the new rules take effect.
• 1:33
  SPEAKER_00: Misha Mannik Sopi, Director of Client Experience at Greener Pastures New Zealand, said the reform is a meaningful signal that puts the country back on the radar for ultra-wealthy families seeking both a home and residency, albeit cautioning against overplaying foreign interest.
• 1:49
  SPEAKER_00: She adds that most serious AIP investors choose New Zealand for lifestyle, safety, and long-term optionality, implying that real estate was never the main attraction.
• 1:59
  SPEAKER_00: In her view, the ability to buy a$5 million New Zealand dollar plus home complements the AIP visa by creating a much more complete proposition, long-term residency plus a place to live, and she thinks the decision is unlikely to affect housing affordability.
• 2:14
  SPEAKER_00: James Hall, director of ANZ Migrate, says AIP holders who already live in New Zealand can buy property under current settings.
• 2:22
  SPEAKER_00: So the proposed exemption mainly targets offshore applicants.
• 2:26
  SPEAKER_00: As such, he sees no real pull factor and expects the change to draw attention but amount to mostly noise with little market impact.
• 2:36
  SPEAKER_00: This episode first appeared as an article by Mustafa Daily on IMIDaily.com.
• 2:42
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• 2:48
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