The Overseas Investment Office says that during the first quarter of 2020 it approved 72 applications for people with residency visas to buy homes to live in.
The One Home to Live In pathway came in October 2018 with changes to the Overseas Investment Act 2005 to put restrictions on overseas people buying residential property in New Zealand.
“Since the rules were changed the Overseas Investment Office has received 404 applications from permanent residents to buy One Home to Live In,” says Vanessa Horne, Group Manager of the Overseas Investment Office.
“More than 90% of applications have been approved, with 28 applications being declined or withdrawn by applicants. The total value of the homes that have been consented is $253 million to date.”
The OIO says Auckland was the top region for consents (77), followed by Canterbury (25) and Wellington (20). Applications have been received from citizens of over 30 countries.
“The highest number of applications came from citizens of the United Kingdom (30%), closely followed by Chinese citizens (25%). South Africa and the United States of America followed with a combined 17% of the total applications,” Ms Horne says.
She says One Home to Live In applications are processed in 2 to 3 days on average.
OIO still operating
The Overseas Investment Office says that even though the country is in alert level 4, it is actively working with applicants, including approving three applications for April already. The Office says it is confident it can support the expected increase in potential applications once the real estate market is fully operational.