The Overseas Investment Office says it has approved 249 applications from people with residency visas to buy homes since restrictions to overseas ownership were introduced in October 2018.

“Under the new overseas investment rules, most overseas people are not entitled to buy homes in New Zealand. However, people with residency visas are able to apply to the OIO to buy a home to live in," OIO Group Manager Vanessa Horne says.

“Since the rules were changed the OIO has received 276 applications from permanent residents to buy one home to live in.

“More than 90% of applications have been approved, with 27 applications being declined or withdrawn by applicants. The total value of the homes that have been consented is $165 million to date.”

Auckland was the top region for consents (74), followed by Canterbury (25) and Wellington (20).

Ms Horne says applications have been received from citizens of 30 countries.

“The highest number of applications came from citizens of the United Kingdom (30%), closely followed by Chinese citizens (24%). South Africa and the United States of America followed with a combined 18% of the total applications," she says.