The world’s billionaires are heading back to NZ

Queenstown was a popular area for foreign buyers before the ban came in. Photo / Mark Mitchell

Real estate agents in the luxury end of the market say there’s been new interest in New Zealand as a relatively well-priced haven for tech, construction and other billionaires – assuming that a National-led government takes the reins next month.

BusinessDesk talked to real-estate agent Caleb Paterson, who works with a number of offshore agents and high net-worth individuals mainly out of the US and UK markets. He said interest had “definitely perked up” since National said it would repeal its ban on foreign buyers.

Foreign buyers, with the exception of Singaporean and Australian citizens, have been barred from owning NZ properties since 2018.

Assuming it makes up the next government, National’s plan would open the door to all foreign buyers to purchase NZ homes valued at more than $2 million, with a 15 per cent foreign buyer stamp surcharge clipped on, from the 2025 fiscal year.