New Zealand Opens Property Market to Wealthy Foreign Investors

New Zealand has reversed its previous ban on foreign property ownership by allowing wealthy foreign investors holding the reintroduced foreign investor migrant visa to buy or build one home valued at least NZ$5 million. Prime Minister Christopher Luxon emphasized that this policy change aims to balance local concerns about foreign ownership with the need to attract high-net-worth investors to boost the economy. The government lowered the investment threshold for high-risk investments from NZ$15 million to NZ$5 million and removed the English language requirement to broaden eligibility. Since the visa's reintroduction in April, 301 applications have been submitted, representing potential investments of at least NZ$1.8 billion. This move is part of broader efforts to stimulate economic growth following New Zealand's recession in late 2024 and early 2025. Luxon highlighted that fewer than 1% of homes are valued over NZ$5 million, suggesting the policy targets a small, ultra-prime segment to attract significant foreign capital without broadly opening the housing market.