The New Zealand property market has been very appealing to Chinese nationals as more and more are looking in that direction for purchasing their own homes, as home prices in China are significantly high right now.
Though some experts say that New Zealand propertyprices are quite high, this does not seem to stop wealthy Chinese nationals from purchasing them, as it has been difficult for them to purchase second or third homes in China.
There have been tightening measures initiated in China to slow down the property market. There is a policy that restricts the amount of homes and properties a person can purchase in 16 major Chinese cities. Additionally, the amount of money needed for a down payment has increased as well. Last year, Beijing and Shanghai were the first two cities that banned families from purchasing more than one home.
It has been reported recently that the effort to curb multiple home purchases will be extended to the second and third-tier cities as well.
Barfoot & Thomson, Auckland's largest real estate company, stated that its offices are receiving a substantial increase in calls from potential buyers from China. The number of sales has not increased dramatically, but the potential is there.
In China, owning multiple properties increases prestige, so parents who would like to purchase homes for their children and already own several homes are looking to purchase homes in New Zealand.
Understanding investment and return, these wealthy investors from China are more confident that their investments in New Zealand will be beneficial for them in the long run. Not only are they looking at the New Zealand property market, but also the US as well.