Many people believe that New Zealand is the stuff of fairy tales. In a setting that is both modest and hospitable, the richness of the natural world blends with the rich Māori people. Strong Covid-19 response around the nation has led to a thriving national travel sector. Because of this, it is a desirable location for many Indian traders.
Here is the guide on how to buy a property in New Zealand as an Indian.
Requirements for property purchase
Expats may buy off-the-plan residences in large buildings if these buildings possess one of the following licenses, as per Toit Te When Land Record New Zealand’s webpage. Different rules apply to each license.
- Exemption Certificate
Residences in buildings that have been given an exclusive license must be purchased by foreign buyers before the building is finished. They are not obligated to sell the flat, but they are not allowed to live there.
- Transitional exemption license
Foreigners are not required to obtain permission to purchase off-the-plan residential units in complexes that have a transitional excuse letter. Additionally, they must be the flat’s original purchasers. The buyers are free to keep the home if they so wish; they are not obligated to sell it.
- Request for consent
Expats must request written permission if they wish to buy an off-the-plan flat in a building without a license or if their purchase exceeds the 60% threshold. The building must include at least one multi-story tower to be qualified. The purchasers must sell the flat within the time range specified by the Foreign Investment Department and are not permitted to live there. The $2,040 permission fee.
Find property in New Zealand
Like most areas, brokers are used for the vast majority of real estate transactions. Real estate brokers are qualified and experienced in negotiating rates on behalf of both the buyer and the seller. Some individuals specialize in making purchases for non-natives easier. As an Indian citizen, you can hire an expert agent to find land in the country.
To find the ideal residence, many purchasers use internet resources. This is a great spot to start, but it is advisable to see the estate in person if at all possible.
Cost of New Zealand property
A buyer should first take location into account to completely comprehend the price of vacation properties in New Zealand. The Queenstown-Wanaka, Coromandel, Lake Taupo, Canterbury, and Mount Ruapehu are the most well-liked locations for Indians to buy property.
According to the most recent Reinz realty statistics, the mean price of a home is NZ$810,000. While the usual price of homes has increased everywhere, the average estate worth in Auckland has decreased by 5.6%. But according to two of the biggest financial institutions, the cost of real estate in the country will drop by 20%. This gives Indians who intend to move to New Zealand in the future years hope.
Purchase-related fees
Immediately following the acquisition, a security deposit is needed on the house. The payment quantity differs according to the home’s cost and the loan term it was used to obtain. Buyers will also be responsible for additional taxes and fees on top of this deposit and the installment payment. Lawyer fees are around $1,500 in New Zealand dollars.
Benefits of buying property in the country
Property ownership is positively influenced by the nation’s good governance. Indian investors who have committed time and money to offshore property investments can be at ease knowing that their money is being invested in one of the most reliable countries. The two major political groups in the nation continue to enjoy a majority of the vote, which means that foreign investors can make investments without worrying about a sudden, drastic shift in policy. The property sector is been dubbed “on fire” right now, which is fantastic news for investors.
