New Zealand Between China and The Rising Dominance of Luxury Property
New Zealand Between China and The Rising Dominance of Luxury Property. The largest city in New Zealand have dominated the survey’s hottest cities for luxury properties conducted by Christie’s International Real Estate.
The survey, conducted on 100 affiliates this market makes Chrisie Luxury Thermometer found that property sales in Auckland at a price of at least $ 1 million in the United States (US), grew 63 percent last year.
Awakening the New Zealand economy and a marked migration of investment property are carried out mainly by overseas students and wealthy investors.
“Coupled with the property law of New Zealand which does not include stamp duty, capital tax, or visa requirements make it most attractive property markets in the world for foreign buyers,” writes Christie.
However, the success of the New Zealand property market is getting resistance from some parties. Controversial politician and leader Winston Peters of New Zealand First party, known for anti-immigration stance has issued a statement quoting from a letter from a Chinese property agent to him.
The agency says that many foreigners who do not pay taxes, buy, and sell only through their own circles and will sell in bulk and then leave New Zealand if there was a decrease in property values.
Agents identified as “Adam” by Newshub came to New Zealand in the hope of exposure to European culture and Kiwi. Instead of seeing a balanced ethnic mix, Auckland actually have a sense of the overall China. In his letter, Adam also quoted two Japanese citizens who are visiting Auckland.
They mentioned that went to Auckland is like going to China and there you do not hear English, you do not see the Kiwi, and only China, China and China.
Some people later criticized Adam Keith Ng including Chinese immigrants who assume that Adam argument is inaccurate.
Foreign investors, international students, and immigrants are all separate groups with separate issues and policies are also governed separately. Generalize them together is not about policy, but about their class.
Last year, the Labour Party published data showing that up to 40 percent of homes in Auckland are sold to people of Chinese descent, largely based on their family name.
However, the latest estimates give a more conservative outlook. In May 2016, Land Information New Zealand reported that 58.2 percent of housing Auckland from January to March period was not sold to residents and pinned to a Chinese investor. They only contribute to a total of 11 955 276 units of existing homes.