An increasing number of Pakistanis are investing in residential property in New Zealand and this is partially because the processes involved in buying property there are relatively easier and more straightforward in comparison to many European countries.
If you are thinking about investing in property in New Zealand, factor in the following:
1. Non-residents can only buy residential property; option include vacant plots, houses and apartments. However, buying property does not give owners the right to reside there on a permanent basis.
2. Buyers do not need to be physically present to purchase property and negotiations can be conducted by a lawyer and/or a real estate agent.
3. Prior to purchasing property, buyers must obtain a Land Information Memorandum (LIM) from the seller. This document provides
Information regarding the rightful ownership of the property, storm water and sewerage plans around it, as well as future building plans in the area that may affect the property and its value.
4. Buyers are required to pay a down payment when they sign the sale Deed; This amounts to three to four percent of the property’s price.
5. A mortgage amounting to 60% of the property’s price can be financed by a New Zealand-based bank.
6. property registration fees amounts to approximately US$ 53; the transfer of title fee amounts to approximately US$ 1,000; stamp duty, land tax and capital gains tax are not applied in New Zealand.
7. Cities that are attracting international investment include Auckland, Christchurch, and Wellington.
8. The price of property in New Zealand are as follows:
Available plot size: 200, 500 and 1,000 square yards price per square yard: US$ 4,000-18,000
Available plot size: 200, 500and 1,000 square yards price per square yard: US$ 5,500-25.000 US$
- US$ 35,000-38,000 (1 bedroom)
- US$ 42,000-48,000 (2 bedrooms)
- US$ 55,000-75,000 (3 bed rooms)