rodders
Valued Member
Joined: 25 Nov 2003
Posts: 134
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Posted: Sat Mar 27, 2004 6:56 am Post subject: buying land in nz |
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thought others might be interested in this - gives info about the amount of land overseas people can buy in nz without getting special permissions.
Foreigners' purchases of New Zealand land plummeted to their lowest level in 10 years in 2003, partly because of tougher investment rules.
The net area bought by overseas investors dropped to 13,427 hectares last year, down from 32,300 hectares in 2002.
The figures take account of New Zealand land bought and sold by foreign investors.
Foreign investors need Overseas Investment Commission approval for purchases of more than five hectares, or more than 0.2 hectares of forested land.
Commission chief executive Stephen Dawe said it appeared two factors were driving the fall in purchases. There was less interest in buying forested land and tougher rules on buying farmland were having an impact.
Since February 2002 foreign investors buying farmland have had to show substantial and identifiable benefits and the land has had to be advertised on the open market for 20 days. Last year was the first full year of the rules operating.
http://www.stuff.co.nz/stuff/0,2106,2857059a11,00.html |
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