According to Henry from Stuff.co.nz, the proposed foreign property buyers ban has been relaxed for foreign investors looking to buy apartments.
“The Government will accept changes suggested by the majority of the Finance and Expenditure Committee in their report on the bill.
The major change concerns apartments. Originally the ban would allow foreign buyers to purchase apartments off the plans, but would force them to sell them on once the building was completed.
Now the ban will allow foreign buyers to hang on to apartments bought off the plan, as long as they are part of a development that is 20 or more units large.
The Government has also announced Singapore will join Australia as a “carve-out” nation, with all of its citizens enjoying the same rights as Kiwis to buy property, in order to not disrupt a free trade agreement.”
Now the foreign investors can relax down. As an investor, you are still allowed to have your real estate in your portfolio after the development is completed. A rental return can be a significant income for the investors.
However, the other concern of overseas investor is, how they can manage their portfolio without moving to New Zealand?
Property Management is a growing and vigorous industry in New Zealand. According to the Residential Tenancy Act, as a private landlord, if you will be going out of New Zealand for more than 21 consecutive days, you must appoint an agent to manage your rental property during the time you are away.
Landlords may appoint anyone as their agent, however, the agent should be someone who is fully aware of (and able to fulfil) the legal requirements, obligations and responsibilities of managing a rental property.
Metro NZ Property Management is composed of highly qualified property investors, property owners, property graduates and senior property managers with an obsession for superior customer service who will work closely with our clients to achieve their goals.
We recruit a dedicated, hard working and high quality team of property investors, property graduates and people with a passionate for property and an obsession for superior customer service as property managers.
We understand the needs of people and focus on the highest level of professionalism and respect when dealing with all aspects of property.
We also have service policies, management policies, and access to the right tools for all the team members, 7 days a week.
We think creatively in our daily operation work. We solve problems in a creative way rather than using traditional methods.
If you are looking for a property manager or you are thinking about changing your property manager, why don’t you have a chat with us and see what we can do for you!
Call Metro NZ Property Management Now by 09 985 5706!