New Zealand grants developer of Auckland tower exemption under anti-foreign buyer law
- Hengyi, developers of The Pacifica, granted an exemption by New Zealand’s Overseas Investment Office, allowing them to sell to foreigners
Foreigners are allowed to buy units in the new 57-storey Pacifica project under construction in Auckland despite the government’s law change restricting non-citizens and non-residents’ purchase of property in New Zealand.
Gavin Lloyd, residential projects national director at sole marketing agents CBRE, said developers of The Pacifica had been granted an exemption by the Overseas Investment Office so they could sell to foreigners.
This was the first time the government had granted an exemption under the new anti-foreign buyer law, he said.
The government passed amendments to the Overseas Investment Act, meaning only New Zealand citizens or residents are now allowed to buy residential and lifestyle properties unless they get a specific exemption.
Multiunit flats of 20 or more units can be exempted, but Lloyd said The Pacifica’s developers Hengyi had to apply to qualify.
“You still needed to apply for an exemption from the minister,” Lloyd said.