NEW ZEALAND IMMIGRATION NEWS

New Zealand property boom drawcard for immigration and tourism

Friday, 7 March 2008

Locals and immigrants are enjoying their investments in New Zealand's real estate market, which has had substantial gains and sustained buoyancy that has belied the global norm.

New Zealand has long been a popular spot with those seeking to retire or to escape to a brand new life. But because of its geographic position, the numbers of those applying for immigration were steady and those buying property assumed to be from overseas, were even more limited.

It was clear that any market growth would be dependent on increases in the inherent wealth of the local population.

But, thanks to the release of the Lord of the Rings trilogy of films, all that began to change. The rest of the world got to see for themselves the unique, breathtaking and absolutely legendary beautiful natural landscape of New Zealand.

After the release of these films, tourists started flocking to New Zealand. As the New Zealand Tourist Board promoted the country even further, the numbers of those seeking residency, investment and residential property, second homes and retirement homes started to shoot up.

However, as a whole, the success of New Zealand's property sector cannot be solely attributed to the film trilogy.

The ongoing strength of the market sector is held down by the dynamic economic growth that the country has enjoyed since transforming into a free market economy that's globally competitive.

Purchasing property in New Zealand has many attractive advantages, the first being that there are the many taxation advantages of buying and owning real estate in this beautiful country.

The fact that you would not be charged capital gains tax if you sold your investment property to cash in your gains is pretty impressive. Also, you would not have to worry about stamp duty on the purchase, as there won't be any charge for it.

These advantages make your discount to market value substantial when you compare it in the majority of countries worldwide.

What makes the purchase and ownership of property attractive to retirees, expatriates, second homers and of course, property investors, is that there is no inheritance or estate tax in New Zealand.

It's thus easy to see why for property investors considering New Zealand for the first time, as the attractions of the market sector are strong and sustainable, leading potentially to a very profitable venture.

If you would like to visit, live, work or invest in New Zealand, take our free online visa eligibility assessment to find out which visa you qualify for. It'll deliver almost instant results!