Golden opportunity for people with Golden Visas in New Zealand: What Kind of Homes Can Foreign Investors Buy? New Zealand has made a significant policy shift by reopening part of its housing market to wealthy foreigners. Holders of the so-called Golden Visa, officially known as the Active Investor Plus Visa, will now be allowed to buy or build one residential property worth at least NZ$5 million (about US$3m).
This exemption marks the most notable change since the 2018 foreign buyer ban, which had prohibited most non-residents from purchasing existing homes. The government hopes this will help attract high-net-worth individuals who can invest not only in luxury property but also in the wider New Zealand economy. But what kind of homes are available at this price point? And what impact could this have on the New Zealand housing market?
Golden Visas in New Zealand: What Kind of Homes Can Foreign Investors Buy?
The $5 Million Threshold: How Many Homes Qualify?
According to property data, there are only around 7,000 homes in New Zealand that meet the $5 million-plus threshold.
- That represents just 0.4% to 0.5% of the total housing stock nationwide.
- In Auckland, New Zealand’s largest property market, there are about 4,300 such homes, equal to 0.8% of all dwellings.
- In Queenstown, there are roughly 1,250 luxury homes, representing 5.5% of that market.
- That leaves only about 1,500 qualifying properties across the rest of the country.
Economists point out that while these numbers are small, the effect could be noticeable in certain suburbs and luxury hotspots.
Where Are These Luxury Properties Located?
Golden Visa holders looking to purchase in New Zealand will be limited to a handful of exclusive areas.
Auckland
In Auckland, most $5 million-plus properties are concentrated in:
- Herne Bay – often ranked New Zealand’s most expensive suburb.
- Remuera – a leafy, established suburb with large estates and private schools.
- St Mary’s Bay – known for waterfront homes with views of the Harbour Bridge.
- Westmere – luxury coastal residences and renovated villas.
Examples currently on the market include:
- A six-bedroom house in Rodney.
- A clifftop home in Devonport overlooking the Hauraki Gulf.
- A waterfront property in Matakana, popular for vineyards and lifestyle blocks.
- A five-bedroom Remuera home with its own tennis court.
Queenstown and Central Otago
In the South Island, Queenstown dominates the high-end property market. With its alpine scenery, ski resorts, and status as a playground for the wealthy, Queenstown offers:
- Large luxury chalets with lake and mountain views.
- Estates in Arrowtown and Lake Hayes.
- Rural landholdings suitable for development or private retreats.
Other Regions
A smaller number of properties exist outside these hotspots, including:
- Apartments in Tauranga, Bay of Plenty.
- Lifestyle blocks in Wanaka.
- High-density development land in South Auckland.
Why the Government Changed Course
The decision to allow foreign investors to buy luxury homes comes after years of restrictions.
In 2018, the Labour-led government banned most non-resident foreigners from buying homes in an attempt to cool soaring house prices. The move was politically popular, but critics argued it deterred valuable investment.
Prime Minister Christopher Luxon said the new exemption strikes a balance:
“This change navigates a path between those who do not want foreign ownership opened up, and the desire to attract high net worth investors by deepening their connection to our country to help grow the economy.”
The change ties directly to the Active Investor Plus Visa, relaunched in April 2025. The visa already requires significant investment in New Zealand businesses. Now, it also allows one property purchase, provided the price is at least $5 million.
The Active Investor Plus Visa Explained
The Golden Visa, or Active Investor Plus Visa, is designed to attract ultra-high-net-worth individuals.
Key features of the program:
- Minimum investment requirement: NZ$5 million in higher-risk assets (down from the previous NZ$15m).
- English language requirement removed to broaden accessibility.
- Property allowance: one home worth NZ$5 million or more, in addition to business investments.
As of mid-2025, the government reported 301 applications for the visa. If all are approved, this could generate NZ$1.8 billion in investment for the economy.
Will This Affect New Zealand’s Housing Market?
Experts say the impact will be limited and highly localized.
Kelvin Davidson, chief property economist at CoreLogic, said:
- The pool of eligible properties is small only about 300 to 400 luxury homes might be listed in any given year.
- Foreign buyers would therefore have little effect on the broader housing market, where most homes are valued under $1 million.
- “Could it have an effect in some fancy suburbs of Auckland and upmarket properties in Queenstown? Possibly. But nobody likes overpaying.”
Brad Olsen, chief executive at Infometrics, agreed:
- The $5m market is entirely different from the typical homebuyer’s market.
- It won’t change affordability for everyday New Zealanders buying homes in the $600,000–$1m range.
In short, while certain agents in the luxury sector may benefit, the broader housing market will remain subdued.
No Tax on Foreign Buyers
One surprise in the announcement was the absence of a tax.
- In 2023, the National Party campaigned on allowing foreign buyers to purchase homes worth more than $2m, but with a 15% tax.
- That plan was dropped during coalition negotiations with NZ First.
- As a result, Golden Visa holders will face no additional property tax beyond standard purchase costs.
This makes the New Zealand scheme attractive compared with other countries that do impose surcharges on foreign real estate buyers.
Lifestyle Appeal: Why Investors Want Homes in NZ
For many wealthy individuals, New Zealand’s draw goes beyond business opportunities.
- Its reputation as a safe, stable country makes it appealing for long-term relocation.
- The lifestyle offering from Auckland’s beaches to Queenstown’s ski slopes is a major selling point.
- Owning a home creates a personal connection, making relocation smoother for families.
As Mischa Mannix-Opie from residency consultancy Greener Pastures noted:
“It really enhances the proposition. For many people it’s lifestyle that attracts them to investing in New Zealand and being able to buy a home would help them achieve that lifestyle.”
The Role of Stuart Nash in Golden Visa Policy
Much of the groundwork for the Golden Visa program was laid by former Cabinet Minister Stuart Nash.
- As Minister for Economic Development and Small Business, Nash championed investor migration as a way to boost New Zealand’s economy.
- Through his consultancy, Nash continues to advise ultra-high-net-worth families seeking relocation to New Zealand.
- His argument: New Zealand risks losing wealthy investors to competing destinations in Europe and the U.S. unless it remains competitive.
Looking Ahead: A Niche but Strategic Market
With the new exemption, New Zealand positions itself as a premium destination for wealthy investors.
- The luxury property segment is unlikely to see a boom, but it may see increased interest from overseas buyers.
- For real estate agents in Remuera, Herne Bay, and Queenstown, the change could mean faster sales and a broader international clientele.
- For New Zealand’s economy, the real prize is not the houses but the billions in business investment tied to the Golden Visa.
Conclusion
The reopening of New Zealand’s housing market albeit narrowly signals a shift in how the country balances foreign ownership concerns with the need to attract high-net-worth investors.
Golden Visa holders will be able to purchase one luxury property worth at least NZ$5 million, with options ranging from Auckland’s waterfront mansions to Queenstown alpine estates.
For everyday New Zealanders, the policy is unlikely to affect house prices or affordability. But for the government, it is a calculated move to bring fresh capital, business opportunities, and global talent into the country.
As the policy takes effect, the real impact will not be on the average Kiwi homebuyer, but in how well New Zealand positions itself as a global hub for investment migration and luxury lifestyle living.
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