WELLINGTON – They arrive in private jets accompanied by personal staff, including chefs and nannies. Their visits are short – typically lasting two to three weeks – during which they tour multiple properties. With budgets reaching up to NZ$35 million (S$26.6 million), they seek large homes offering convenience and exclusivity, prioritising proximity to the airport, privacy and security.
For real estate agent Hamish Walker, who specialises in luxury properties in the New Zealand resort town of Queenstown, these wealthy buyers from Singapore represent a growing clientele.
Most of them are looking to buy a holiday home spanning several hundred square metres in size and sitting on good acreage, or even multiple properties, Mr Walker told The Straits Times.
“Queenstown appeals to them as a family retreat, offering a respite from their demanding professional lives.
“The time zone is also a positive factor, as Singaporeans can continue to work remotely,” added Mr Walker of real estate agency Walker & Co, who has hosted three such families in recent months.
He declined to reveal more details, citing the privacy of his clients.
The town in New Zealand’s Southern Lakes region – which bills itself as “the adventure capital of the world” – has become an increasingly attractive destination for affluent Singaporeans seeking luxury lifestyle properties, drawn by its breathtaking landscapes, outdoor recreational opportunities and favourable investment climate.
Real estate agents that ST spoke to also point to New Zealand’s stable economy and transparent legal system as a draw for Singaporeans. It is also considered a safe haven amid wars that are being waged globally and a change of government in the US that has most countries on tenterhooks.
Foreigners have largely been shut out of New Zealand’s property market after the previous Labour government banned them from buying residential properties in 2018. But an exemption has been made for Singaporeans and Australians, irrespective of where they live, due to free trade rules.
The other exception that has been made for foreign property buyers is in developments with 20 or more units that have not been completed. The rationale is that locking out foreign investment may make such projects unviable.
One advantage for Singaporean investors entering New Zealand’s property market is the ability to borrow up to 70 per cent of the purchase price from a New Zealand lender, unlike in other countries, such as Australia, where most banks do not grant home loans to foreigners. Furthermore, New Zealand does not impose stamp duty or capital gains tax.
Speculation is growing within the real estate industry that the government may ease foreign buyer restrictions in 2025, prompting increased interest from Singaporean investors looking to enter the market before it opens up to the rest of the world.
In February, the New Zealand coalition government announced a raft of new measures to woo foreign investors in its push for economic growth.
These include rolling out golden visas for wealthy migrants, who have to remain in the country for only 21 days over a three-year period with at least NZ$5 million in investment. Or they can invest NZ$10 million over five years to be eligible for the visa, but must spend 105 days in New Zealand during the investment period. Buying properties does not count towards the investment amount.
However, New Zealand Deputy Prime Minister and New Zealand First party leader Winston Peters hinted in early February at a possible relaxation of the foreign buyer ban for genuine wealthy investors.
Mr Peters had previously blocked a proposal to lift a ban on foreign purchases of homes priced above NZ$2 million. The proposal was a campaign promise of New Zealand’s governing National Party during the 2023 General Election, but New Zealand First blocked it when it became a member of the coalition government.
In a media interview a month ago, Mr Peters was adamant that his view on home ownership has not changed, criticising the 2023 proposal as faulty.
However, he did not rule out relaxing the rules for wealthy investors. “That’s always been our view because that means you’ve got a serious investor committed to the New Zealand economy, and not as a bolthole,” he said.
The Overseas Investment Act will also be reformed to make it easier and quicker to approve foreign investment applications.
Mr Walker, who regularly travels to Singapore to engage potential buyers, noted that the recent government initiatives have amplified interest from overseas investors and led to an increase in overseas inquiries.
“Singaporeans who are already allowed to buy know that prices will increase,” he said, highlighting the strong Singapore dollar as another factor that has fuelled this growing interest.
Real estate agent Michael Boulgaris is anticipating an influx of buyers seeking luxury property from April.
He opined that the heightened demand could lead to an overnight rise of 10 per cent in property values.
Mr Boulgaris also reported growing interest from affluent Singaporean families seeking high-end properties in Auckland, with comfortable budgets of up to NZ$10 million. He gets an average of two inquiries a month from Singapore.
The proprietor of Boulgaris Realty, which specialises in properties in Auckland priced between NZ$3 million and NZ$30 million, pointed to school zoning that grants children a place in institutes based on where they live, as well as the quality of life, as the primary reason these offshore buyers gravitate to Auckland.
One of his current listings with a capital value of NZ$31 million is a five-bedroom, four-bathroom home that is spread over 639 sq m and three storeys. Situated in the affluent Auckland suburb of Remuera, it comes with a four-car garage, a full-sized tennis court, a fully self-contained secondary dwelling, a wine cellar and a swimming pool.
The 100-year-old mansion, nestled in one of the last six remaining private residential estates in Auckland exceeding 5,000 sq m in size, is also attracting developer interest due to a proposed change in planning rules that could allow multiple developments on the property.
Mr Boulgaris told ST that two Singaporeans had inquired about the property in February.
Separately, property website OneRoof reported in January that a Singaporean family with business ties to New Zealand snapped up two neighbouring properties in Remuera at the end of 2024 for more than NZ$11.5 million.
One of the properties is a luxury four-bedroom home that comes with a heated spa, swimming pool, media room and wine cellar, and also offers expansive views of the Orakei Basin – a picturesque lagoon located in a volcanic crater – as well as Auckland Harbour and the central business district.
The buyers were upgrading from another property they owned in New Zealand, and have plans to build a detached dwelling on the adjoining 600 sq m section behind their new luxury pad for visiting family.
According to Mr Mark Harris, managing director of Sotheby’s International Realty in New Zealand – which is affiliated to the renowned auction house – interest from Singapore has surged.
“We have consistently sold to Singaporeans over the last few years, and in the last six months, enquiry levels and traffic to our website from Singapore have increased quite noticeably. The website traffic has increased 143 per cent year on year, the biggest increase of any country,” said Mr Harris.
Singaporean buyers, he noted, tend to be businessmen, bankers, academics, property tycoons and tech entrepreneurs, many of them over the age of 45. They favour lifestyle regions such as the Southern Lakes region, where Queenstown is situated, the Northland region or Waiheke Island.
While budgets may vary, Mr Harris said his Singaporean clients are usually experienced investors interested in the higher end of the residential market.
The national median value of homes in New Zealand stood at NZ$803,624 in December 2024, according to property research firm CoreLogic.
Queenstown had the highest median value among regions at NZ$1.43 million. The median house value in Auckland was NZ$1.07 million.
Despite the rising interest, Singaporean buyers account for just a tiny fraction of New Zealand’s property market, official data shows.
Mr Kelvin Davidson, chief economist at CoreLogic, told ST that Singaporean buyers accounted for just 177 home purchases in the year to June 2024, equivalent to 0.1 per cent of total transactions in New Zealand during that period.
According to data on the Stats NZ website, this represents the highest number of home purchases by Singaporeans in the last seven years, and a small increase from 147 in the previous year.
However, the number pales in comparison to home purchases by Australians, who bought 1,050 properties in the year to June 2024 and accounted for about 0.87 per cent of total transactions.
“I don’t think foreign buyers have ever been a large influence in New Zealand, maybe in some expensive localities, but not for the market as a whole,” said Mr Davidson. “The political hype far outweighs the real economic impact.”
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