Australia's Blenheim Estate has bought 4973ha of forestry property in the Marlborough region of New Zealand.
Australia's Blenheim Estate has bought 4973ha of forestry property in the Marlborough region of New Zealand.

Foreigners see NZ as hot property

FOREIGNERS' appetite for New Zealand land rose 442% in the first 10 months of this year compared to the same time last year, official data shows.

The Overseas Investment Office has revealed that from January to October last year, foreign entities got consent for deals involving 65,838 hectares of NZ land area.

In the same time this year, that rose to 357,318ha.

The biggest freehold land deal approved this year involved 4973ha of Marlborough forestry property, followed by a 3841ha deal for Wairarapa land.

The Marlborough deal was an application from Australia's Blenheim Estate to buy land for commercial forestry plantations.

Foreigners also increased their spending on NZ assets by $950 million this year - to $6.9 billion - compared to last year. The office granted consent for 103 applications from January to October last year and 105 to October.

Only one application was declined last year to October and just two in the same period of this year.

The Campaign Against Foreign Control of Aotearoa (NZ) opposes deals by foreigners and says the independence of most countries is being eroded.

"This erosion has taken place because most of the world's economy is now owned and controlled by a relatively small number of huge transnational corporations,” it said in a statement. - NZ HERALD



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