overseas buyers


PHOTO: Changes to property transfer figures will give a fuller picture on overseas buyers, according to Stats NZ. 123RF

The old system was criticised by opposition parties after it was introduced in 2015 because it only showed tax residency, and because they believed it underestimated the number of foreign buyers.

The latest quarterly figures, from last December, showed three percent of buyers provided an overseas tax residency, although 41 percent of property transfers did not require tax information because they were classed as the owner’s main home.

Stats NZ said it had taken over responsibility for collating the data from Land Information.