Thousands of buyers could be caught out with apartment purchases they cannot complete

Thousands of buyers could be caught out with apartment purchases they cannot complete over the next three years.

Martin Dunn, of specialist apartment sales agency City Sales, said banks had “pulled the plug” on the apartment market, with stricter lending criteria and more reluctance to lend on apartment purchases.

He said lawyers told him banks were going through contracts for off-the-plan apartment sales and pointing out details to allow them to get out of the deals.

READ MORE VIA STUFF

GRAHAME COX/STUFF

Martin Dunn says he’s already dealing with stressed newbie investors.

Leave a Comment

Filed under Homes & Property New Zealand, New Zealand Property & Real Estate News, Real Estate Agent News, Uncategorized

Leave a Reply