New Zealand's luxury property market sees surge in interest from rich S'poreans

The country's stable economy, transparent legal system among factors for the rise

- Ong Hui Fang

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 Sunday 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.