On 23 July 2024, Property Council New Zealand submitted to the Finance and Expenditure Select Committee on the Overseas Investment (Build to Rent and Similar Rental Developments) Amendment Bill.
Why this matters
The Bill seeks to amend the Overseas Investment Act 2005 and establish a new residential consent pathway to address the Property Council New Zealand’s member/market concerns around the liquidity of Build to Rent assets.
Build to Rent is one of the fastest-growing sources of new housing globally and has the potential to transform the Aotearoa New Zealand rental market with tens of thousands of quality homes.
Property Council New Zealand’s view
Property Council New Zealand supports the Bill and a high level, and makes the following recommendations to the Select Committee:
- Clarify what a satisfactory time frame is in new Clause 11A(1)(b); and
- Consider a long-term alternative solution to relying on Ministerial discretion for the approval of Build to Rent applications to the Overseas Investment Office.
