In the most recent quarter 424 new residential building consents were issued in the Queenstown-Lakes District almost doubling from the same quarter last year. Many new consents granted by local council were in the $2+ million category. This trend stands in contrast to sluggish national average.
What’s fueling that boom? Foreign capital. Ultra-wealthy buyers are increasingly building signature properties here. Many still remember stories of underground bunkers (as featured in a high-profile Vice documentary). These are not passive investments, but statements of lifestyle, security, prestige.
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