Foreign land ownership

Bronwyn Torrie at Stuff reports:

Ninety-nine per cent of land in greater Wellington is still owned by Kiwis, according to an analysis of foreign ownership consents.

In the past seven years, overseas applications to buy 7500 hectares of land in the region were approved by the Overseas Investment Office.

“That’s less than 1 per cent of the region’s land area, so it dispels the myth Wellingtonians are becoming tenants in their own land,” said Mike Donald, managing director of land and property specialist Terralink International. …

LAND SALES

Wellington land sold to overseas buyers:

Dairying, 100 hectares – 0.28 per cent of total dairying land

So what is all the panic about?