New Zealand home prices cool, but U.S. buyers face a $3 million bar
Home values are near a three-year low, according to Cotality, while New Zealand’s investor visa rules limit access to wealthy foreign buyers.
By Maya Lindqvist · Senior Technology Correspondent
3 min read
New Zealand’s housing market has softened to levels last seen nearly three years ago, according to property consultancy Cotality. The drop may catch the attention of Americans looking abroad, but the country’s rules still put homeownership out of reach for most foreign buyers.
Cotality’s Home Value Index showed prices fell 0.2% in June after a revised 0.3% decline in May. The firm said values were down 0.8% over three months and had reached their lowest point since July 2023.
The weaker market comes as New Zealand draws more interest from Americans considering relocation. The Brookings Institution said the United States recorded negative net migration in 2025, estimating the net outflow at between 10,000 and 295,000 people.
Brookings said the United States had not posted negative net migration since the Great Depression. Fortune reported that immigration enforcement, living costs, economic uncertainty and U.S. politics have helped push some Americans to consider other countries.
Investor visa interest rises
New Zealand’s Active Investor Plus program has become a key route for affluent migrants. Fortune reported that applications rose after the country loosened eligibility rules last year, with Americans making up the largest share of applicants.
Between April 1 last year and June 11, 2026, the United States submitted 252 applications under the program, representing 766 people seeking to move to New Zealand, according to Fortune. The New Zealand Herald reported that searches for “Move to New Zealand” trended on Google after President Donald Trump won a second term in 2024.
The path remains expensive. Under the Active Investor Plus program, foreign applicants must invest at least 5 million New Zealand dollars, about $3 million, over three years, or invest $5.7 million over five years, according to Fortune’s summary of the rules.
Those who qualify may gain a route to permanent residency and a chance to buy property in a country that has restricted purchases by most non-resident buyers. Fortune reported that earlier rules required foreign buyers to live in New Zealand for six months before they could consider buying a home, a condition that reduced the appeal of vacation-home purchases for wealthy clients.
One home, with limits
New Zealand’s updated rules allow golden visa holders already investing in the country to buy one home worth at least $3 million, according to Fortune. Purchases involving rural property, farmland or sensitive land still require approval from the Overseas Investment Office.
Prime Minister Christopher Luxon has argued that the policy can attract wealthy foreign investors while limiting how many homes they buy because of the high minimum price, Fortune reported.
The cost separates the program from the finances of a typical U.S. household. Bankrate data cited by Fortune put the average American salary at $64,505 and the average bank balance at $62,410.
For Americans with enough capital, New Zealand’s falling home values and investor visa rules may line up at the same time. For most prospective movers, the market’s lower prices do not remove the country’s high financial gatekeeping.
This story draws on original reporting from Fortune.