New Zealand's Bay of Islands has always been a regular playground for the rich and famous due to the popularity of sailing and big-game fishing in the area. But recently, Asian investors are taking notice of its huge real estate potential.
With the state of New Zealand's dollar at a low, it only fuelled the desire of buyers further to own a beach front property overlooking the area's pristine turquoise waters. A property like Omarino, an exclusive community in the Bay of Islands, is making waves in New Zealand's real estate scene. One notable feature that Omarino boasts of is its OIO (Overseas Investment Office) pre-approved beach front riparian rights that other properties don't offer.
OIO (Overseas Investment Office) is in charge of the regulation of foreign purchase in New Zealand. It is a pre requisite for foreign buyers to get approval to acquire a property especially if that particular asset involves a body of water -- ocean, lake, river, among others. This is what is essentially covered by the riparian rights.
Apart from the gorgeous view, a helipad, exclusive clubhouse with private jetty, and individual boathouses for yacht storage are the reasons these properties don't come cheap. A 12-25 acre land costs NZD$4.5 to 6 million. But according to Jim Rohrstaff of Legacy, it is actually a best buy compared to others.
In an article by Property Report, Rohrstaff states, "At that price point, with the New Zealand dollar performing so weakly against major foreign currencies, these are honestly some of the best buys in worldwide luxury real estate, when you compare them to comparable first-world properties -- the Hamptons, Hawaii -- and consider the riparian rights," says Rohrstaff. "Each home site has its own private bay, headland and/or commanding, grandstand views. There's just so little property of this kind remaining anywhere in the developed world."
