Pacifica tower in New Zealand sees 200% uptick in inquiries

International buyer enquires have more than doubled over recent weeks for apartments in The Pacifica residential tower, in Auckland’s CBD.

With much of the world in lockdown due to COVID-19, buyers are looking into New Zealand as a safe investment choice.

According to CBRE, who are marketing the building, international enquiries have risen by over 200% in recent weeks, with two types of overseas buyers looking at The Pacifica now: buyers looking at New Zealand as a safe haven to invest, and buyers wishing to seek residency.

“We are receiving enquires from expat Kiwis living in London, New York, Australia, Hong Kong and Singapore. Many of these buyers are looking back into New Zealand with a potential view to returning home. We have also seen a significant uplift in enquiry from across Asia and USA, with buyers seeking a safe ‘bolt-hole’ investment,” said CBRE’s National Director of Residential Projects in New Zealand, Gavin Lloyd.

The Pacifica was the first project among a handful of properties to gain an exemption certificate from the Overseas Investment Office to allow overseas buyers to buy apartments.

Lloyd added that since the lockdown $8 million in contracts have been issued for apartments in the building.

Last month the sale of one of the 235 square metre penthouse apartments was concluded, and an Australian buyer amalgamated two adjoining apartments for his New Zealand residence.

The 57-level tower will ultimately have 279 apartments, and will feature a heated lap pool, sauna, steam room, spa, gym, media room, residents’ lounge, library and barbeque terrace.

Construction on the building began in November 2017, and completion is scheduled for the fourth quarter of 2020.