Americans are grabbing their passports and fleeing the country in hopes of leaving the nation’s problems behind. And more are flocking to the picturesque country of New Zealand, famous for its landscapes that served as the backdrop for Lord of the Rings and Avatar. Home prices in the nation are falling, making way for potential bargains—but only the wealthiest foreigners can afford to move there.
New Zealand home prices fell for the third straight month in June, nearly hitting a three-year low. Home prices slipped 0.2% in June after falling a revised 0.3% in May, according to property consultancy Cotality’s Home Value Index. And values are now down 0.8% over the past three months, reaching their lowest level since July 2023.
