The AIP summer wave: 265 investors on the way, and why 29% of $5m+ homes can't sell to them
Each summer, New Zealand's top end fills with buyers who have flown in to look. This year more of them will hold, or be close to holding, an Active Investor Plus (AIP) visa. The trouble is that nearly a third of the country's $5m+ listings can't be sold to them under the home pathway. For sellers and agents, the question this season isn't only "who is buying?" but "can this buyer legally buy this house?"
Key takeaways
Immigration New Zealand (INZ) has received 985 AIP applications covering 3,206 people since April 2025. 511 are approved and 265 are approved in principle.
INZ is telling approved-in-principle investors to lodge their investment documents early if they want a visa before summer travel.
Bayleys research found 29% of $5m+ residential and lifestyle listings are off-limits to AIP buyers under the $5m+ house pathway.
Bayleys' Chris Farhi wants the threshold cut to $2m–$3m outside Auckland and Otago. Nothing has been announced.
AIP by the numbers
INZ's latest statistics run from 1 April 2025 to 14 October 2026. Of the 985 applications, 844 are in the Growth category and 141 in Balanced. 511 have been approved, 265 are approved in principle, 157 are still being assessed and 52 have been withdrawn or declined.
The source-country order hasn't changed: the United States leads with 313 applications (949 people), followed by China with 188 (601 people) and Hong Kong with 125 (404 people).
For the property market, the 265 approved-in-principle applications are the number to watch. An approval in principle is not yet a visa. Under INZ's rules, investors generally have six months to transfer and invest their funds before the resident visa is granted. The $5m+ house pathway, meanwhile, is open only to people who actually hold an AIP, Investor 1 or Investor 2 visa. Until that second stage is done, a buyer can look, but can't apply for consent to buy.
The summer squeeze
That is why INZ's 15 October notice matters beyond immigration circles. It asks approved-in-principle AIP investors planning Christmas or summer travel to submit their transfer and investment documents "as early as possible", noting the holiday period is one of its busiest times. It lists what a complete submission includes: a cover letter, evidence of where funds were held and how they were transferred (including SWIFT or telegraphic records), currency conversion, and proof the investments meet visa requirements. INZ doesn't promise a visa before anyone's travel date.
The practical effect for the market: some investors will arrive this summer with a visa in hand and be ready to sign a conditional offer. Others will arrive still waiting. Bayleys' Q3 super prime update already describes Golden Visa buyers as "a noticeable buyer group primarily in Auckland and Queenstown-Lakes", while locals and expats still dominate. Expect more of them at viewings over the holidays.
The 29% problem
Bayleys reviewed 650 residential and lifestyle listings priced at $5m or more. It found:
20% sat on non-urban land larger than 5ha
11% were in marine or coastal zones
3% breached island land-area limits
Some homes tripped more than one test, giving a combined 29% that AIP buyers can't purchase through the pathway.
The same research counted 25 homes bought under the scheme, mostly in Auckland and Queenstown-Lakes. Farhi says that concentration is structural: those two markets have the price levels and a good supply of land that isn't sensitive. Elsewhere, "not only are there fewer listings above $5m, but they are more likely to be deemed sensitive." Of 463 $5m+ listings published this year, 324 were in Auckland and 78 in Otago.
His fix: keep $5m in Auckland and Otago and drop it to $2m–$3m in the regions. Regional agents are split. Property Brokers' Guy Mordaunt says vendors would welcome it. Oliver Road's Cam Winter says a regional threshold "would be very tricky to decide, calculate and police". For now, it is a proposal, not policy.
What it means for each side of the market
Sellers: if your home clears the eligibility tests, you are selling into a growing pool of buyers with very few qualifying options, especially outside Auckland and Queenstown. If it doesn't, AIP demand isn't your market, and pricing should reflect that.
Agents: buyer qualification now has two parts, the money and the land. A clear answer on eligibility before the first inspection saves everyone a wasted summer.
Buyers: expect competition for the homes that qualify, and time your visa so you can make a conditional offer when the right one appears.
Checklist: is this home AIP-eligible?
A quick triage for sellers and agents before marketing to AIP buyers:
Price. Will the price clearly exceed $5m excluding chattels?
Category. Is the land residential or lifestyle on the District Valuation Roll?
Water and reserves. Does the title adjoin the foreshore, a lake, a river or a reserve, or sit in a marine or coastal zone? Check the boundary, not the view.
Size. Is it non-urban land over 5ha, counting any shared or common land?
Islands. Is it on an island with land-area limits, such as Waiheke?
Buyer status. Does the buyer hold the AIP, Investor 1 or Investor 2 visa, or only an approval in principle?
Terms. Will the agreement be conditional on Overseas Investment Office (OIO) consent, with auction or tender terms agreed in advance?
Paperwork. Have your title, survey and LIM ready, and have your lawyer confirm eligibility in writing before you market the home as AIP-suitable.
This is general information, not legal or immigration advice. Eligibility turns on title and land details. Buyers should confirm with the Overseas Investment Office or their licensed adviser before relying on it.
Getting in front of the right buyers
Most AIP investors begin with an immigration adviser or wealth manager, not a portal. Valta puts qualifying listings directly in front of the clients of our AIP and UHNW partners, so eligible homes reach buyers who can act this summer. Contact us to find out whether your home qualifies.
FAQ
Can an investor with approval in principle buy a $5m+ home?
Not through the $5m+ house pathway. It requires a qualifying investor visa, which is granted after the investment documents are accepted.
Is the $5m threshold being lowered in the regions?
Bayleys has proposed $2m–$3m outside Auckland and Otago. No change has been announced.
Sources
Immigration New Zealand: 2025 changes to the Active Investor Plus Visa and statistics post-change (updated 14 Oct 2026)
Immigration New Zealand: Planning summer travel? Submit your investment documents early (15 Oct 2026)
Immigration New Zealand operational manual: BN8.5 Approval in principle
Passport File (via OneRoof): 29% of New Zealand's priciest listings off limits to golden visa buyers (10 Oct 2026)
Bayleys: New Zealand super prime residential market update, Q3 2026
LINZ: Investing in residential land over $5 million