Maori land being cashed up
Monday 12 July 2004
With their land under-developed and mired in debt, Maori land-owners are again beginning to sell off their birthright after decades spent trying to save it.
By The Landlord
Maori Affairs Minister Parekura Horomia says he knows of about 50 Maori blocks on the verge of being sold, often to wealthy foreign developers seeking waterfront opportunities.The government is examining potentially dramatic options to stop a new era of land sales, including changing Maori ownership structures or requiring nearly 100% approval from the multiple owners of land blocks before they can be sold.
The land has as many problems as it has owners: much of it is inaccessible, banks are loath to lend money for its development and a Sunday Star-Times investigation shows more than $26 million owed or written off last year in rates debt.
"One of my real fears is that anything that's got a sea view, any Maori land, is open for plunder," Horomia said.
Read More - Opens in a new window
Commenting is closed
House Prices
No stopping Capital price rises
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Commercial
NZ proptech start-up scores major investor
Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.
Mortgages
LVR limits slow down investors
LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.
