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Foreign investors encouraged to buy up

Published: 8:40AM Wednesday August 27, 2008 Source: Newstalk ZB

Foreign property investors are being encouraged to eye up New Zealand real estate bargains.

A thinning supply of local buyers for higher value investment properties has seen real estate agency Bayleys increase its offshore marketing activity.

Executive Director David Bayley says sales at the top end of the market have slowed in the last few years. He says because of that, they are focusing more attention on promoting properties in Hong Kong, Shanghai, Dubai and Europe.

Bayley says if the recent fall in the kiwi dollar is sustained, he's expecting a significant pick up in offshore interest - especially out of Asia.