In New Zealand, a leasehold property is an ownership structure where you own the physical building or apartment structure, but someone else (the freeholder or landowner) owns the underlying land. You hold a legally binding contract granting you the right to occupy that land for a fixed number of years in exchange for regular ground rent payments. While leasehold properties often feature lower initial purchase prices and prime inner-city locations, they require careful scrutiny regarding ground rent review frequencies and remaining lease durations.
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