Queenstown's seeing a surge in ultra wealthy overseas buyers looking to purchase houses.
A luxury real estate agent is reporting a 600 percent increase in overseas enquiries for properties across the lakes district.
There's increased interest from former Soviet bloc countries, suggesting buyers are trying to get away from the conflict in Europe.
Oliver Road Luxury Real Estate Founder and Managing Director Cam Winter told Andrew Dickens that the issue of affordable accommodation in Queenstown is separate from the luxury real estate market.
He says buyers don't want to buy a home here and spend so little time in it that they feel like aliens.
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