No residential property is allowed to be purchased as part of the investment funds. Therefore simple answer is no.
How can foreign investors increase their chances of buying residential property in New Zealand for residency by investment?
I've heard that it's now nearly impossible for foreign investors from countries like the U.S., the UK and China to buy residential property in New Zealand. Is it true that only Singaporeans and Australians can now buy property in New Zealand? What can investors from other countries do to get one?
Foreign investors other than Australians, Singaporeans and permanent residents of New Zealand cannot buy residential property for their own use or for the use of their family or friends to live. However, overseas investors from any country can invest in residential land for development to build more houses for rental or commercial purposes, or they can buy commercial or rental property that is not for their own personal use.
To be able to buy residential property in New Zealand, you need to become a resident first. The Investor 1 and Investor 2 programs make that possible, by investing a minimum of 3 million New Zealand dollars for a period of four years (Investor 2), or 10 million New Zealand dollars for a period of three years (Investor 1). The programs offer a wide variety of investment options defined in a list of 'acceptable investments'. This includes some investment opportunities in real estate development as well, among others.