government to help new zealand property owners in christchurch
News Posted On: 29 June 2011
The government in New Zealand is offering to buy up quake damaged properties in Christchurch, the country’s second largest city. It has set aside £312 million as compensation for homeowners, although the total cost of the earthquake is estimated at around £9.4 billion.
The government is set to reveal full details of the scheme within the next few days, but it is likely that only property owners who had insurance will be eligible for this government buy-out scheme. The city suffered an initial earthquake last September, with a second more serious quake occurring in February. Since then there have been a number of serious aftershocks.
There are 5,000 homes which now need demolishing, while another 10,000 need further assessment to see if they too will need to be demolished. Certain sections of land are now considered too unstable for rebuilding, at least in the short term, and the city is now being divided into four different zones according to the stability of the land.
Anyone whose property lies within a red zone will not be allowed to rebuild, while those homes in the orange zones may well need demolishing, and the land will need to be cleared. Property in white zones is still being assessed, while property in the green zones is cleared for rebuilding.
According to Earthquake Recovery Minister, Gerry Brownlee, the eventual plan is to rebuild the entire city, and he believes that all land can be repaired within time. He has also said that residential property will receive priority, and that rebuilding of the central business district is unlikely to begin within the next year.
View property for sale in New Zealand
Written by Les Calvert
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