Property biggest asset class for half of NZ’s largest iwi – report

26th March 2025 By Bridget O'Connell | bridget@propertyticker.co.nz | @propertyticker

Property is the largest asset class for five of the country’s top 10 iwi, according to a new report.

Financial and economic consultant TDB Advisory’s Iwi Investment Report 2024 released today, which cover the year to June 2024, showed property playing a primary role in the Māori economy, with a capital allocation valued in the billions.

“However, property-dominant iwi continued to face headwinds from soft real-estate values and high financing costs,” stated the TDB analysis.

“For instance, Ngāti Whātua Ōrākei’s Auckland-centric property portfolio suffered losses for the second year in a row.

“On the other hand, Ngāti Pāhauwera rebounded from a -16.2% return in 2023 to a +4.4% return in 2024 as it overcame the lingering impacts of Cyclone Gabrielle.”

Among the 10 iwi, Auckland’s Ngāti Whātua Ōrākei was the most exposed to the asset class at 97%, followed by southern North Island iwi Ngāti Toa at 77%, and Waikato-Tainui with 66%.

“Ngāti Whātua Ōrākei, Ngāti Toa and Waikato-Tainui all hold the majority of their assets in property – land and buildings – largely as a legacy of substantial land transferred as part of the negotiated Treaty settlement process.”

The report noted that iwi showed “a strong home bias” in their portfolios.

“They often prefer to invest in assets within Aotearoa (and often within their own rohe) where they understand the land and opportunities and where investments can also advance cultural and social objectives.

“However, this home bias can lead to concentration in local property or primary industry assets and therefore increased risk.”

The 10 iwi had combined assets of approximately $8.2bn. 

TDB Advisory’s Iwi Investment Report 2024 can be read here.