The Property Council is looking to polish the image of property investors with a new report highlighting the sector's economic contribution.
The report states the property sector made a greater contribution than other major sectors such as manufacturing, agriculture, and health. (File image) Photo: RNZ / Dom Thomas
A report commissioned by the council has estimated property is the country's largest industry, worth more than $41 billion directly to the economy, equating to 15 percent of gross domestic product.
The report said taking into account the wider effect of property, the value rises to nearly $116bn.
Council chief executive Leonie Freeman said the report was aimed to dispel the stereotypical image of property investors.
"Many New Zealanders view property, especially commercial property, as reserved for the wealthy or elite when that couldn't be further from the truth," Freeman said.
"If you want to see what the typical commercial property investor looks like, I suggest you pick up a mirror."
The report has defined the property sector broadly, including the residential and commercial property sectors, building, design, engineering workforces, listed and private property companies, and investment funds such as KiwiSaver.
It stated the sector made a greater contribution than other major sectors such as manufacturing, agriculture, and health.
Freeman said nearly 200,000 people made their livelihood from the property industry.
