Certainty of Property Rights: Future-proofing the Real Property Rights Regulatory Framework

What will we do & why is this important?

LINZ currently manages a world class system for defining, managing and trading in real property rights and authorises and records changes in rights to land. Together with the geodetic and cadastral survey systems that LINZ maintains, these systems provide the framework for recording rights in land. This framework has served New Zealand well. However, environmental changes and emerging trends mean we need to be prepared and able to contribute to debate and discuss how property rights could expand into new environments.

This initiative will take a longer-term strategic view of the framework, with the aim of being able to future-proof it for new and emerging trends. Already there are current and emerging property rights beyond traditional ‘land’ that do not fit well within the existing framework and would benefit from further investigation. These include: rights to water, air, ocean resources, the seabed, customary rights and new mixed use land rights (such as public foreshore and seabed rights). LINZ will contribute in this area by examining what is needed to create certainty in ownership and definition of such property rights.

In the short term, research and scanning work will be carried out to develop a better understanding of the nature of emerging issues affecting the regulatory framework. We will also look at the principles and systems required to identify, record, and if appropriate, enable trade in such rights.

What impact will this initiative have?

The short-term impact of this initiative will be a better understanding of the broader issues and types of rights that do not fit well within the current framework, and the contribution to the development of options for the future. Over the longer term, this initiative will ensure the regulatory framework is fit for purpose, meaning rights are clear, and efficiently tradable.