- Christchurch student Paiman Nazari, 23, runs PRA Developments, completing 14 units while studying full-time.
- Nazari began property development at 18, with his first project in Halswell, and plans to expand.
- He aims to build 50 houses by 2026 and has expanded the business to Perth, Australia.
A 23-year-old Christchurch student already has a handful of property developments under his belt and ambitious plans to ramp up the multimillion-dollar fire when he graduates from university at the end of this year.
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Paiman Nazari has a lot on his plate. He’s juggling full-time study at university in Canterbury with running a multimillion-dollar property development firm.
Nazari completed his first development - three four-bedroom townhouses on a bare block of land in a new subdivision - when he was 18 and in his final year of high school.
The properties sold quickly, allowing him to move onto his next project and the next.
Nazari's latest development is five premium townhouses on Cashel Street, which range in price from $579,000 for a two-bedroom and from $679,000 for a three-bedroom townhouse. Photo / Supplied
Nazari, who runs PRA Developments, said his first project was an eye-opener. “I didn’t have any knowledge of construction or real estate, so it was a bit difficult,” he told OneRoof.
Four years on, the work is now second nature, he said. And while the property market has cooled since 2020, with construction costs rising and demand dropping, his firm has survived.
PRA Developments has built 14 units so far, including a five-unit development with two-to-three-bedroom townhouses on Cashel Street, in Christchurch CBD. The homes, which are near the One New Zealand Stadium, hit the market this month.
His biggest project so far is a block of 11 two-bedroom townhouses on Division Street, near Westfield Riccarton. It is due to be completed in October.
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Nazari’s family has given him lots of support, but he’s the one running the company. “I’ve been managing it since day one. I’m taking care of basically everything – growing the business etc.”
His younger brother, who has just turned 19, joined the company last year, with other family members helping out here and there.
Nazari said he had always been interested in property and construction so moving into property development was a natural fit. “I had always wanted to do that.”
After leaving school, he enrolled in a three-year Bachelor of Commerce degree. “I’m kind of mixing theory with practical,” he told OneRoof.
Nazari outside one of his developments. He plans to build 50 homes by 2026. Photo / Supplied
“At the start, it was hard planning full-time study with work, but with good planning and discipline, you can do it."
The company is focused on developing new-build townhouses, and Nazari said he was very specific about what locations the company builds in. “We only buy land in premium locations. Most of our clients are investors and if you have a house in a good location, there’s [the potential for] huge capital growth and good rental income.”
Nazari moved to New Zealand from Afghanistan in 2018 and is extremely passionate about his new home. He likes that Christchurch has potential in ways other big New Zealand cities do not. “It’s affordable and it’s undervalued as well,” he said.
Once he has completed his studies at the end of the year, Nazari plans to supercharge his business. He aims to build 50 houses by 2026 and expand into developing subdivisions.
He’s already gone global, having expanded his business to Perth, in Australia, in 2021. He had been visiting family members there and realised it was a similar market to Christchurch.
“I was seeing that Perth, like Christchurch, was growing rapidly and was undervalued compared to other Australian big cities. It was a no-brainer for us to launch [the business] over there as well.”
Ray White Christchurch agent Ali Ahmadi, who moved to Christchurch from Afghanistan in 2010, met Nazari at an Afghan gathering in 2023.
Ahmadi, who is 24, said they started chatting and quickly realised they had much in common. “What impresses me most is how he’s managing all this himself - juggling development, project management, and his university studies, and he is still passing with flying colours.”
The agent took over selling PRA Developments’ houses last year. He sold the five townhouses on Rotherham Street, in Riccarton, last year and is currently marketing the just-completed development on Cashel Street. Prices range from $579,000 for a two-bedroom townhouse and from $679,000 for a three-bedroom townhouse.
