New Zealand bans sales of homes to foreigners
August 15, 2018 4:05 pm
New Zealand’s parliament has banned many foreigners from buying existing homes in the country – a move aimed at making properties more affordable.
The ban only applies to non-residents. Australians and Singaporeans are exempt because of free-trade deals.
New Zealand is facing a housing affordability crisis which has left home ownership out of reach for many.
Low interest rates, limited housing stock and immigration have driven up prices in recent years.
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Is it a total ban?
No, only non-residents are affected by the Overseas Investment Amendment Bill, which was passed in a 63-57 vote on Wednesday.
They are now banned from purchasing most types of homes – but they will be able to make limited investments in new apartments in large developments.
Foreigners with residency status in New Zealand – as well as non-resident Australian and Singaporean nationals – are not affected by the ban.