New Zealand bans most foreigners from buying homes

By: AP August 15,2018 - 08:25 PM

WELLINGTON — New Zealand has banned most foreigners from buying homes as it tries to tackle runaway housing prices.

The government on Wednesday passed legislation that allows only New Zealand residents to buy homes as it attempts to improve housing affordability and increase the rate of home ownership.

Previously the housing market was open to investors worldwide. The new law fulfills a campaign pledge by the liberal-led government which came to power last year.

There are some exceptions to the new rules. Foreigners who live in New Zealand and have residency status will still be able to buy homes, as will people from Australia and Singapore thanks to existing free-trade agreements.

Foreigners who already own homes in New Zealand won’t be affected.

Opposition lawmakers say the bill is unnecessary.

Subscribe to our regional newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.
Read Next

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

TAGS: bans, buying, foreigners, from, homes, MOST, New Zealand

Subscribe to our regional newsletter

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.