New Zealand Bans Foreign Home Buyers After Price Surge

[covertbriar]

New Zealand will ban foreigners from buying existing homes, joining a growing list of nations trying to make property more affordable for their citizens.

“Foreign speculators will no longer be able to buy houses in New Zealand from early next year,” Prime Minister Jacinda Ardern said at press conference in Wellington Tuesday. “We are determined to make it easier for Kiwis to buy their first home, so we are stopping foreign speculators buying houses and driving up prices. Kiwis should not be outbid like this.”

House prices have surged in recent years, driving the average value in the nation’s biggest city, Auckland, to more than NZ$1 million ($685,000) and putting property out of reach for many younger Kiwis. While New Zealand joins other countries in restricting or heavily taxing sales of existing homes to foreigners, such measures have done little to curb prices in places like Hong Kong and neighboring Australia.

More at https://www.prolificcrap.com/forum/...nd-bans-foreign-home-buyers-after-price-surge

 

[borom]

This is so unlike Singapore where even foreigners (PR's) can buy public housing (resale HDB flats) -and as they give citizenship freely,and easily/quickly ,many actually buy new public housing within 2/3 years of landing here!

 

[Leongsam]

This is so unlike Singapore where even foreigners (PR's) can buy public housing (resale flats) -and as they give citizenship freely ,
and easily/quickly ,many actually buy new public housing within 2/3 years of landing here!

PRs in New Zealand will still be able to buy property. Only foreigners will be barred.

With this new policy NZ is now the same as Singapore.