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New Zealand bans sales of homes to foreigners
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.
[...] [Foreigners] are now banned from purchasing most types of homes - but they will be able to make limited investments in new apartments in large developments.
[...] Chinese investors have been among the biggest and most active offshore buyers of property in the New Zealand market. Also, some wealthy Americans - like Silicon Valley tech billionaire Peter Thiel - have become New Zealand citizens or have bought property in the country. Average prices in New Zealand have risen more than 60% in the past 10 years, while in Auckland - the country's largest city - they have almost doubled.
(Score: 4, Insightful) by Anonymous Coward on Thursday August 16 2018, @09:40PM
Speculators and greedy real estate agents. Foreign based billionaires buy up huge tracts of pristine land and then citizens lose access. Auckland is a disaster zone. The elderly cannot keep up with rates hikes and are taking to living in their cars, the working poor are a swelling number who cannot even meet the rents (rent pays the landlord's mortgage and rates plus a chuck for the greedy landlord). Many landlords are foreigners who are in absentia or if they are in NZ are only here to buy up more homes and turn them into rentals. This law change is about 15 years too late.