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posted by mrpg on Thursday August 16 2018, @09:30PM   Printer-friendly
from the green-go-home dept.

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.


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  • (Score: 0, Flamebait) by Anonymous Coward on Friday August 17 2018, @12:11AM (1 child)

    by Anonymous Coward on Friday August 17 2018, @12:11AM (#722609)

    Again with the stupid. Give it a rest already.

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  • (Score: 0) by Anonymous Coward on Friday August 17 2018, @06:08AM

    by Anonymous Coward on Friday August 17 2018, @06:08AM (#722707)

    He's proposing using real estate sales on a free market to achieve one-time wealth redistribution.

    Your only problem with it is that it's anti-capitalist/globalist, i.e. your 1%er masters will be indirectly harmed by a handful of proles rising above their station in life.