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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: 3, Interesting) by PartTimeZombie on Thursday August 16 2018, @10:18PM (7 children)
I live in a fairly nice Auckland suburb and my house has more than doubled in value since I bought it in 2010. I wouldn't sell for less than $1.6 million, based on what my next-door neighbours paid about 18 months ago.
Purely anecdotally, one Chinese guy in my street is known as the "Money Launderer" because of his odd lifestyle.
He looks to be about mid-50's but his "wife" looks about 25 (if that). They are in the house maybe 1 week in 5, and both drive $150,000 + cars which is unusual for our neighbourhood.
One of my other neighbours is expecting a massive police raid at some point, then tales of some sort of illegality or other. I'm looking forward to that if it happens.
(Score: -1, Troll) by Anonymous Coward on Thursday August 16 2018, @10:28PM (1 child)
Yeah, goddamned Chinese should go back to China where they belong.
(Score: 0) by Anonymous Coward on Thursday August 16 2018, @10:46PM
If you want mass immigration, build the houses first!
(Score: 1) by Ethanol-fueled on Thursday August 16 2018, @11:52PM (1 child)
There seem to be a lot of restaurants here that are open only during odd hours and for only a few hours 3 days a week. Some of them are in nice neighborhoods with $750,000-dollar homes. Really makes you think...
(Score: -1, Flamebait) by Anonymous Coward on Friday August 17 2018, @01:03AM
But it hasn't made *you* think at all. Stupid.
(Score: 0) by Anonymous Coward on Friday August 17 2018, @01:01AM
The Goog tells me that 1,600,000 New Zealand Dollar equals 1,053,920.00 United States Dollar.
Sounds like your neighborhood could be on par with some of the towns in Silicon Valley?
(Score: 0) by Anonymous Coward on Friday August 17 2018, @03:51AM
Maybe it's just because I'm an American, but is it really strange for people who live in million+ homes to have trophy wives, nice cars, and be gone on business often?
(Score: 0) by Anonymous Coward on Friday August 17 2018, @03:38PM
Is his wife Chinese to? Maybe she just looks 25.