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New Zealand Bans Sales of Homes to Foreigners

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

takyon writes:

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: -1, Troll) by Anonymous Coward on Thursday August 16 2018, @10:28PM (1 child)

    by Anonymous Coward on Thursday August 16 2018, @10:28PM (#722558)

    Yeah, goddamned Chinese should go back to China where they belong.

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  • (Score: 0) by Anonymous Coward on Thursday August 16 2018, @10:46PM

    by Anonymous Coward on Thursday August 16 2018, @10:46PM (#722576)

    If you want mass immigration, build the houses first!