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New Zealand Bans Sales of Homes to Foreigners

posted by mrpg on Thursday August 16 2018, @09:30PM   
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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Original Submission

• Re:Like most things these days Re:Like most things these days (Score: 2) by PiMuNu on Friday August 17 2018, @11:40AM (2 children)

  by PiMuNu (3823) on Friday August 17 2018, @11:40AM (#722761)

  In London it is Russians, or so they say. I have no statistics to back up the anecdotal evidence.

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• Re:Like most things these days Re:Like most things these days (Score: 0) by Anonymous Coward on Saturday August 18 2018, @03:21PM (1 child)

  by Anonymous Coward on Saturday August 18 2018, @03:21PM (#723137)

  muslims now own a large portion of London
  England has a problem.

  https://www.express.co.uk/news/world/743825/1000-Muslims-close-London-streets-chant-Allahu-Akbar-demand-Islamic-caliphate [express.co.uk]

  "A poet invited to talk shouted: "We need a Caliph who will clean up these streets. Who will smack up armies and who will back beef [fighting].

  "Backhand your missiles back to your land, that’s the plan.

  "World domination at hand. We can expand and take out these fools.""

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  • Re:Like most things these days (Score: 0) by Anonymous Coward on Saturday August 18 2018, @03:23PM

    by Anonymous Coward on Saturday August 18 2018, @03:23PM (#723138)

    http://www.dailymail.co.uk/news/article-2523658/Muslim-campaigners-protest-sale-alcohol-popular-East-London-area.html [dailymail.co.uk]

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