New Zealand to introduce ban on foreign buyers purchasing existing properties

[tay]

JACINDA Ardern has announced a dramatic plan to tackle soaring real estate prices in New Zealand, while her deputy claims the country is ‘no longer for sale’.

OVERSEAS buyers will no longer be allowed to purchase existing homes in New Zealand, Prime Minister-elect Jacinda Ardern said, as she unveiled a raft of policy deals made with her coalition partners.

The move to tackle soaring property prices was agreed during lengthy negotiations between the Labour Party leader and populist powerbroker Winston Peters to form a new government that also includes the Green Party.

Ms Ardern announced plans to slash immigration and focus on regional development and job creation.

New Zealand to ban foreign homebuyers from purchasing existing properties

 

[MHz]

Unless you are wealthy and then the doors are wide open. Property would just be purchased through locals or shell companies, like always as you get the property cheaper that way as well as being hidden from plain sight.

Does that mean they have to build a new place??

 

[Hoid]

It's not very unique. Most Asian countries like Thailand have the same thing.

Like the BC tax on foreign buyers its too little late. The Booms have already happened.

 

[MHz]

New Zealand is an escape destination if the US goes belly up. I don't see the Far-east as having that same appeal as NZ is a white Christian (loosely defined) strong-hold.

 

[Hoid]

Can we repossess property in Canada that Kiwis own?

 

[B00Mer]

BC should adopt this..

In Mexico a foreigner can’t buy land 50 miles from the border or coastline, you have to lease it.. 99 year lease.