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New Zealand rolls out ban on foreign national property purchases
[Al Jazeera] New Zealand has rolled out legislation banning foreigners from buying existing homes in the country amid an ongoing housing crisis which has left tens of thousands of people homeless.The Overseas Investment Amendment Bill, passed by parliament on Wednesday, is aimed at making housing more affordable for residents, particularly first-time buyers. "This government believes that New Zealanders should not be outbid by wealthier foreign buyers," Associate Finance Minister David Parker, of the ruling Labour Party, said in a statement. "Whether it's a beautiful lakeside or ocean-front estate, or a modest suburban house, this law ensures that the market for our homes is set in New Zealand, not on the international market," he added. Foreigners who already own homes in the country will not be affected by the legislation, which also exempts Australian and Singapore nationals because of bilateral free-trade agreements. International buyers will still be permitted to buy new properties and land to be used for house building projects. About three percent of houses bought in the first three months of this year were purchased by foreign nationals, according to government statistics, with Chinese, Australian and UK citizens accounting for the largest contingent of international buyers. In Auckland, the country's most populous city, foreign buyers accounted for almost six percent of all house purchases made during the same period. Posted by: Fred 2018-08-16 |
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