Foreigners cant buy property in New Zealand : Government puts a cap

  • New Zealand’s government passed a law banning foreigners from purchasing residential property.
  • New Zealand’s government passed a law banning foreigners from purchasing residential property.
  • is happy to welcome the world’s tourists, but it doesn’t want visitors to get too comfortable.

    The government of New Zealand has banned most foreigners from buying homes as it tries to tackle runaway housing prices.

    Previously the housing market was open to investors worldwide, but the government on Wednesday passed legislation that allows only New Zealand residents to buy homes.

    In recent years, there have been many anecdotal stories of wealthy foreigners from Silicon Valley and beyond buying ranches in picturesque rural New Zealand as a “bolt hole” or escape option from a turbulent world.

    There have also been stories of wealthy Chinese buyers outbidding New Zealanders on suburban homes in the main city of Auckland.

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