Wednesday, 25 October 2017

New Zealand bans foreign buyers from purchasing existing homes

New Zealand will ban foreign buyers from purchasing existing homes in the country in an effort to cool soaring property prices.

Prime minister-elect Jacinda Ardern said the ban only applied to non-residents.

The country 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.

Foreign ownership and a housing shortage in New Zealand's bigger cities were prominent issues in the run-up to the September election, which saw the end of nine years of rule by the conservative National Party.
"We have agreed on banning the purchase of existing homes by foreign buyers," Ms Ardern said on Tuesday, while also announcing plans to slash immigration and focus on job creation.

The prime minister-elect has previously described capitalism as a "blatant failure" when it came to providing homes for the poor.

BBC      News.

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