Wednesday, 15 August 2018

New Zealand's parliament 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.


No, only non-residents are affected by the Overseas Investment Amendment Bill, which was passed in a 63-57 vote on Wednesday.
They are now banned from purchasing most types of homes - but they will be able to make limited investments in new apartments in large developments.


Foreigners with residency status in New Zealand - as well as non-resident Australian and Singaporean nationals - are not affected by the ban.




BBC       News.