NEWS

New Zealand — Low Housing Stock, Foreigners Need Not Apply!

Photo credit: W. Frank

New Zealand will ban foreign buyers from purchasing existing homes in the country 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.

Readers Bureau

Edited by Jesus Chan

Do you want to add feedback to this story? Please add a comment in the box below or send us an email at info@thereadersbureau.com

Like our Facebook page https://www.facebook.com/TheReadersBureau

Follow us on Twitter https://twitter.com/readersbureau21