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.
Edited by Jesus Chan
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