New Zealand’s Prime Minister Jacinda Ardern plans to ban foreigners from buying existing properties in the country
Planning on buying a house in New Zealand? You may need to rethink your strategy.
The country's new Prime Minister, Jacinda Ardern, said Tuesday she plans to ban foreigners from buying existing properties in the country.
She blames them for soaring prices that have left many New Zealanders unable to enter the property market.
Ardern, who took office this month, said at a news conference that overseas investors will be largely locked out of the real estate market from early next year.
"This presents and represents a simple, clean solution to help us to act in the interests of home buyers in New Zealand," she said. Under the rules, the government will classify housing as "sensitive" and subject buyers to a residency test.
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