Kiwis only: New Zealand bans foreigners from buying homes

Parliament seeks to reverse trend of skyrocketing home sales prices

TRD NATIONAL /
Aug.August 15, 2018 09:03 AM

(Credit: iStock)

The median home price in New Zealand has surged more than 57 percent since 2010 and now the Kiwi nation has decided to do something about it: ban outsiders from buying their homes.

The Wall Street Journal reported New Zealand’s parliament approved new regulations on Wednesday that prohibit currently existing residential properties from being purchased by foreigners.

“This Government believes that New Zealanders should not be outbid by wealthier foreign buyers,” trade minister David Parker said.

Chinese investment in the New Zealand real estate market had been growing in recent years, especially in Auckland, the country’s capital and financial center. But western celebrities and businessmen like Matt Lauer and Peter Thiel have also made well-publicized luxury home purchases.

Under the new law, foreigners will still be able to buy new construction homes, however, such as units in condominium projects. Foreign developers who build large housing complexes will be allowed to market some units to foreign buyers, the Journal reported. [WSJ] — Will Parker


Related Articles

arrow_forward_ios
Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Racial inequality in homeownership across US is sharpest in New York: report

Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

arrow_forward_ios