New Zealand curbs foreign property ownership to cool market
New Zealand has passed legislation curbing foreigners’ ability to buy residential property in a bid to rein in the South Pacific nation’s booming housing prices.
The law, which passed late Wednesday, meets a key campaign pledge from Prime Minister Jacinda Ardern, who vowed to make housing more affordable before her election last year.
The new restrictions mean an almost complete ban on non-nationals buying residential property in New Zealand, with only a couple of exemptions.
“This is a significant milestone and demonstrates this government’s commitment to making the dream of home ownership a reality for more New Zealanders,” Associate Finance Minister David Parker said.