If you were hoping, as a foreigner, to buy a property in New Zealand, you may have just missed your chance. That’s because their parliament passed a law that bans foreigners from buying into parts of the residential property market. So, which properties can you still snap up and which can’t you?
The Overseas Investment Amendment Bill will make it so that overseas investors can’t purchase existing properties in New Zealand – they will be able, however, to buy into new apartment complexes and some other types of housing.
The arguments for the bill included the rising housing prices, that they blame partly on foreigner investors, and that New Zealanders should have the ability to buy what they want.
Of course, the way things seem isn’t always how they are. Government data suggests that only 3% of the total housing market is taking up by those without New Zealand citizenship.
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The law won’t apply to those buying from Australia or Singapore. And the law still needs royal assent, which is a formality, before it can be activated in full force.