A new law is about to be passed by the government of New Zealander which will place a ban on foreign investors from buying houses in the country by early 2018.
Addressing newsmen on Tuesday, New Zealand’s Prime Minister, Jacinda Ardern said
“We are determined to make it easier for Kiwis to buy their first home so we are stopping foreign speculators
from buying houses and driving up prices,” the Labour Party leader said in a statement.
Ardern further said the government would introduce a bill to the Overseas Investment Act to classify residential housing as “sensitive,” which connotes that residents alone would be able to buy existing residential buildings.
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However, with an exception, she added that Australians will be exempted as there are New Zealanders in Australia.
This new law came to be after a report said that New Zealanders had suffered housing crisis in recent times.
Immigration record has led to a growing demand for housing, one that the country’s construction sector cannot keep up with.
Report filed says house prices have risen by 50 percent in the past decade while home-ownership has dropped to its lowest level in 65 years.
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