New Zealand passes law to ban foreigners buying homes

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New Zealand passes law to ban foreigners buying homes


The government has said the ban would not apply to Australians and has been negotiating with Singapore. Stock image
The government has said the ban would not apply to Australians and has been negotiating with Singapore. Stock image

New Zealand’s parliament passed a law yesterday to ban many non-resident foreigners from buying existing homes, completing the Labour-led government’s election campaign pledge.

Jacinda Ardern, New Zealand’s popular 38-year-old prime minister, campaigned before September’s election on a promise to clamp down on house price growth and reduce high rates of homelessness, in part by banning foreign buyers.

“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.

The government has said the ban would not apply to Australians and has been negotiating with Singapore.

Irish Independent

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