New Zealand Bans Foreign Home Buyers After Price Surge
- Government targets speculators to make homes more affordable
- ‘Kiwis should not be outbid’ by foreigners, PM Ardern says
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New Zealand will ban foreigners from buying existing homes, joining a growing list of nations trying to make property more affordable for their citizens.
“Foreign speculators will no longer be able to buy houses in New Zealand from early next year,” Prime Minister Jacinda Ardern said at press conference in Wellington Tuesday. “We are determined to make it easier for Kiwis to buy their first home, so we are stopping foreign speculators buying houses and driving up prices. Kiwis should not be outbid like this.”