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New Zealand expected to ban foreigners from buying homes from early 2018

Prime Minister Jacinda Ardern said the government is determined to make it easier for New Zealanders to buy homes and to stop foreigners from driving up prices.

world Updated: Oct 31, 2017 11:20 IST

Associated Press, Wellington
View of Auckland from Mt Eden in New Zealand.
View of Auckland from Mt Eden in New Zealand.(Shutterstock)
         

New Zealand’s new government is moving quickly to fulfill a campaign promise by banning foreign investors from buying homes.

Prime Minister Jacinda Ardern announced on Tuesday that she expects to introduce new laws within weeks that would take effect early next year. She said the government is determined to make it easier for New Zealanders to buy homes and to stop foreigners from driving up prices.

She said the ban would not affect most existing free-trade agreements and would be enacted before the proposed Trans-Pacific Partnership, a free-trade deal that 11 nations, including Japan and Australia, are considering signing.

Under the proposed legislation, Australians and foreigners who are New Zealand citizens or residents would be exempt. Foreigners could also continue to buy residential land to build new homes.

First Published: Oct 31, 2017 11:19 IST