Published: Thu, November 02, 2017
Tech | By Dwayne Harmon

New Zealand brands property 'sensitive' to freeze out foreigners

New Zealand brands property 'sensitive' to freeze out foreigners

Five days after she was sworn in as prime minister, Jacinda Ardern moved today to implement a key campaign promise of effectively ending property sales to foreign non-residents.

"The effect of this will be that non residents or non citizens can not purchase existing residential dwellings in New Zealand - with the exception of Australian Citizens", she said. "It is a NZ$5.6bn industry, with exports totalling NZ$3.4bn and New Zealanders being fed with the remaining NZ$2.2bn earned - that is, delivering fresh fruit and vegetables to New Zealanders every day to ensure a healthy diet", Raine explained. "We are particularly pleased to see planned investment in regions where horticulture has great capacity for growth". Foreign investors could still buy new houses and apartments, however.

"We must find a solution to allow us to ban overseas buyers of existing New Zealand homes for us to proceed with TPP11", the newspaper quoted Parker as saying.

A study earlier this year by public policy firm Demographia ranked Auckland, New Zealand's biggest city, as the fourth most unaffordable housing market in the world.

The new ruling will come into effect early next year and will ban all foreigners from buying houses in New Zealand. They also don't apply to foreign residents living in the country or Australians.

"I look forward to congratulating Prime Minister Ardern on her recent election and discussing how we can further strengthen the already close friendship between our nations". "And we are stronger together on the worldwide stage".

Ardern said that she was seeking to introduce legislation for the new restrictions before the end of the year.

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