New Zealand to ban foreign buyers snapping up existing homes – The Guardian

New Zealand does not want foreign buyers to buy all of the homes because it leaves fewer places for its own citizens to live, so they are cracking down on this practice. Thid country only has so much space for housing so this is a wise move. Many foreign buyers only want thr homes for investment purposes anyway. They do not want to live in New Zealand so the country doesn’t benefit much from them economically.

Key Takeaways:

  • Due to a housing shortage new zealand wants to ban foreign housing purchases
  • new zealand has become a hot spot for wealthy american buyers wishing to escape the turmoil in the U.S.
  • domestic buyers feel they are being priced out of the housing market as local buyers own 25% vs 50% in 1990

“The country’s proposed ban on foreign buyers, which would only apply to non-domiciles, comes amid rising support for protectionist policies in developed nations around the world.”

Read more: https://www.theguardian.com/world/2017/oct/25/new-zealand-to-ban-foreign-buyers-existing-homes-jacinda-ardern

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