New Zealand bans foreigners from buying property

The New Zealand government on Wednesday 15th August 2018 passed a law banning foreign nationals from buying property in New Zealand in most parts of its housing property but leaving some parts like new apartment complexes and certain parts of the housing market.

This is done by the government because it feels banning foreigners from buying a property will lower down the increasing, high rates of property in New Zealand and it will make easier for the New Zealanders to buy property in their home country.

New Zealand government says the house prices have doubled in the past decade, and homeownership rate among New Zealanders has fallen through the official statistics say the foreign buyers who have New Zealand residency or citizenship make up less than of 3% of total transactions however it’s still for seen that how the property rates will go down in the county by this year.

This law does not apply to countries of Australia and Singapore because of the existing arrangements between the two countries.

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