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News Updates & Article sharing

New Zealand Bans Foreign Homebuyers

8/20/2018

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New Zealand bans foreign homebuyers

Picture
Property transfers that involved foreigners tended to be highly concentrated in a few areas like downtown Auckland or Queenstown (pictured). (123rf.com)
WELLINGTON (August 15): New Zealand's parliament passed a law on Wednesday to ban many non-resident foreigners from buying existing homes, reports Reuters. 

Jacinda Ardern, New Zealand's popular 38-year-old prime minister, campaign promises included clamping down on price growth and reducing the high rate of homelessness. One of the proposed solutions was by banning foreign buyers.

"This is a significant milestone and demonstrates this government’s commitment to making the dream of home ownership a reality for more New Zealanders," Associate Finance Minister David Parker said, as quoted by Reuters.

Buyers from China and neighbouring Australia comprised the majority of foreign buyers, the news wire cited data from Statistics New Zealand.

However, the ban will not apply to Australians, and negotiations with Singapore may result in an exemption. Singapore’s free trade agreement with New Zealand currently allows foreign ownership.

New Zealand has seen average prices in their largest city, Auckland, almost double in the past decade and rise more than 60% nationwide, drawing criticism of foreign home buying. 

Reuters 
cited official figures that suggest the overall level of foreign home buying was relatively low - about 3% of property transfers nationwide.

This did not include property bought through trusts. Property transfers that involved foreigners tended to be highly concentrated in a few areas like downtown Auckland or Queenstown, a southern scenic hot spot.  
"Is the ban wise or useful? We think it’s neither," the news wire quoted spokesman Dave Platter of Chinese real estate portal Juwai.com.

"Foreign buying ... tends to be focused on new development, making clear again that foreign investment leads to the creation of new dwellings. That's vital in a market with a housing shortage, like Auckland," he said.

House price growth in New Zealand had tapered off in the past year, partly due to lending restrictions imposed by the central bank, in a move to counter the financial stability risk of an overheated market.

​Median house prices had slipped 1.8% to NZ$550,000 (RM1,478,000) in July from the previous month, although they were still 6.2% higher than the same time the previous year.
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  • Home
  • New Property Launch
    • 10% ROI PJ Project near Ikea and One Utama Mall
    • Mid Valley Seputeh New Launch
    • Pavilion Damansara Heights 柏威年 白沙罗岭 马来西亚 吉隆坡 精选楼盘
    • 马来西亚RM300千的PJ屋子-首购族,年轻人月入3千能买房
    • 2021 Penang Most Awaited Project
    • 2021 New Launch - KL Metropolis
    • 2021 PJ Spacious and Affordable 5 Star Condo
    • Freehold LRT Linked 3 Room Suites in Glenmarie
    • New SPACIOUS Kepong Landed 6 Room 6 Bath
    • Bangsar Last Piece Land New Launch
    • Avara Seputeh (Mid Valley)
    • Project Announcement Registration. Malaysia New Property Launch
  • Existing & Past Project
    • 2020 Lowest Risk & Price in Klang Valley with Great ROI
    • Kiara East Suite Dex
    • 2019 SAFEST PROFITABLE HIGH CASHBACK INVESTMENT
    • Best Property Investment Projects in 2018
    • KL City Freehold Spacious Affordable 3 room Project
    • Jalan Kuching Freehold New Office & Shoplot
    • Jalan Ipoh New Freehold Shoplot & Offices
    • RM300k KL Sentral New Prelaunch
    • The Olive Condo, Sunsuria City
    • Prelaunch Landed House Bukit Rahman Putra
    • RM260k No Downpayment Puchong South Suites
    • PJ North RM400k High Cash Back Project
    • Denai Sutera @ Alam Sutera, Bukit Jalil
    • First Phase of Banting New Township
    • Neu Suites 3rdNVenue @ Embassy Row by Titijaya & CREC
    • COURT 28, Jalan Ipoh KL City New Property Launch Service Apartment. Malaysia New Property Launch
    • Semanja Kajang New FREEHOLD Kajang Double Storey Houses. Malaysia New Property Launch
    • M Suite @ Desa Park North
    • BIJI LIVING @ Sek 17 PJ City by Conlay. Malaysia New Property Launch
    • Amani Residence Bandar Puteri Puchong New Freehold Service Apartment. Malaysia New Property Launch
    • SFERA RESIDENCY @ Puchong South. Malaysia New Property Launch
    • KL North Last Release
    • PreLaunch Freehold Double Storey
  • LAND
  • News & Articles
    • Educational Articles
    • Ho Chin Soon Greater KL Map Sharing
  • Referral
  • Career
  • MPIG
    • About Us
    • Contact Us
  • Other Reference Link & Services
    • Land Sale Malaysia
    • Malaysia New Property Launch
    • Lets Buy Property Malaysia
    • Other Professional Services
  • Get Professional Advice
  • PJ八打灵2021全新地产项目分析手册