Buyer beware. If you were considering purchasing a home away from home in New Zealand, that soon will be impossible. This was announced by their Prime Minister-Elect Jacinda Ardern on Tuesday.
She stated that this will only be applying to non-residents of the country, and only applying to the purchase of existing homes. Non-residents who already own property in the country will not be affected as of right now, but the future of their homes is unknown.
This is being done as a way to combat the shortage of homes in the larger cities and lower the prices of homes. The law is coinciding with another law on immigration to slow it down to help bring jobs back into their economy, thus allowing more New Zealanders to purchase homes.
Source: http://www.bbc.com/news/business-41745129
This is very interesting and understandable to a point. I have always wanted to go to New Zealand because of the beauty and I have friends that live there. I do hope in the future that non-residents can purchase land and homes there again
ReplyDeleteThis is a very drastic measure made by New Zealand to try and control immigration and bring in jobs. It will be interesting to see how this effects their economy, immigration rates, and housing shortage within the next few years.
ReplyDeleteShould be interesting to see if it drives a rush on purchases.
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