New Zealand bans foreigners from buying property

(FASTNEWS|COLOMBO) – The country’s Parliament on Wednesday (15) passed a law banning foreigners from buying into most parts of its residential property market as the Government seeks to cool red-hot house prices.

The Overseas Investment Amendment Bill will prevent overseas investors from purchasing existing properties in New Zealand, but they will still be able to buy into new apartment complexes and certain other parts of the housing market.

New Zealand Prime Minister Jacinda Ardern campaigned on a promise to clamp down on foreign buyers, blaming them for soaring prices that have left many New Zealanders unable to enter the property market.