New Zealand’s new law will ban foreigners from buying most types of homes, is due to pass through parliament next week.
In an effort to drive down property prices and allow citizens to purchase their own homes, the Government is banning international buyers from purchasing existing dwellings and will build an additional 100,000 affordable properties within a decade.
New Zealand has become a country where in Auckland, international buyers made up 18.7 percent of purchases.
New Zealand is a haven after a spending splurge by millionaires seeking doomsday bolt-holes, has pushed up property prices and shafted local buyers.
Purchases by tycoons such as tech billionaire Peter Thiel, the PayPal founder, and Matt Lauer, the former NBC host, have led the New Zealand government to crack down on the trend.
The new law will still allow foreigners to buy new apartments in large developments and multi-story blocks. Existing homes remain off limits to non-residents, Australia and Singapore will be exempt from the ban.