The following is an excerpt from Daniel Shane | August 15, 2018 | CNN.com |
Buying a home in New Zealand just got a lot tougher for most people.
The country's parliament on Wednesday 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.
"If you've got the right to live in New Zealand permanently, you've got the right to buy here," Trade Minister David Parker said during a final debate on the bill Wednesday. "We believe it's the birthright of New Zealanders to buy homes in New Zealand," he added.
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