{"id":962,"date":"2018-08-16T01:26:56","date_gmt":"2018-08-16T01:26:56","guid":{"rendered":"http:\/\/qatar-tourism.com\/Ar\/2018\/08\/16\/new-zealand-rolls-out-ban-on-foreign-national-property-purchases\/"},"modified":"2018-08-16T01:26:56","modified_gmt":"2018-08-16T01:26:56","slug":"new-zealand-rolls-out-ban-on-foreign-national-property-purchases","status":"publish","type":"post","link":"https:\/\/qatar-tourism.com\/Ar\/2018\/08\/16\/new-zealand-rolls-out-ban-on-foreign-national-property-purchases\/","title":{"rendered":"New Zealand rolls out ban on foreign national property purchases"},"content":{"rendered":"
\n

New Zealand<\/a> has rolled out legislation banning\u00a0foreigners from buying existing homes in the country amid an ongoing housing crisis which has left\u00a0tens of thousands of people homeless.<\/span><\/p>\n

The Overseas Investment Amendment Bill, passed<\/a> by parliament on Wednesday, is aimed at making housing more affordable for residents, particularly first-time buyers.<\/p>\n

“This government believes that New Zealanders should not be outbid by wealthier foreign buyers,” Associate Finance Minister David Parker, of the ruling Labour Party, said in a statement<\/a>.<\/p>\n

“Whether it’s a beautiful lakeside or ocean-front estate, or a modest suburban house, this law ensures that the market for our homes is set in New Zealand, not on the international market,” he added.<\/p>\n

Foreigners who already own homes in the country will not be affected by the legislation, which also exempts Australian<\/a> and Singapore<\/a> nationals because of bilateral free-trade agreements.<\/p>\n

International buyers will still be permitted to buy new properties and land to be used for house building projects.<\/p>\n

About three percent of houses bought in the first three months of this year were purchased by foreign nationals, according<\/a> to government statistics, with Chinese<\/a>, Australian and UK<\/a> citizens accounting for the largest contingent of international buyers.<\/p>\n

In Auckland, the country’s most populous city, foreign buyers accounted for almost six percent of all house purchases made during the same period.<\/p>\n

‘A nonsense’<\/strong><\/h2>\n

In the lead-up to the September 2017 elections, Prime Minister Jacinda Ardern’s election campaign included a pledge<\/a> to “ban foreign speculators from buying existing homes” and “create a level playing field for first-home buyers”.<\/p>\n

But Wednesday’s bill drew the ire of opposition National Party politician Judith Collins, who described it<\/a> as a cynical attempt to “blame foreigners” for the country’s housing issues.<\/p>\n

“This bill in many ways is like using a hammer to try and crush a teeny weeny little nut because it is about saying that every house, every residential house, is now apparently sensitive land. It’s a nonsense,” she said.<\/span><\/p>\n

The Real Estate Institute of New Zealand’s (REINZ) chief executive\u00a0also denounced Wednesday’s law change.<\/p>\n

“We don’t believe that banning foreign buyers from purchasing property in New Zealand is going to have any impact on house prices, nor will it help young people into their first homes,” Bindi Norwell said.<\/p>\n

\n

#REINZCEO<\/a> @bindinorwell<\/a> said, “We don’t believe that banning foreign buyers from purchasing property in New Zealand is going to have any impact on house prices, nor will it help young people into their first homes.” https:\/\/t.co\/0GTs0sm9H5<\/a><\/p>\n

\u2014 REINZ (@REINZTweets) August 15, 2018<\/a>\n<\/p><\/blockquote>\n

House prices have jumped by more than 60 percent in the past 10 years, according to the Reserve Bank of New Zealand.<\/p>\n

Meanwhile, home ownership levels dropped last year to 63.2 percent nationwide, the lowest level since 1951, according<\/a> to local media.<\/p>\n

The median price for residential property throughout the country was NZ$550,000 ($365,000) in July, according to REINZ, more than 11 times the average<\/a>\u00a0level of annual personal income in 2017.<\/p>\n

About one in every 100 New Zealanders, or 41,000, were homeless or living in emergency housing or substandard shelters<\/span>\u00a0in 2013, according<\/a> to the country’s most recently published census data.<\/p>\n

The country has the highest rate of homelessness among member states of the\u00a0Organisation for Economic Cooperation and Development (OECD), a study by Yale University revealed<\/a> last year.<\/p>\n

The study also noted, however, that definitions of\u00a0homelessness vary by country.<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

New Zealand has rolled out legislation banning\u00a0foreigners from buying existing homes in the country amid an ongoing housing crisis which has left\u00a0tens of thousands of people homeless. The Overseas Investment Amendment Bill, passed by parliament on Wednesday, is aimed at making housing more affordable for residents, particularly first-time buyers. “This government believes that New Zealanders…<\/p>\n","protected":false},"author":4,"featured_media":963,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-2","has_thumb"],"yoast_head":"\nNew Zealand rolls out ban on foreign national property purchases - Qatar TourismQatar Tourism, Qatar news, Discover Qatar, tourism in Qatar, explore Qatar, Qatar adventures, Qatar today, Qatar events, desert safari Qatar, Qatar daily news, \u0642\u0637\u0631 \u0645\u063a\u0627\u0645\u0631\u0627\u062a , \u0627\u0644\u0633\u0641\u0627\u0631\u064a\u0631\u062d\u0644\u0627\u062a<\/title>\n<meta name=\"description\" content=\"Qatar Tourism, Qatar news, Discover Qatar, tourism in Qatar, explore Qatar, Qatar adventures, Qatar today, Qatar events, desert safari Qatar, Qatar daily news, \u0642\u0637\u0631 \u0645\u063a\u0627\u0645\u0631\u0627\u062a , \u0627\u0644\u0633\u0641\u0627\u0631\u064a\u0631\u062d\u0644\u0627\u062a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/qatar-tourism.com\/Ar\/2018\/08\/16\/new-zealand-rolls-out-ban-on-foreign-national-property-purchases\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Zealand rolls out ban on foreign national property purchases - 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