Breaking News English

New Zealand's government has a ban on the purchase of homes by foreigners. Soon-to-be Prime Minister Jacinda Ardern announced on Tuesday that the ban would in early 2018. The measure is to the current housing crisis in New Zealand. For the past few decades, overseas buyers have been up houses as investments or for holiday homes in New Zealand. This has an increased demand for properties, which has seen house prices . Prices have by more than 50 per cent in the last decade. New Zealanders up in arms at the inflated prices they now have to to buy a home. Many citizens have simply been out of the market and cannot afford to get on the housing ladder.

Ms Ardern her determination to the practice of overseas investment increasing property prices. She said: "We are determined to it easier for Kiwis to buy their first home, so we are foreign speculators buying houses and driving up prices. Kiwis should not be like this." However, the new measure will not to Australians. Furthermore, overseas investors will still be able to buy land. Ardern said the changes would not non-residents or non-citizens from buying residential land to a house on. She stated: "Our position has always been that if you're to supply…then you will be able to build." Ardern said she hopes the ban will " some of the heat" out of the property market.