New Zealand to ban foreigners buying homes!
This is some headline which may sound a bit severe, but does New Zealand have a good point and further more, are they putting the interest of their own in front of those from abroad?
Certainly here in the UK, and with its current government, it would appear that those looking to migrate to our country and how we should be bowing down to the likes of the EU takes president over any sorting out of growing issues at home and unrest amongst its population, but New Zealand it seems are looking in to new ways to secure itself a better future.
Property, for sure a big issue with affordability in the UK, is a topic that New Zealand are wishing to address in relation to capping the growing increased pricing thanks to what it says is a ‘spate of millionaires creating luxury doomsday bunkers‘ (full report from Daily Mail). The blame is being placed on wealthy individuals investing in New Zealand as a safe location to include recent purchases from the likes of PayPal founder Peter Thiel. The government plan to enforce the ban very soon in hope that it will lead to a decrease in property prices – This will be added to with a plan to build 100,000 affordable housing units over a period of a decade (also helping to pin up its failing construction sector).
So will banning the foreign super rich and famous from purchasing a safe house in New Zealand, should the world see a new war or even apocalypse, help to bring property prices across all budgets to a level that everyday hard working folk can afford them?
You May Also Enjoy
Real Estate Lawyers: Who They Are and What They Do?
Weekly News Roundup – 03/05/24
Rightmove’s weekly mortgage tracker – 02/05/24
Powering Up Your Brokerage: How Real Estate Apps are Transforming the Industry
Breaking Property News – 02/05/24