New Zealand bans sale of homes to foreign buyers

'We're here to take another step toward the dream of home ownership,' says minister

New Zealand has banned foreigners from buying homes as part of new efforts to curb skyrocketing housing prices.

The government argued the ban would lower the cost of homes, but critics said the new policy risked stifling the economy and would not fix the problem.

House prices have soared in New Zealand in recent years, with average costs rising more than 60 per cent nationwide in the last decade and almost doubling in Auckland, the country’s largest city.

https://www.independent.co.uk/news/world/australasia/new-zealand-foreigners-home-buyers-property-market-ban-a8493161.html