Law to ban foreign home buyers to be introduced in Parliament, passed in new yearKevin Stent/Stuff Prime Minister Jacinda Ardern and Trade Minister David Parker announce the ban on foreign investors in the residential housing marketTrade Minister David Parker will introduce legislation into Parliament tomorrow to ban foreign buyers of existing homes in New Zealand. "Purchases of homes by offshore speculators push first home-buyers and families out of the housing market," Housing Minister Phil Twyford said. They just didn't try and in doing so, they put foreign buyers ahead of New Zealanders." Twyford said all three parties in the coalition had long called for some type of ban on foreign buyers. Once it was the law foreign buyers would have to prove that their purchase had benefit for the country.

Source: Stuff December 13, 2017 03:20 UTC