FOR­EIGN­ERS TO BE BANNED FROM BUY­ING HOMES

PressReader - Tke Channel - FOR­EIGN­ERS TO BE BANNED FROM BUY­ING HOMES
WELLING­TON For­eign­ers face a ban on buy­ing homes in New Zealand af­ter a spend­ing splurge by mil­lion­aires seek­ing dooms­day bolt-holes crowded out lo­cal buy­ers and pushed up prop­erty prices.Home pur­chases by ty­coons such as tech bil­lion­aire Peter Thiel, the PayPal founder, and Matt Lauer, the for­mer NBC host who lost his job af­ter al­le­ga­tions of sex­ual mis­con­duct, have led the New Zealand gov­ern­ment to crack down on the trend.The coun­try’s al­lure for the mega-rich plan­ning a safe space to ride out the apoca­lypse has be­come al­most a cliché in re­cent years. Reid Hoff­man, LinkedIn co­founder, told The New Yorker last year: “Say­ing you’re buy­ing a house in New Zealand is kind of a wink, wink, say no more.”Prime Min­is­ter Jacinda Ardern’s Labour Party is adamant that a law change ban­ning for­eign­ers from buy­ing most types of homes in the coun­try — due to pass through par­lia­ment next week — will help damp down prop­erty prices. It also plans to build 100,000 af­ford­able prop­er­ties in a decade, re­solve New Zealand’s zon­ing and in­fra­struc­ture woes, and bol­ster its ail­ing con­struc­tion in­dus­try.The bill will still al­low for­eign­ers to buy new apart­ments in large de­vel­op­ments and multi-storey blocks. Ex­ist­ing homes re­main off lim­its to non-res­i­dents, but peo­ple from Aus­tralia and Sin­ga­pore will be ex­empt from the ban.

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