New Zealand ban on foreigners' homes

New Zealand bans ban on buying foreigners' homes But Australian and Singaporeans have been exempt from this ban because of the Free Trade Agreement.

There has been a major crisis in buying a house in New Zealand. Ownership of the house in the country has gone beyond the capability of many. For some years, there has been a crisis due to low interest rates, limited housing stocks and immigration.

According to the BBC, local time yesterday, the Overseas Amendment Bill passed in parliament 63-57 votes. The impact will be on non-resident foreigners. Non-resident foreigners can not buy most homes However, they can invest in certain apartments in new apartments. It will not affect the resident foreigners.

New Zealand Trade and Economic Development Minister David Parker calls this bill as a significant milestone. The New Zealand government wants New Zealanders not to be cornered under the pressure of wealthy foreign buyers.

David Parker further said that this law will ensure that the coastal land on the shores of the beautiful lake or not, the sub-house house is not for the international market. These are for New Zealanders.

However, the opposition says the ban is unnecessary.