Aug
14
New Zealand Poised to Crack Down on Foreign Home Buyers
By-
Legislation will classify residential land as ‘sensitive’
- Adverse housing-market impact could prompt rate cuts: Westpac
New Zealand’s government is poised to ban foreigners from buying residential property, making good on its promise to crack down on offshore speculators who it says are partly to blame for spiraling house prices.
The Overseas Investment Amendment Bill, which will place limitations on foreign purchasers, is due to receive its final reading in parliament later Wednesday in Wellington. Backed by all three parties that make up the government, the bill is expected to pass…
