Queenstown

No more hiding in New Zealand for foreign billionaires

PM Jacinda Ardern has banned foreigners from buying homes in an attempt to push down house prices

The New Zealand government is banning foreigners from buying homes. But people aren't sure it'll have that big an effect.

What it means: House prices in New Zealand have doubled in the last decade, with soaring rents and not enough properties on the market. PM Jacinda Ardern said she'd tackle this problem, and has made her first move banning foreigners from buying houses.

The thing is, just 3% of homes in NZ are owned by foreigners. They tend to be beautiful beachfront properties bought by billionaires – a few theories as to why are that it's a good 'bolt-hole' to hide in for when the revolution against inequality comes, or indeed the inevitable apocalypse (seriously).

People who oppose the ban say we don't know how much these buys actually affect house prices around the country. Plus, some foreign investment goes towards building new houses, which in a place with a shortage of property, isn't such a bad thing.

Recent articles

Reader Comments