• Home
  • Country Index
  • About US
  • Contact

Immigration World

The World Has No Boundaries

  • Canada
  • Dubai
  • France
  • India
  • Italy
  • Sweden
  • UK
  • USA
  • etc
  • Country Index

Home » New Zealand » Non Residents Banned from Buying Property in New Zealand

Non Residents Banned from Buying Property in New Zealand

October 24, 2018 by Filter Coffee

  • Nonresidents can no longer buy houses in New Zealand
  • Australians and Singaporeans exempt from the new rule
  • Bill introduced to help make housing more affordable for New Zealand citizens

Buying Property in New Zealand can be tricky for expats in the country.

New Zealand is a popular expat destination. New Zealand citizens are very friendly and welcoming but the government policies may not favor migrants as much. The New Zealand parliament recently made a change in its policies regarding property purchases by immigrants.

This is known as the Overseas Investment Amendment Bill. Now, foreigners will face restrictions in buying Property in New Zealand.

buying Property in New Zealand, Queenstown, New Zealand, Overseas Investment Amendment Bill

Current Housing Situation in New Zealand

In June 2018, 82% of the houses in New Zealand were bought by residents while 3% were bought by foreigners. In central Auckland, foreigners bought up to 22% of the homes on sale. This included Chinese investors and some wealthy Americans.

Over the past 10 years, the average prices of homes have increased by over 60%. In Auckland, New Zealand’s largest city, the prices of homes have almost doubled. In July, the median price for a home in New Zealand was about NZ $550,000.

Who is Affected by this Ban?

Singaporeans and Australians in New Zealand are exempt from this rule because of the free-trade deals between the countries. Foreigners with residency status are also exempt from this rule. Non-residents can still make limited investments in new apartments being constructed by large developments. Foreigners who already own homes in New Zealand will not be affected by this new rule.

Why has this Bill been Passed?

New Zealand is currently facing a housing affordability crisis. A rising number of immigrants buying homes, limited availability of houses and low-interest rates have made houses more expensive over the years. This has made owning a house very difficult for a majority of the population.

By introducing this new rule, the government hopes to improve the New Zealand citizen’s chances of owning a home and helps ensure that they are not outbid by wealthier foreign investors.

Also See

  • How to Apply for a New Zealand Skilled Migrant Visa?
  • How to Apply for New Zealand Investor Visa 
  • How to Apply for New Zealand Tourist Visa
  • How to Apply for New Zealand Student Visa
  • How to Migrate to New Zealand as a Student, Professional and Entrepreneur
×

Filed Under: New Zealand Tagged With: Migrate to, New Zealand Immigration, Permanent Residency

Follow US

Recent Posts

  • Thailand Smart Visa -The Visa You Need to Set Up a Business in Thailand
  • Live And Work In The UK Using The UK-India Young Professionals Scheme
  • How To Apply For Australia’s Global Talent Visa Program
  • How To Get An Estonian Startup Visa
  • 5 Employment-Based Immigrant Visa Preference Categories For The American Green Card

Top Posts & Pages

  • 9 Countries Indians Can Easily Get Permanent Residency
  • OCI Card For Infants - How To Apply For An Child’s OCI Card
  • Ways to Migrate to Singapore
  • Top 10 Countries Where You Can Immigrate and Settle Easily
  • Tax Filing In Germany For International Students – Do All International Students Need To File Tax?
  • 10 Countries To Get PR Visa Easily
  • Indian Students Studying Abroad – The Latest Statistics
  • 5 Tips for International Students To Identify A Fake University In The USA
  • 5 Ways To Get Swedish Citizenship
  • Can You Pass the German Citizenship Test?

Tags

Australian citizenship Australian student visa Canada Immigration Canada student visa citizenship citizenship test Coronavirus cost of living EB5 visa Green Cards H1B Visa H1B visa Policy H4 visa immigrate to immigration and settlement Indian e-visa indian immigrants indian students Indian Visa International Students investor visa Migrate to no visa travel passports Permanent Residency Schengen Visa startup visa Student Visa Study in USA Tax Filing For International Students tourist visa travel ban travel tips UK immigration UK Student Visa UK Visa USA Green Card usa immigration USA student visa USA Visa US citizenship US immigration US work permit work permit For H4 visa work visa
Feedback | Disclaimer
Copyright © 2023 immigrationworld.com.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
SettingsAccept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
 

Loading Comments...