Foreign buyer ban puts investment into new builds - Infometrics

By Dan Brunskill | Fri, 31 Jan 2020


The government's ban on foreign buyers of existing residential property may be having the desired effect of pushing overseas investment into new builds, according to economic consultancy Infometrics. The Overseas Investment Amendment Bill came into effect on Oct. 22, 2018, preventing people who don’t hold New Zealand citizenship or a resident visa from buying existing homes, unless they are from Australia or Singapore. The amendment was created in reaction to accusations that foreign investors were snapping up properties and driving up pri...