Calls to ban foreign property ownership in NZ

The Green party in New Zealand is calling on the government to ban foreign property investors from buying property and real estate in the country as the increasing numbers of overseas buyers are buying property at the expense of first time buyers who are finding it increasingly difficult to find an affordable property.

“We believe land should be owned by New Zealand citizens and residents only and our laws should be changed to say that,” they said. “Why should we allow Singaporean, Australian or American speculators to buy investment properties in our country, shutting first-time home buyers from the market.

“The Government has a responsibility first and foremost to ensure New Zealand citizens and residents can afford to buy a stake in their own country.”

With the dollar falling and the banks lowering their interest rates, no capital gains tax or stamp duty to pay, and a thriving business environment, it is no surprise that there are increasing numbers of foreign property investors looking to New Zealand to expand their property portfolio. Most foreign property investors in the country currently come from the UK, Australia and America.

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