New Zealand Passes Law to Crack Down on Foreign Home Buyers
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Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#2Housing was already expensive in 2000, well before the current "foreign invasion."
Perhaps they should try reducing the red tape required to build new homes.
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#3Seems reasonable to me. Housing should be for housing people, not a speculative financial investment.
It's reasonable for cities to ask that people show that they have some skin in the game, that they're living, working, paying taxes and contributing to and enhancing the community.
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#4Housing was already expensive in 2000, well before the current "foreign invasion." Perhaps they should try reducing the red tape required to build new homes.
They are not placing all blame on foreign soeculative real estate investors, but are assigning some blame, which i think is fair.
Many countries require some form of either citizenship or residence in order to qualify as a real estate buyer.
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#5Housing was already expensive in 2000, well before the current "foreign invasion." Perhaps they should try reducing the red tape required to build new homes.
They are not placing all blame on foreign soeculative real estate investors, but are assigning some blame, which i think is fair. Many countries require some form of either citizenship or residence in order to qualify as a real estate buyer.
I didn't mean to suggest that foreign speculation was without blame.
I just wanted to make it clear that that isn't the only, or even biggest, culprit in the current housing crisis.
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#61. It is banning non-residents. You can be a national from any other country and still buy a house if you live there.
2. Watered down by interest groups: https://www.reuters.com/article/us-newzealand-economy-housin...
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#7Housing was already expensive in 2000, well before the current "foreign invasion." Perhaps they should try reducing the red tape required to build new homes.
Are there any numbers from areas with expensive housing that detail foreign investment as a % of total housing purchases? Would be an illuminating stat.
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#8I wish my government cared about its citizens this much...
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#91. It is banning non-residents. You can be a national from any other country and still buy a house if you live there. 2. Watered down by interest groups: https://www.reuters.com/article/us-newzealand-economy-housin...
Have they removed the "Trust" loophole?
This is where you setup a local trust, and purchase the property through that trust (and not a non-resident).
People can also still purchase properties through local proxies.
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#10Housing was already expensive in 2000, well before the current "foreign invasion." Perhaps they should try reducing the red tape required to build new homes.
Are there any numbers from areas with expensive housing that detail foreign investment as a % of total housing purchases? Would be an illuminating stat.
They have a graph in the article that showed foreign ownership (not necessary as investment) that showed it at around 3% for NZ over all, with between 5-10% in popular places (Queenstown and Auckland)