A new bill prohibiting foreigners from acquiring a second home in New Zealand will come into force before Christmas, an online version of the New Zealand Herald newspaper said , citing Prime Minister Hasinda Ardern's statement.
The new bill will amend the Overseas Investment Act, classifying the residential real estate market as "sensitive," which would mean that non-residents and non-citizens can not acquire a secondary real estate. The exception will be Australians, as well as New Zealanders in Australia.
"We expect that the bill will be adopted before Christmas and will enter into force immediately, at the beginning of 2018," said Ardern. She added that foreigners will still be able to buy land and build new houses, which will increase the supply.
HomesOverseas.ru
