New Zealand is set to allow wealthy foreigners to purchase real estate once again, partially lifting a ban that was originally intended to curtail soaring property prices in the country. This announcement was made on Monday as part of new regulations.
Under the revised rules, foreigners who invest over NZD 5 million (EUR 2.5 million) in New Zealand within three years will be permitted to buy or build a home. These changes are expected to take effect by the end of the year.
The original ban was introduced in 2018 by the center-left government of former Prime Minister Jacinda Ardern, aimed at addressing escalating property prices driven by record immigration levels and a housing shortage.
Although property prices have declined over the past two years, housing supply remains constrained, making home ownership unattainable for many New Zealanders. The country’s isolation has rendered it a sought-after destination for some ultra-wealthy foreigners in search of tranquility.
