Dear MEL Topic Readers,
New Zealand bans foreigners from buying property
Good news and bad news. When property value goes up, the property owners become wealthier. However, it makes those who don’t difficult to buy or rent one, especially the young. That is what has been happening in New Zealand and Australia where a flock of Chinese investors have been pouring their money into the real estate market. As a result, housing prices have soared to the level where restrictive measures to foreign buyers have taken place. Australia did it last year and has seen a decline in their housing prices. New Zealand followed the move and has just passed a similar law.
The new law is waiting for the Royal assent, which signifies that the bill has the approval of the Governor-General as the Sovereign’s representative.
Enjoy reading and learn how foreign investors could affect the lives of the citizens and permanent residents.
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