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Wealthy foreign investors allowed to buy luxury homes in New Zealand
New Zealand Prime Minister backs $5m property path to lure big investors
AI summary
The government is softening the 2018 foreign buyer ban, allowing wealthy investors on the Active Investor Plus visa to purchase or build one home in New Zealand. This requires a minimum $5 million investment into the country and the property must also be valued at over $5 million.
Prime Minister Christopher Luxon says the change will attract productive investment and grow the economy. Opposition parties argue it will drive up house prices for all New Zealanders.
New Zealand First leader Winston Peters has previously opposed foreign home ownership.
Prime Minister Christopher Luxon was joined by deputy PM David Seymour and Immigration Minister Erica Stanford for the announcement.
National and NZ First had differing views on foreign investment
Opposition says it will drive up housing costs
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