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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 its foreign buyer ban for wealthy investors on the Active Investor Plus visa. To qualify, they must commit to a $5 million investment in New Zealand over three years.
This change allows them to purchase or build one home with a minimum value of $5 million. Prime Minister Christopher Luxon says the move will attract investment, while coalition partner Winston Peters calls it a "common sense" restriction.
Opposition parties warn it will increase house prices for Kiwis.
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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