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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. They can now buy or build one home valued at a minimum of $5 million, provided they also invest at least $5 million in New Zealand businesses.
Prime Minister Christopher Luxon says the move will attract productive investment. The government argues the change affects a tiny fraction of the market and won't raise overall house prices for Kiwis.
Opposition parties warn it will put upward pressure on the entire property market.
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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