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Foreign Ownership of NZ Homes Needs New Regulations
Sunday, 25 November 2012, 2:33 pm
Press Release: New Zealand First Party
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Rt Hon Winston Peters
New Zealand
First Leader
25 November 2012
Foreign Ownership of NZ Homes Needs New
Regulations
New Zealand First is proposing a new
policy to limit speculation in residential properties by
foreigners and foreign companies unless they meet specific
criteria.
Rt Hon Winston Peters says Auckland’s housing
boom is fuelled by thousands of foreign investors buying
properties and making housing unaffordable for many New
Zealanders.
“We aim to introduce restrictions on
non-residents/non-citizens entering the New Zealand domestic
housing market.
“The aim is to prevent foreign investors
buying up our properties and taking the rental profit and
capital gains offshore.
“This pumps up property prices
and effectively shuts the housing ownership door for many
Kiwis.”
Mr Peters says there would be dispensations for
people coming from countries in which New Zealanders can buy
land under the same conditions as locals.
“Work is
already underway to flesh out the bones of the proposed
policy which will be taken to our next party convention to
be ratified,” says Mr
Peters.
ENDS
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