New Zealand to stop super-rich foreigners from buying homes

Posted by On 5:01 PM

New Zealand to stop super-rich foreigners from buying homes

Bernard Lagan, Sydney

The Times

Wealthy Americans are buying farms in New Zealand’s southern mountains, including Hunter Valley Station which has been bought by Matt Lauer, the former host of the Today Show
Wealthy Americans are buying farms in New Zealand’s southern mountains, including Hunter Valley Station which has been bought by Matt Lauer, the former host of the Today Show

Super-rich migrants, many of them American, rushed to buy up New Zealand’s remote mountain estates, some as boltholes to escape the doomsday they feared a Trump presidency would bring.

Now New Zealanders have had enough. Under press ure from hikers and hunters who are concerned that wealthy foreign owners have restricted access to tracts of the country’s most picturesque wilderness, the government has made it clear that absentee landowners are no longer welcome.

Within weeks parliament is expected to pass laws promised by Jacinda Ardern, the prime minister, that will declare the nation’s homes to be “sensitive assets”, meaning that they can be sold only to residents or citizens of New Zealand. Australians will be exempt from the ban. “New Zealanders should not be outbid for…

Source: Google News New Zealand | Netizen 24 New Zealand

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