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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 foreign buyers ban, allowing wealthy investors on the Active Investor Plus visa to purchase or build one home. This requires a commitment to invest at least $5 million in NZ businesses, with the home also valued at a minimum of $5 million.
Prime Minister Christopher Luxon says the change will attract productive investment. The opposition fears it will drive up house prices, but the government states the change affects less than 1% of the housing 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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