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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 easing its foreign buyer ban for wealthy investors. Individuals on the Active Investor Plus visa who commit to investing at least $5 million in New Zealand can now buy or build one home with a minimum value of $5 million.
Prime Minister Christopher Luxon says the move will attract productive investment and grow the economy. Critics warn it will drive up house prices for all Kiwis, but the government argues it affects less than 1% of the 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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