New Zealand Reopens Housing Market to Global Investors

New Zealand has unveiled a new policy allowing affluent foreign investors to purchase or construct homes worth at least NZ$5 million, effectively reversing an earlier ban. This initiative is designed to bolster the national economy by attracting international investment, according to Prime Minister Christopher Luxon's announcement.

The modification to property ownership rules, particularly for holders of the foreign investor migrant visa reintroduced in April, attempts to strike a balance between local concerns over foreign property purchases and the need to draw high-net-worth investors to the country.

These amendments are part of New Zealand's broader strategy to attract foreign investments amid economic challenges. Approximately 301 visa applications have been received, potentially bringing at least NZ$1.8 billion into the economy if approved. The changes emphasize New Zealand's commitment to making the nation a more attractive investment destination, particularly in high-value real estate.

(With inputs from agencies.)