New Zealand to allow some wealthy foreign investors onto property market

New Zealand will relax a ban on foreigners buying homes in the country to allow some wealthy overseas business investors a single high-value residential property purchase, Prime Minister Christopher Luxon said Monday.The move partially reverses a ban introduced in 2018 by a previous government to cool a runaway housing market fueled by property speculation. Holders of a residency “golden visa” reintroduced by Luxon’s government in April will now be able to buy one home worth at least 5 million New Zealand dollars ($3 million).Luxon said the move balanced a desire to attract wealthy inves…READ FULL ARTICLE