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No property for foreigners in New Zealand

Catherine Deshayes

Foreigners should be prevented from buying property in New Zealand to help first-time buyers onto the property ladder, according to New Zealand's Green Party.

Long a popular emigration destination for many, buying property in the land of the long white cloud could become more difficult if the Green Party get their way.

The party is aiming to prevent foreign nationals from taking advantage of New Zealand's low priced property market - an investment made more attractive by the weak status of the New Zealand dollar, giving buyers bargains for their bucks.
 
Dr Russel Norman, co-leader of The Green Party, said, "We believe land should be owned by New Zealand citizens and residents only and our laws should be changed to say that.

"We welcome ex-pats coming home and people coming to this country to live, but why should we allow Singaporean, Australian or American speculators to buy investment properties in our country, shutting first time home buyers from the market?" added Dr Norman.

Housing affordability in New Zealand has fallen radically over the last few years, and New Zealanders now face a large disparity between actual earnings and house prices.  

Many first time buyers are finding it impossible to get onto the ladder. Research company, Demographia, says that it now takes on average over 18 years of a household's entire annual income to pay for the median priced property in New Zealand.

Browse a selection of New Zealand properties for sale at www.themovechannel.com/property/New_Zealand/