New Zealand To Ban Foreign Buyers Snapping Up Existing Homes

New Zealand is planning to ban foreign buyers from purchasing existing homes in an attempt to tackle a housing crisis by halting a trend among the world’s wealthy to snap up property in the country.

Jacinda, 37, who was elected as part of a coalition government in September, said the new plan was designed to stop rising house prices and will apply to non-residents.

“We are determined to make it easier for Kiwis to buy their first home, so we are stopping foreign speculators buying houses and driving up prices. Kiwis should not be outbid like this,' said Ms. Ardern at a press conference in Wellington.

According to ATP, the new policy was unveiled as coalition negotiations between New Zealand First and Labour continue.

Ms. Ardern said the ban would not apply to Australia, where many New Zealanders live and it would not affect most existing free-trade agreements between 11 nations, including Japan and Australia, who are considering signing a Trans-Pacific Partnership with New Zealand.

The Prime Minister-elect also announced plans to cut immigration, focus on regional development and create new jobs, and promised that her new measures would "see a reduction in inequalities".