Ban on foreign home purchasers takes effect
New Zealand recorded a fall in the number of home transfers to people who did not hold New Zealand citizenship or a resident visa, official figures released Thursday showed.
Only 204 home transfers to non-citizens and those with no resident visas were recorded in the March 2019 quarter, down 81 percent from 1,083 in the March 2018 quarter, according to Stats NZ.
The fall in overseas home buyers coincided with about an 80 percent drop in home transfers to Chinese tax residents, according to property statistics manager Melissa McKenzie.
“Overseas people acquired just 0.6 percent of homes transferred in the first quarter of 2019, reflecting law changes in late 2018 that introduced restrictions for overseas buyers,” McKenzie said in a statement.
The share of home transfers to overseas people peaked at 3.3 percent in the March 2018 quarter when the law changes were being discussed.
New Zealand drew flak from market observers when it implemented the Overseas Investment Amendment Act in October. The IMF called the policy ‘discriminatory’ for outright banning residential property sales to most foreigners.
The law nonetheless exempts citizens of Australia and Singapore and allows sales of new apartments in certain developments, Stats NZ noted.
“Despite the large fall in the number of transfers to overseas buyers this quarter, it’s unlikely to ever be zero, due to exemptions for some overseas buyers,” McKenzie added.
Total home transfers fell 3.5 percent in the year to March 2019, Stats NZ further revealed.
PropertyGuru Thailand Property Awards continues long CSR history with Right To Play and the Mini Heart Project
The event’s official charity partner aims to foster Thailand’s young talents and will organise a joint CSR initiative at the end of 2019
7th PropertyGuru Philippines Property Awards reveals strong and varied shortlist for 2019 edition
Solid representation from urban and and regional real estate companies
Vietnam’s most vibrant architecture practices
The country's architecture scene is steadily catching up to Asian powerhouses—and the world is watching
Cambodia’s farewell to Everything But Arms
With the impending loss of EU tariff benefits, the growing economy may find itself derailed, with implications for the property sector