“Interest in Kiwi homes from the United Arab Emirates has increased sharply in the weeks following National’s proposal to lift the foreign buyers ban on high-end homes”
National was going to allow foreign investment into the housing market??? Yeah, that’s really going to help with our crises. I get it’s only ‘high-end homes’ but more buyers inevitably means less supply.
This is bad news for all the struggling working class kiwis looking to buy a two million dollar property.
When the people who would have bought $2m properties get blown out of the water by foreign buyers, theyll look to lower priced categories. This is how this will drag house prices up overall.