Foreign Speculators

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• Reserving land ownership for New Zealand citizens and permanent residents.
• Ensure overseas investment in New Zealand meets much more stringent conditions in order to be approved. (more here)

• More than 11,000 overseas investors own New Zealand properties that they don’t live in.  This drives up housing costs and drives New Zealand families out of the market.
• This problem is especially bad in Auckland. There were 4,700 new homes built in Auckland last year, but the number of new homes for Aucklanders to buy was much less than that because 2,600 homes nationwide were bought by overseas speculators who had no intention of living there.
• Labour will address this problem by restricting foreign speculators' ability to buy residential property in New Zealand. Under Labour, non-residents will no longer be able to buy existing houses, flats, or apartments in New Zealand.
• Many other countries already have similar restrictions, including Australia, China, Singapore, Switzerland, and the UK. (more here)

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• Non-residents who are not New Zealand citizens would be ineligible for home ownership except if a genuine need to do so can be demonstrated. (more here)

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