New Zealand MPs vote in favour of banning foreign property ownership
The New Zealand parliament has voted to ban the majority of foreigners from purchasing pre-existing residential properties in the country.
Changes to property ownership regulations have gathered support in recent months as New Zealanders have found itself increasingly difficult to purchase a home, especially in cities such as Auckland and Wellington where housing stock is limited.
The new rules applies only to non-residents with Australians and Singaporeans exempt thanks to trade deals.
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