New Zealand bans sales of homes to foreigners

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New Zealand’s parliament has banned many foreigners from buying existing homes in the country – a move aimed at making properties more affordable.

The ban only applies to non-residents. Australians and Singaporeans are exempt because of free-trade deals.

New Zealand is facing a housing affordability crisis which has left home ownership out of reach for many.

Low interest rates, limited housing stock and immigration have driven up prices in recent years