Important statement for anyone who owns a home in New Zealand

Parliament in New Zealand has passed a new law of interest to all, Important statement for anyone who owns a home in New Zealand .

New Zealand's parliament has passed a new law restricting foreign ownership of residential property, in an attempt to control prices.

Which the New Zealand government believes that speculation by foreigners is the reason for its high prices to record levels that made citizens unable to buy it.

The British newspaper "Financial Times" said in a report that this law is a victory for the government headed by Jacinda Ardern, which wants to preserve the ability of New Zealand citizens to buy housing and avoid high prices.

According to a report seen by Al, housing prices in New Zealand have increased by more than 60% over the past ten years.

This made the percentage of citizens who own homes in which they live at the lowest level in seventy years, which prompted the authorities to move towards this law and prompt Parliament to approve it.

The "Financial Times" says that New Zealand is currently experiencing a housing crisis caused by immigration and a shortage of low-priced housing, or prices that are affordable, in addition to rising house wages.

This made the issue of houses and their prices and the provision of housing for citizens one of the most important political issues that are at the fore of public opinion in the country.

New Zealand Trade Minister David Parker told Parliament that one out of every five homes in Auckland, and one in ten in the "Queens Town Lakes" area were sold to foreigners during the current quarter of this year, referring to the impact of foreigners and their speculation on the real estate market. in the country and cause them to rise in prices.

"There can be debate about the effect these buyers have on prices, there can be no argument, but we are here today to take a new step towards reclaiming the great New Zealand dream of owning a home," Parker added.

On the other hand, the "Financial Times" quoted Dave Blatter, an official in a real estate company that works on the Internet, as saying that "foreigners own only 3% of the market in New Zealand, and their attention is focused on new projects.

Their investments also lead to the provision of new housing in the country," stressing that "this is vital for a market that suffers from a shortage of supply such as Auckland."

It is noteworthy that an opinion poll conducted in New Zealand last year showed that 72% of New Zealanders support setting restrictions in order to control the real estate market and foreign ownership in it, especially foreign ownership of land in New Zealand.