New Zealand reverses course to let some foreign investors buy homes

1/9/2025 13:19

New Zealand on Monday said it will open its housing market to wealthy foreigners who invest in local businesses, reversing a previous ban in expectation it will boost economic growth.



New Zealand Prime Minister Christopher Luxon said on Monday investors on the foreign investor migrant visa reintroduced in April would be able to buy or build one home if it costs at least NZ$5 million ($2.94 million).



Previously those on the visa but not in New Zealand for six months of the year were banned from buying property.



"This change navigates a path between those who do not want foreign ownership opened up, and the desire to attract high net worth investors by deepening their connection to our country to help grow the economy," Luxon said in a statement.



The government hopes relaxing the ban will make investing here more attractive. It is part of broader government efforts to increase foreign investment into the country to boost an economy that dipped into a recession in the second half of 2024 and has remained weak in the first half of this year.