New Zealand opens luxury home market

Upmarket properties: Luxon (right) and Australian Prime Minister Anthony Albanese at a press conference in Queenstown, New Zealand. The Kiwi Prime Minister says the country has a deserved reputation as a great place to live and it wants to grow its economy. — AP

WELLINGTON: New Zealand will loosen its ban on foreigners buying houses, opening the door for wealthy investors to purchase luxury properties as part of a push to revive its sluggish economy.

The coalition government yesterday said it would allow holders of so-called golden visas to buy houses worth at least NZ$5mil (US$3mil), carving out an exemption to restrictions that have largely kept overseas buyers out of the market since 2018.