Best Places To Buy Property In 2018
Last month, New Zealand announced that, going forward, foreign speculators would be banned from purchasing houses in the country. In the U.K., similar restrictions are currently being discussed.
As you consider buying a new home or investment property overseas, should you be worried that your options are decreasing?
In the case of New Zealand, the new restriction applies only to existing property. A foreign investor can still buy land or Kiwi property to be built at a future date. And, this move doesn’t affect the rights of foreign residents living in the country. According to CNN Money, only 60% of Kiwis own their homes today, compared with 75% in 1992. The whole point of the new regulation is to tip the market in favor of first-time, local buyers.