Foreign investors are in a hurry to acquire real property items in New Zealand before the law fixes rules restricting transactions with foreign buyers.
On the southern island of the resort of Queenstown, about 10% of transactions with property in the first quarter of 2018 were made with people who do not have citizenship or resident status in the country, New Zealand statistical office said. This is almost double the figure for the previous three months, according to The Business Times.
In Auckland, this number is growing for the second consecutive quarter, reaching 19% in some suburbs of the country's largest center. The current government, which came to power in late 2017, promised to solve the housing affordability crisis through a variety of measures, including a ban on the purchase of real estate by foreign speculators. The proposal now is being considered by the parliament and will soon be adopted and come into force.