Original title: New Zealand Opens Luxury Home Market to Golden-Visa Holders
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 on Monday said it will allow holders of so-called golden visas to buy houses worth at least NZ$5 million ($3 million), carving out an exemption to restrictions that have largely kept overseas buyers out of the market since 2018. The change won’t take effect until the end of the year, when reforms to the Overseas Investment Act are passed into law, a spokesperson for Prime Minister Christopher Luxon said.