New Zealand Bars Foreigners from Buying Residences

A new law in New Zealand makes it illegal for people not from the country to buy homes there. "The housing market was previously open to worldwide investors, however foreign buyers have been blamed for driving up the price of housing, particularly in the Queenstown area, where they account for up to 5% of buyers, and a whopping 22% in Auckland," Jamie Robinson reports for The Spaces.

While they may make easy targets, it's not clear how much of an effect foreigners have on housing prices in the country. "Foreign buyers account for only 3% of buyers overall," Robinson writes.