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The Govt to blame for rise in foreign ownership enquiries, expert says

Author
Alexia Russell,
Publish Date
Fri, 17 Nov 2017, 6:02PM
juwai.com wants to get as much business as they can in December. Photo/Supplied
juwai.com wants to get as much business as they can in December. Photo/Supplied

The Govt to blame for rise in foreign ownership enquiries, expert says

Author
Alexia Russell,
Publish Date
Fri, 17 Nov 2017, 6:02PM

A property expert has said that a sudden rise in overseas interest in buying houses here is the Government's fault.

Juwai.com, which calls itself the largest Chinese international property website, is running a campaign in December.

The campaign is encouraging Chinese buyers to get into the New Zealand housing market before the ban on foreign ownership comes into place. 

NZ Property Solutions director Lyndon Fairbairn said before Labour came in to power, there was very little activity in the foreign buyers' market.

He said things have changed since the Government announced its intention to pass the law within the first 100 days.

"We're seeing a lot of interest, a lot of enquiries coming in from South East Asia, China, Africa, America, a lot of other places and the UK."

The Housing Minister meanwhile said the campaign only highlights the need for the law.

Phil Twyford said you can't blame people for trying to make a dollar within the law.

However, this underlines exactly why we need to change the rules to protect the affordability of housing for Kiwis.

"The long term prognosis is that capital flows out of China are likely to become more and more significant as China opens up it's economy to the outside world. So that's why we need to make this change now."

The law is set to come in early next year.

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