Foreigners to be banned from buying houses in New Zealand

Foreigners are set to be banned from buying houses in New Zealand as part of new policies unveiled by Prime Minister-elect Jacinda Ardern.

Ms Ardern said the policy was designed to stop soaring house prices and will apply to non-residents, according to AFP.

‘We have agreed on banning the purchase of existing homes by foreign buyers,’ she said.

The new policy was one of a raft unveiled on Tuesday as part of negotiations between’s Ms Ardern’s Labour party and coalition partners New Zealand First and the Greens.

Populist powerbroker Winston Peters – who campaigned on decreasing immigration – said New Zealand was ‘no longer for sale’.

‘There is going to be a change and a clear signal sent internationally that New Zealand is no longer for sale in the way it has been. We’re happy with that,’ he said.

Mr Peters is set to become deputy Prime Minister and foreign minister in the new government.

Ms Ardern said the policy was designed to stop soaring house prices and will apply to non-residents

Ms Ardern also announced plans to cut immigration, and to focus on regional development and job creation.

She campaigned on social issues including housing affordability, and called capitalism a ‘blatant failure’.

Ms Ardern promised her new policies would ‘see a reduction in inequalities’.

Populist powerbroker Winston Peters – who campaigned on decreasing immigration – said New Zealand was ‘no longer for sale’