New Zealand's government has announced a ban on the of homes by foreigners. Soon-to-be Prime Minister Jacinda Ardern announced on Tuesday that the ban would begin in early 2018. The is to address the housing crisis in New Zealand. For the past decades, overseas buyers have been snapping up houses as or for holiday homes in New Zealand. This has created an increased for properties, which has seen house soar. Prices have risen by more than 50 per cent in the last . New Zealanders are up in arms at the inflated prices they now have to pay to buy a home. Many citizens have been priced out of the market and cannot afford to get on the housing .
Ms Ardern expressed her to end the practice of overseas investment increasing property prices. She said: "We are determined to make it for Kiwis to buy their first home, so we are stopping foreign buying houses and driving up prices. Kiwis should not be outbid like this." However, the new will not apply to Australians. Furthermore, overseas will still be able to buy land. Ardern said the changes would not stop non-residents or non-citizens from buying residential to build a house on. She stated: "Our has always been that if you're adding to …then you will be able to build." Ardern said she hopes the ban will "take some of the " out of the property .