New Zealand has banned the sale of homes to foreigners after too many people started treating the island like their doomsday hideout
Get the Full StoryREUTERS Henning GloysteinNew Zealand has banned foreigners from buying property, a response to skyrocketing house prices across the nation.
The housing crisis has been pinned in part on wealthy overseas investors looking for a place to escape a doomsday scenario.
US celebrities, including former TV host Matt Lauer and Paypal co-founder Peter Thiel have already snapped up luxury homes.
New Zealand has banned foreigners for buying property there in response to skyrocketing house prices across the nation.
Parliament passed the law the text of which is here on Wednesday, barring most overseas visitors from purchasing homes or land.See the rest of the story at Business InsiderNOW WATCH: How a Wall Street chief strategist's Costco shopping experience explains the biggest misconception about global tradeSee Also:New Zealand has banned foreigners from buying homes in the countryTiger Woods is back here's how he spends his millions and lives his life off the courseThe 55 most candid photos of Prince Harry, Meghan Markle, Prince William, and Kate Middleton from 2017 and 2018SEE ALSO: New Zealand's 'good character' rules could cost Matt Lauer the 9 million lakefront ranch he bought there
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