Incoming prime minister Jacinda Ardern announces move to tackle housing crisis in country popular with overseas investors

New Zealand is planning to ban foreign buyers from purchasing existing homes in an attempt to tackle a housing crisis by halting a trend among the world’s wealthy to snap up property in the country.

The restrictions announced by the prime minister-designate, Jacinda Ardern, are likely to be closely watched by other countries around the world also facing housing shortages and price rises driven by foreign investors. At 37, Ardern is to become New Zealand’s youngest prime minister in 150 years on Thursday.

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