WELLINGTON >> New Zealand on Monday said it will open its housing market to wealthy foreigners who invest in local businesses, reversing a previous ban in expectation it will boost economic growth.

New Zealand Prime Minister Christopher Luxon said on Monday investors on the foreign investor migrant visa reintroduced in April would be able to buy or build one home if it costs at least $2.94 million.

Previously those on the visa but not in New Zealand for six months of the year were banned from buying property.

“This change navigates a path between those who do not want foreign ownership opened up, and the desire to attract high net worth investors by deepening their connection to our country to help grow the economy,” Luxon said in a statement.

The government hopes that relaxing the ban

See Full Page