New Zealand is to ban foreigners from buying existing homes as its new government attempts to improve the affordability of residential property.
Prime Minister-elect Jacinda Ardern told local media Tuesday that the ban will only apply to non-residents.
"Our goal and commitment is to ban foreign buyers from the existing housing market," she said.
Arden, who will lead the country in a coalition with the New Zealand First Party and Green Party, added that the three parties were united in the policy.
"We have agreement on banning the purchase of existing homes by foreign buyers," Ardern said, while also announcing plans to cut immigration.