New Zealand, a hot spot for millennial travelers, is also a vacation-home hub for the wealthy: Billionaire Peter Thiel and director James Cameron recently bought estates there. "The list of rich businessmen capitalizing on island's natural beauty is long," reports Town & Country magazine. But that might be about to change.
Newly elected Prime Minister Jacinda Ardern has pledged to pass new laws that will keep "anyone who isn't a citizen or a permanent resident from buying existing houses," The Wall Street Journal reports.
"We are determined to make it easier for Kiwis to buy their first home so we are stopping foreign speculators buying houses and driving up prices," Ardern said in a statement. "Kiwis should not be outbid like this."
Net migration into the country, which increases competition for the limited supply of existing housing, hit record highs this year, reports the Guardian. From the beginning of 2017 through May 31, 72,000 migrants came into the country, versus 68,400 over the same period the year before. Chinese citizens accounted for the largest portion of the arrivals at 12 percent, while 10 percent each came from the U.K. and Australia.