The proposed foreign property buyers ban has been relaxed for foreign investors looking to buy apartments.
The Government will accept changes suggested by the majority of the Finance and Expenditure Committee in their report on the bill.
The major change concerns apartments. Originally the ban would allow foreign buyers to purchase apartments off the plans, but would force them to sell them on once the building was completed.
Now the ban will allow foreign buyers to hang on to apartments bought off the plan, as long as they are part of a development that is 20 or more units large.
* Development ‘could suffer’ under foreign buyer move
* House buyers and sellers locked in ‘stalemate’ as uncertainty over foreign buyer ban remains
* Submissions on foreign home-buyer ban flood in from concerned residents
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