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ew Zealand is revising its policy on foreign buyers of houses, aiming to inject capital into the sluggish economy. The country's luxury real estate sector will now be open to a select few wealthy investors, who are drawn to New Zealand's safety and remoteness.

    The new policy reverses a 2018 rule that largely banned overseas buyers from the housing market. This move is seen as an attempt to revive the economy, which has been struggling since the pandemic. The country's coalition government had already relaxed rules for its "golden visa" scheme earlier this year, offering residency to wealthy foreigners who meet certain investment thresholds.

    Wealthy Americans have led the charge of applications for the golden visas, and now holders will be permitted to buy houses worth at least $3 million starting in December. However, economist Kelvin Davidson believes that the move may not have a significant impact on local home prices, citing the weak labor market as a bigger restraint on the housing market.

    New Zealand's economy has been struggling, with sluggish economic growth and rising unemployment leading to a two-year low in home prices. The country's natural beauty and stability make it an attractive destination for wealthy investors looking for a safe haven, but only a select few will be able to take advantage of this opportunity.