Australia announced a two -year ban on foreign investors for the purchase of ready -made real estate, starting on April 1, 2025. It is reported by Business Standard.
► Read telegram channel “Ministry of Finance”: the main financial news
This decision is aimed at dismissing about 1800 real estate for local buyers. Thus, the government wants to overcome the ongoing housing crisis.
The ban, which will be valid from April 1, 2025 to March 31, 2027, is considered as a step aimed at reducing pressure on the offer of housing.
it is noted that the ban will act on the already finished real estate, and not on the new houses under construction. Then this restriction will be revised to decide whether it should continue.
This step occurred against the backdrop of growing anxiety that foreign investments in residential real estate exacerbated the crisis of housing affordability in Australia. Many locals cannot purchase housing due to rapid prices.According to Corelogic Inc., the cost of housing in Sydney over the past 10 years has increased by almost 70%, and the average price of housing is about 1.2 million Australian dollars ($ 762,000).
Australian government will also intensify the fight against the speculation in the speculation in the speculation in the speculation in binding undeveloped plots, to build them up to build their construction in a reasonable time.
Regarding new buildings, foreign investors are forbidden to own more than 50% of real estate so that local buyers and investors retain a significant share in the market.
property owners remaining empty for six months or more for a year, they will pay annual vacant housing. 2023, foreign investors acquired residential real estate in the amount of 4.9 billion Australian dollars ($ 3.2 billion), including free land plots, new and already built houses. Already existing residential facilities account for about a third of the total volume.
🕵️ We created a small survey to find out more about our readers.
🤗 We will be grateful if you find a moment to answer our questions.