Besides this, they help the buyer to find out ideal home for their living purpose or investment purpose as well as consolidating the loans. According to several academic scholars, lower than 0.5% of the entire property sales are prepared privately. The 80% of the properties placed on the private sale are shifted to the housing agents within the three months’ period. In this context, several investors from the outside of the country invest in the real estate market in the country. The significance of the foreign investment in the domiciliary property market is always debated by the people (Ascheberg et al., 2014). The local people accused the foreign investors of increasing the house prices. Consequently, the affordability of the housing has been declined. For this reason, a large proportion of the people demands that government should restrict on the foreign purchase of housing. Alternatively, some people’s views on the increasing housing prices are just opposite to this view. The people think that the foreign investment has nothing to do with the issue of increasing housing rate.
In this context, two questions arise:
Question 1: Are investments from the foreign investors having an impact on housing rates and affordability of the housing market?
Questions 2: Is the government ethically reasonable in restraining investments from the foreigners in case of foreign investment, it has an impact on the housing market in the country?
Overview of the subject matter
The real estate business in New Zealand is presently a multi-cultural industry comprised of diverse ethnicities because of the immigration policy of the country. Within the previous ten years, the inflow from the non-traditional nations of origin has specifically enhanced the latest settlers from the Asian countries. Enhancing diversity implies that the entire parties should come to clutches with the threats of understanding the house that requires people from diversifying the cultures. In New Zealand, the biggest Asian ethnic groups are Chinese ethnic group (Berk and DeMarzo, 2017). Consequently, as established the local media, within the Chinese communities in Auckland, there is a big intra-Chinese real Estate trade market. The Chinese communities fetch valuable financial resources to support the real estate industry of New Zealand, it is important to research on this subject matter on a timely basis to develop effective marketing strategies for this particular real estate market.
Economic benefits of the investors
The real estate businesses all over the world are booming; however, there was a downfall because of the financial crisis. As the important economies revive their position, the real estate businesses are also improving. The New Zealand real estate market is a truly lucrative market and people from many countries invest in this specific market (Carrillo, 2011). Because the market is growing substantially, the investors are immensely benefitted from the market. The market price of the real estates is rapidly increasing; thus the investment amount of the investors in the real estate market is increasingly growing, and the investors are getting substantial economic benefits. However, it is also evident that due to price hiked. The housing in New Zealand is out of the affordability of the normal people. Moreover, for this occurrence, many people blame the foreign investors as the foreign investment increases the rate of the real estate in this country (Chen, He and Rudkin, 2017). The foreign investors are giving lots of money to the housing industry in the New Zealand. In addition to this, as the foreign investors bring lots of money to the industry, the demand of the housing is increasingly growing and simultaneously the rate of the housing is also increasing. In this context, the investors who invested money in the real estate business in New Zealand have significant opportunities to grow their money and achieve considerable economic benefits. Because the Chinese ethnicity is occupied major portions of the country and the Chinese investors are mostly investing in the real estate business in New Zealand; thus, they have huge potential to enhance their capital in this real estate market in this country.
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