WELLINGTON, New Zealand (AP) — New Zealand will relax a ban on foreigners buying homes in the country to allow some wealthy overseas business investors to buy a single high-value residential property, Prime Minister Christopher Luxon said Monday.

The move partially reverses a ban introduced in 2018 by previous government to cool a runaway housing market fueled by property speculation. Holders of a residency “golden visa” reintroduced by Luxon’s government in April will now be able to buy one home worth at least 5 million New Zealand dollars ($3 million).

Luxon said the move balanced a desire to attract wealthy investors to the country with allaying house price fears. The change stops well short of a full reversal of the policy and would apply only to a small number of wealthy foreigners

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