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New Era Newspaper Wednesday November 1, 2017

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12 Inside BUSINESS:

12 Inside BUSINESS: CONSUMER NEWS Wednesday, November 01 2017 | NEW ERA New Zealand ban on WELLINGTON The New Zealand government firmed up plans Tuesday to prevent foreigners from buying houses in the country, saying it wanted the new law in place early next year. The government believes that blocking foreign homebuyers and cutting back on immigration numbers will help reduce demand and drive down prices in a heated housing market. “Foreign speculators will no longer be able to buy houses in Vacancy: Driver-distribution of Driver: Distribution. New Zealand from early next year,” Prime Minister Jacinda Ardern said at press conference in Wellington Tuesday. “We are determined to make it easier for we are stopping foreign speculators buying houses and driving up prices. Kiwis should not be outbid like this.” House prices have surged in recent years, driving the average value in the nation’s biggest city, Auckland, to more than NZ million (N,7 million) and putting property out of reach for many younger Kiwis. While New Zealand joins other countries in restricting or heavily taxing sales of existing homes to foreigners, such measures have done little to curb prices in places like Hong Kong and neighboring Australia. Ardern said she aimed to have the ban take effect before the wide- in February. Ardern, who was only sworn in as prime minister last week, said Australians would be exempt. She said the government would change the Overseas Investment Act to classify residential housing as “sensitive”, which would effectively stop purchases by nonresidents other than Australians and New Zealanders living overseas. It would not impact on most of New Zealand’s free trade agreements (FTA), she added. “This solution does not breach our Korea FTA, it will not impact on TPP if passed on the timeline that I have proposed, nor will it impact on the China FTA,” said Ardern. The ban would apply to existing dwellings and non-residents would still be able to buy land to build a house on. “Our position has always been that if you’re adding to supply, for on-sale of that new dwelling, then you will be able to build,” Ardern said. Ahead of the September 23 election, Ardern’s Labour Party campaigned on making home ownership – which has dropped to its lowest level since 1951 – more Nampa/AFP & Bloomberg KEY PERFORMANCE AREAS: MINIMUM REQUIREMENTS: COMPETENCY/SKILLS: The Human Resources Department RECEPTION New Era Publication Corporation New Era Publication Corporation Private Bag 13364 Or Cnr of Dr W.Külz and Kerby Streets Windhoek Windhoek CLOSING DATE: 02 November 2017 REPUBLIC OF NAMIBIA OMUSATI REGIONAL COUNCIL BID INVITATION BID NO: G/OPNB/OMRC-01/2017 CONSTRUCTION OF WATER RETICULATION INFRASTRUCTURE IN EXTENSION 2, OKALONGO SETTLEMENT DOCUMENTS AVAILABLE Date: Venue: COST: BID BRIEFING: Time: (Compulsory) Date: Venue: BID CLOSURE: Time: Date: Venue: CONTACT PERSONS: or All Bids shall be submitted in sealed envelopes. No telegraphic Bids or Bids submitted by fax will be allowed. Bids received after the closing time stated above will not be considered.

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New Era Newspaper Vol 22 No 167