A new Juwai.com report, the Foreign Buyer Restrictions Report 2018-19, predicts that the world will see fewer new foreign buyer restrictions imposed in top Chinese property destinations in the year ahead than in any of the prior three years.
The Report points out that Canada’s two largest provinces, six of Australia’s eight states and territories, and Australia’s national government have all increased the taxes or restrictions that apply to foreign buyers of real estate over the past two years.
By contrast, in the year to come, only New Zealand is likely to impose new policies targeting foreign buyers. New Zealand’s Overseas Investment Amendment Bill is now under consideration in Parliament.
Carrie Law, CEO and Director of Juwai.com, a Chinese international real estate website says: “The rapid upward trend in Chinese international property investment of the past decade hit the world at the same time as historically low interest rates and population growth were inflating values in popular destination cities. In some places, especially Canada, Australia, and New Zealand, Chinese buyers were blamed for the price increases that objective data suggested was actually due to other factors.
“After retreating from an exuberant peak in 2016 of US$101.1 billion, Chinese international real estate investment again appears to be on a growth path, although more steady and restrained that what we saw in that golden year.