New Zealand will ban foreign buyers from purchasing existing homes in the country in an effort to cool soaring property prices. Prime minister-elect Jacinda Ardern said the ban only applies to non-residents. The country is facing a housing affordability crisis which has left home ownership for many out of reach. Low interest rates, limited housing stock and immigration has driven up prices in recent years. Foreign ownership and a housing shortage in New Zealand's bigger cities were prominent issues in the run-up to the September election, which saw the end to nine years of rule by the conservative National Party. ... (full story)