Wellington: New Zealand’s government will ban foreigners from buying residential property, making good on its promise to crack down on offshore speculators who it says are partly to blame for spiralling house prices.

The Overseas Investment Amendment Bill, which places limitations on foreign purchasers, passed its final reading in parliament Wednesday in Wellington. The restrictions will take effect within two months of the law receiving formal assent from the Governor-general, the symbolic head of state, Associate Finance Minister David Parker said in a statement.

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