13:01 - 17.02.2025

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February 17, Fineko/abc.az. The Australian Federal Government intends to ban foreign citizens from buying residential real estate in the country, ABC.AZ reports, quoting chief state treasurer Jim Chalmers.

"The government will ban foreign investors from buying ready-made residential buildings for at least two years, and will also take strict control measures regarding banking transactions related to the purchase of land by foreigners. This is being done in order to lower prices in the national housing market," Chalmers said.

The treasurer added that a complete ban on the purchase of any housing by foreigners will be in effect from April 1, 2025 to March 31, 2027. It is expected that during this time, "the country's authorities will be able to determine whether to extend its validity in the future".

"This will allow Australians to buy houses that would otherwise be purchased by foreigners," he stressed.