It seems that lowered demand in local markets is forcing many countries to revise their attitude on foreign ownership of real estate. Several countries have regulation changes in the works to make it possible or easier for foreigners to own real estate. Australia has actually passed new legislation
The requirement of a permanent visa for real estate ownership has been eliminated. The $300,000 (Australian) minimum for students has also been removed. For developers the requirement to build within one year of acquisition on new land has been increased to two years. The 50% limit on sales of new properties to foreigners has also been lifted provided the property is marketed locally as well as internationally.
Even Mexico is considering dropping the ban on foreign ownership of coastal properties. Many people wonder why Mexico had the restrictions on coastal and border properties; but one must consider that immigrants from the USA stole 1/3 of the country.
David Segrest is a REALTOR® in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com He is also a contributor on Argentina to: http://realestatebloginternational.com/
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