In an effort to prevent runaway house prices, New Zealand has limited foreigners from purchasing real estate. The country’s parliament passed a law today stipulating that, with a few exceptions, only New Zealand residents can now purchase homes and condos.

“This government believes that New Zealanders should not be outbid by wealthier foreign buyers,” Parker said. “Whether it’s a beautiful lakeside or oceanfront estate, or a modest suburban house, this law ensures that the market for our homes is set in New Zealand, not on the international market.”

Australians and citizens of Singapore will still be able to buy as much real estate as they like under existing free-trade deals.

Switzerland and Hong Kong also make it difficult for foreigners to buy homes. And the Mexican constitution forbids non-residents from owning property near its borders or coasts, although some have figured out a work-around.

More: CBC, Bloomberg (paywall)