Prime minister-elect Jacinda Ardern said the ban only applied to non-residents.
The country is facing a housing affordability crisis which has left home ownership out of reach for many.
Low interest rates, limited housing stock and immigration have 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 of nine years of rule by the conservative National Party.
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