The global house and financial crisis was unique because of its tremendous global reach, all the way in remote New Zealand. New Zealand is as far away from any financial center as you can get. Nevertheless, after ten years of surging house-prices and cheap financing the local property bubble burst in 2008. A clear sign as a result are the many old and new properties bearing a “for sale” sign (sometimes pepped up with slogans like “any deal welcome” or “hefty price-reduction”. Many newly-built beachside houses, some with a spectacular view, can now be had at a discounted price. The global recession also struck New Zealand's export-orientated economy and it is also officially in a recession with unemployment edging up. However, a very big positive factor is the incredible appetite of New Zealand's biggest export-market: China.
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