Reports that overseas speculators are shutting first home buyers out of the market should spur the Government to ban foreigners owning land in New Zealand, Greens co-leader Russel Norman said today.

The Herald on Sunday reported today that international buyers were "snatching up" New Zealand properties as the dollar dropped, interest rates came down and the market fell in price.

"We believe land should be owned by New Zealand citizens and residents only and our laws should be changed to say that," Dr Norman said.

"Why should we allow Singaporean, Australian or American speculators to buy investment properties in our country, shutting first-time home buyers from the market."

The report cited recent growing interest from overseas buyers and Dr Norman worried that recent prices drops could be countered by foreign speculators..

"The Government has a responsibility first and foremost to ensure New Zealand citizens and residents can afford to buy a stake in their own country."