Banning people from other countries buying home is both more sensible and more practical than this, which is why very many countries do it.
I'm not sure we'll get china to buy our debt if we do this
related to: Warren Buffett's Thriftville
Its even done in some US territories!
"From" other countries is overly broad and I assume not what you intended. I am actually interested though in the idea of legislating how frequently home owners have to actually be within range of the home, for example. A friend has had a hell of a time with a landlord in Malaysia who's never seen the property.