I suspect it is less about the “foreign billionaire” and more about the single-digit millionaires worldwide looking for an ostensibly safe place to park some mo

I suspect it is less about the “foreign billionaire” and more about the single-digit millionaires worldwide looking for an ostensibly safe place to park some money and be assured of a healthy return (or at least not a loss). It's a self-perpetuating cycle¹: people invest in real estate; prices go up; it becomes a more attractive investment. ¹Sometimes known as a “bubble”