Lots of countries don't allow foreigners do buy property in this way to prevent exactly this sort of Bubble. What might be happening (I think, seen no evidence

Lots of countries don't allow foreigners do buy property in this way to prevent exactly this sort of Bubble. What might be happening (I think, seen no evidence yet) is that asset managers in banking have moved "safe" money from treasury debt to real estate, because return from treasury debt has moved to close to 0 since 2008. The result is billions of dollars have moved into real estate across the world, fueling what seems to be an increasingly global real estate crisis.