No, it is a fact. The same happens in the US. Real estate is, at worst, used for sanction evasion and money laundering, and at best, as a loophole for citizens

No, it is a fact. The same happens in the US. Real estate is, at worst, used for sanction evasion and money laundering, and at best, as a loophole for citizens of restrictive countries to extract more of their money from those countries. All of these create an incentive to overbid on real estate. Where I live, this is a known issue. In fact, the top real estate companies specifically try to attract foreign investors, and have stated so publicly. Look at the chart in the article. Home prices plummeted in 2022, when the Canadian government enacted a 1% Underused Housing Tax (UHT) on Canadian residential property that is considered vacant or underused. [0] https://sgp.fas.org/crs/misc/IF11967.pdf https://sgp.fas.org/crs/misc/IF11967.pdf [1] https://www.brookings.edu/articles/the-impact-of-treasurys-pilot-program-on-stemming-the-tide-of-dirty-money-into-us-real-estate https://www.brookings.edu/articles/the-impact-of-treasurys-p... [2] https://www.reuters.com/world/us/us-set-unveil-long-awaited-crackdown-real-estate-money-laundering-2023-08-10/ https://www.reuters.com/world/us/us-set-unveil-long-awaited-... [3] https://gfintegrity.org/press-release/new-report-finds-u-s-real-estate-sector-a-safe-haven-for-money-laundering/ https://gfintegrity.org/press-release/new-report-finds-u-s-r... [4] https://www.faegredrinker.com/en/insights/publications/2023/1/fincen-warns-of-potential-sanction-evasion-by-russian-entities-involved-in-us-commercial-property-investments https://www.faegredrinker.com/en/insights/publications/2023/... [5] https://lewisbrisbois.com/newsroom/legal-alerts/foreign-investors-in-u.s.-real-estate-now-subject-to-greater-scrutiny https://lewisbrisbois.com/newsroom/legal-alerts/foreign-inve...