Money moves has become almost a truism. That rich Asians are investing in Real Estate in CA is nothing new. I remember before Hong Kong was handed back to China, there was a huge influx of money into London (and other places). People were buying off plan, like you buy a plane ticket online, and many were saying they were responsible for the house prices increases. Russians are amongst the richest in Europe now. London and Moscow are the second and third (respectively) most expensive cities in the world. Fortunes have been made in developing economies, and the rich want the trappings of the west, and in many instances the tax incentives provided.
If you are super rich, paying a high premium for a house is neither here nor there. If you are moderately rich I still think you’ve got to be nuts to buy anywhere at the moment. A tear down in Croatia can cost you $1m. Please, that’s fever not sense.
