This remarkable boom in high-end real estate has been driven by foreign money, with “buyers coming from all over the world but with the highest concentration from Venezuela, Argentina, Brazil and Russia," ... Seventy-six percent of condo buyers in Miami don’t take out mortgages but pay cash, versus a national average of 32 percent for cash sales for all properties. ... Corruption and bribery cost developing countries up to $1 trillion per year—lost revenues they are increasingly serious about attempting to recapture. Some of the money ends up in traditional offshore havens like Nevis, Bermuda and the British Virgin Islands, and huge amounts also flow to Western financial centers like Geneva, London and New York. But Miami, and its real estate market in particular, is an especially popular haven for ill-gotten cash.
http://www.thenation.com/article/176486/miami-where-luxury-real-estate-meets-dirty-money
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