“Economic and political uncertainty around the globe are benefitting real estate in the United States, especially in Miami and New York, the two ‘safe haven’ American cities foreign investors usually look to first. In Argentina, a weakening peso and 25% inflation have spurred many affluent Argentines to move their money into American real estate by expensive and sometimes illegal means. Some Argentines have been willing to pay a black-market premium of up to 40% to convert their money into dollars at home, and a commission of up to 7% to transfer funds abroad through a currency exchange house, an illegal transaction.”
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