So the "rich people" in this country just stay at hotels when they visit here. I don't know why the mentality is different but it is. I guess they just feel it's easier to access so less anxiety about "securing a piece of land" or something.
Our theory is that for the foreign owners of the properties, it's mostly a status symbol, like a gucci bag or something, to say "I've got a place in blah, please come visit sometime".
But yeah, as most have said, even for a wealthy person from this country, they generally aren't a match if a bidding war kicks off, they'll lose.
Also as I said earlier, there is a weird preferential treatment given to "white people", it's really hard to understand but it does exist as much as I hate to say it. Even though mostly properties end up being owned by foreigners from Asia, the white people are the face of the operation.
Like I said, I hate to say it, but it's just facts, it's sad it's happening really.
There are efforts for local intervention, such as a "council" who seems to be trying to put together a fund to buy places before they move to offshore ownership, they just seem a bit slower than the property pros.