Colombia, Peru and Chile is where real-estate mogul Sam Zell is investing next, he told CNBC Monday.
"In the next couple of weeks, the stock exchanges of Colombia, Peru and Chile are merging and they will become the second-largest exchange" in Latin America behind Brazil and ahead of Mexico, said the chairman of Equity Group Investments.
"That stock exchange event will act like a funnel to these countries."
He remains concerned about the low value of the U.S. dollar and the effect that will have on the standard of living, repeating comments he made to CNBC in March.
"We’re printing money at a staggering rate," he said. "It all comes down to how much longer is everybody going to be willing to take a depreciating currency. The concern is still there. We have to address the debt issues. The falling dollar is a vote of no confidence of the government of the United States.
He had little to say about the arrest of International Monetary Fund chief Dominque Strauss-Kahn and whether the U.S. should continue its funding.
"The IMF has a role to play," he told CNBC. "I don’t think the IMF's future will be affected in any way by the events of the weekend."
U.S. real estate is doing well, he said.
"We haven’t had any supply since July 2007 and little by little all forms of real estate are filling," although not as fast as he'd like. The single-family housing market has been plagued more by "an emotional unwillingness for buyers to commit" than a lack of demand.