The dollar is in a heap of trouble, says real estate billionaire Sam Zell. And with the United States economy in such disarray, he sees Latin America as very attractive, particularly Colombia, Peru and Chile.

"We’re printing money at a staggering rate. It all comes down to how much longer everybody is going to be willing to take a depreciating currency,” Zell tells CNBC. The dollar hit a 33-month low in late April.

“We have to address the debt issues. The falling dollar is a vote of no confidence of the government of the United States.”

The US dollar has hit a 33-month low. (Getty Images photo)

Meanwhile, economic growth is humming in Latin America. “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, Zell says.

"That stock exchange event will act like a funnel to these countries."
Despite the United States’ economic troubles, real estate is starting to recover, he says. "We haven’t had any supply since July 2007, and little by little all forms of real estate are filling."

Zell’s firm, Equity International, does private equity real estate deals in Latin America, and others see private equity in the region as attractive too.

“Latin America is quickly turning into the private equity marketplace of choice, as investors are recognizing the region’s untapped potential,” Karin Hallin of private equity firm Partners Group tells Venture Equity Latin America newsletter.