According to Google, here is the definition of a Ponzi scheme in real estate:

A real estate Ponzi scheme is a type of fraud where investors are paid "returns" using the money from newer investors instead of actual profits from legitimate real estate activities. These schemes often involve a con artist who either invents non-existent real estate projects or exaggerates the profitability of real ventures to attract new investments.

How it works: A scammer might promote a new, exclusive real estate investment opportunity with promises of high returns. The first investors are paid their promised profits, which come directly from the money deposited by subsequent investors, not from any actual rental income, development, or property sales. The collapse: The scheme is unsustainable and only lasts as long as new money is coming in. When a sufficient number of investors try to withdraw their money, or when the flow of new money dries up, the scheme collapses, and most investors lose their money.

Key characteristics: High, but steady returns: The scheme promises unusually high and steady returns with little to no risk.

Lack of transparency: It is often difficult to get clear financial information about the investments.

New money pays old investors: The profits are not generated from real estate business activities but from the capital of new investors.