Real estate is valuable because it is a constrained asset rather than a productive asset. Given supply and demand, there are going to be areas where property is

Real estate is valuable because it is a constrained asset rather than a productive asset. Given supply and demand, there are going to be areas where property is extremely valuable, but wealth creation is not accomplished primarily through owning constrained resources, but through making limited resources more productive. Owning land may signal prosperity, but a culture where it is expected to be the driver of prosperity is going to have issues. Interesting paraphrased quote: "Saying your home is the best investment you ever made says more about how bad of an investor you are than it does about how valuable your house is to you".