At a super aggregate level, ignoring local disparity: If the stock market is doing 15% per year, then the real economy (or perception of the present value of t

At a super aggregate level, ignoring local disparity: If the stock market is doing 15% per year, then the real economy (or perception of the present value of the future real economy) is doing 15% too, so capital appreciation of real estate, given linking to the real economy, should also be doing 15%. Yield over maintenance on top of that is a bonus and could best be compared to dividends. Property also tends not to be eroded by new entrants (private, VC) unlike the stock market, so could be seen as even more favourable.