the market returns are after transaction fees (negligible for ETFs, very significant for real estate) and maintenance - house prices might well increase, but yo

the market returns are after transaction fees (negligible for ETFs, very significant for real estate) and maintenance - house prices might well increase, but you have to take construction/refurbishment spending into account. The older the house, the more money you'll have to spend on upkeep - stock prices are driven by future profits, so investments required to maintain the business are already taken into account.