You could live in the same real estate 10 years ago, when its price was 3 times lower. So 1/3 of real estate price comes from utility, and 2/3 is pure fiction.

You could live in the same real estate 10 years ago, when its price was 3 times lower. So 1/3 of real estate price comes from utility, and 2/3 is pure fiction. More precisely, 2/3 of real estate price represents its utility as a storage of wealth.