A much more significant causal factor is probably the aggressive devaluation of other monetized (in the sense of serving-as-(ersatz-)money) assets like equities

A much more significant causal factor is probably the aggressive devaluation of other monetized (in the sense of serving-as-(ersatz-)money) assets like equities and national currencies. Real estate is one of the only good investments when governments are doing crazy stuff like shutting down the economy and writing big checks to stay at home.