> Betting on ever growing populations is a pyramid scheme by the way.
it has been a good bet in the past. Whether it remains a good bet is unknown - that's what makes it speculative. However, i don't see the population declining within the investment time period of a typical person buying the home.
Let's ignore the property itself, which is a depreciating asset which was built and can be improved through manual labor.
That land is going to stay the same no matter how much you pay. Paying more for the same plot of land doesn't make it better. You don't get a bigger plot or a plot of better quality by spending more on the land. The land isn't wealth, it's the community around the land that gives it value. If you have demographic problems, your land is going to be worthless because the community is too old and shrinking.
Betting on ever growing populations is a pyramid scheme by the way.