real estate is highly leveraged upon fiat debt.
most new fiat is created as debt on real estate.
since neoliberal deregulation allowed commercial banks to issue new fiat toward any purpose the above has been accelerated and that debt drove up real estate prices.
Since 1990 interest rates declined, driving real estate prices up.
Today the price of debt cannot go up or down much without collapsing the entire fiat monetary system- thus real estate is now not such a great bet.