In many countries, at least until relatively recently when stock ownership has democratised and isn't only for "the rich", real estate has been the go to investment. It paid more than cash and bonds at least, and seemed to only go up. Added to that, if you look at real estate returns in the last hundred or two hundred years, most of the rises have been between 1970 and 2008 in developed countries, and 1980s-present in most developing countries. Take the UK as an example. There was close to zero rises from 1900–1960, at least adjusted for inflation. Likewise, apart from London and some parts of the country, prices have actually fallen in real terms compared to the peak of 2008–2008, even if they are higher than in 2009 and 2010.