historical property return is much lower,

if the economy is not growing, rents are not growing and if population declines, demand for properties would decline too...

S&P500 is a small part of the world economy, and if you believe that, it's the elite part of the world economy - an above average growth is quite impossible.

stock ownership is probably the most developed in the us, but not elsewhere. most chinese people still have their money in banks... it is possible that one day they'll start putting money in sp500 too, yet it'll be a lot more difficult for them to come and buy us properties...

all types of investments are connected in a way, if sp500 yields 7%, properties probably would only yield 2% in the long run...