[prawn]

In Australia at least, I'd guess that standalone homes are at the juncture of 'rentable' and 'appreciation of the base land' (which is usually what is rising in value).

Land can be subdivided as lifestyles change. A house can be extended or rebuilt with a second storey. An apartment can generally be updated internally on the same footprint, but not much more. Institutional buyers would be well positioned to redevelop a house to semi-detached dwellings, or apartments, or retirement facility.

Here, over 30 years to mid-2022, houses rose 453%, units 306%. In the last ten years only, that same change was 82% for houses, 47% for units.

[bombcar]

For a long time the famous version of this in cities as parking lots.

Buy a lot, pace it as a parking lot which earns enough to cover taxes, and wait 10/20 years.