For the average person, properties represents the most leveraged instrument of investment which provides the greatest peace of mind (provided you have "faith", which I shall elaborate later).
During the plunge after the Lehman crisis, my property portfolio went down by more than a million dollars. Even though I was sad, life went on as long as I could pay the installments. Now it has bounced back up again and even surpassed the pre-crisis level.
To get the same amount of exposure in other instruments, even if leverage is available, would be very scary.
Can you imagine buying $5 million dollars worth of shares using UOB share trading account's "Attractive financing margin of up to 65% for marginable stocks and shares".
This means you have to come up with 35% of $5 million or $1.75 million !!!
Who would normally have such a huge amount of cash in the bank?
Then when the market plunges (e.g. DBS shares plunged from $20 to $7 per share), your entire $1.75 million would be wiped out! Margin Call! Margin Call! Your account is ZERO. Margin Call! Margin Call!
Won't you feel very very sick in the stomach?
On the other hand, if there is no leveraging and the investment amount is small, with exposure of less than half-a-million, then the gains or losses will also be very small and it is simply a waste of time.
In contrast, losing $1.75 million in properties does not feel so bad because the banks usually won't disturb you unless the market value really falls very much below your outstanding loan.
As long as you can service your monthly installments promptly, they will be more accommodating compared to shares.
Furthermore, if you believe in my religion called "Propertism", and your "faith" is strong that in the long run, cash always devalues so property always appreciates, then you can have a better night's sleep compared to those who invest in other instruments of investment.