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Why is property investment good if properties de-valuate over time?
One reason for this is that many people don't simply allow their houses to rot and decay. If you're talking about a house built in 1980 and left vacant and unmaintained for 35 years, it probably will be in pretty poor shape.  But a homeowner generally wants to preserve their house and maintain it in good condition, so they invest in things like new roofs, siding, gutters, windows, paint, exterminators, new furnaces, hot water heaters, air conditioners, etc... All this stuff costs money (and for tax purposes, can often be factored into the cost basis of the house when it is sold), but it maintains the value of the property. A small hole in the roof may be fairly cheap to fix, but if left unrepaired, it could eventually cause much of the building to rot, making the structure near worthless. If a car slams into your living room, you don't generally leave it there; most people repair the damage.  It's not uncommon in some areas to have 100 year old houses (or 300+ year old houses in some countries) that were built well in the first place and have been well maintained in the interim.  People also renovate their homes, ripping out outdated construction and appliances and sometimes building new additions, decks, porches, etc... This also serves to make the property more attractive and increases its value.