Purchasing real estate with debt is just an extraordinarily good trade right now.

Literally the only palatable way out of the debt bubble for sovereign banks is inflation with pegged rates, creating financial repression.

In this scenario, you want to owe debt and not own it. But the big caveat - volatility through a debasement period means leveraged investors will get wiped out by margin calls.
(H/T @LukeGromen example of levered investors buying gold in Weimar ending up bankrupt)

But when you take out a mortgage, you're not subject to the same margin calls as financial markets because it's a 'mum and dad' investment class. So as we saw at the start of 2020, if there's pressure on mortgage repayments, investors get given a holiday.

It's the easiest trade that exists to owe debt without the risks of doing it in financial markets.

The trade captures the short fiat currency theme with the massive benefit of an inferred government backstop on your downside.

Much to the chagrin of bears, unfortunately.