A house in the Chok Chai I am in start at about 2 million baht max . The rent is a minimum 10-11,000 baht a month. I make that an income of about 5% per year. It is NOT just about the house going up in value, its about the income you get on it also. If your house goes up say 3% a year, you are getting now near 8% per year with the rent on top. It's not about SELL profit, more about SELL and MAKE USE profit.
My house in UK , say goes up about £10,000 a year (3% ish), but my rent on top is about £12,000 on top. So my asset alone is technically gaining £22,000 a year - far more than bank or government 3%
As for depreciation - I have an agreement with my own tenant that he pays 80% to my bank and 20% on doing the house up. So far he has put in new bathroom, put in a landscaped garden (its his job), Decking, taken a small bit of wood wall out to open a room up, new drainage, new facia - over the next 3 years he is replacing outside wall and putting in new kitchen. Once again it is about using your noddle to get in the right person, take a small hit and have NO depreciation on the house ????
People in my opinion sometimes are just lazy to think properly about finance.