Why is Property Considered a High-Risk Investment Instrument?

[Suba]

Many people assume that property is low-risk, free from market fluctuations, and that property prices consistently rise annually. Even if we buy property in a rapidly growing population, property prices will skyrocket. However, if we buy property in a less strategic or difficult-to-reach location, property values will appreciate very slowly.

Many people say that property investment offers high-profit potential, allowing property owners to generate income from rentals. Property can hedge against inflation. However, I've heard many economists argue that property is a high-risk investment instrument. What do you think?