Faulty logic. Land value in cities is purely based on trust. Trust that the city involved can generate high-value incomes now and in the near future.

But what happens when the rationale underpinning the correct functioning of cities has gone?

Lack of water destroyed whole Mayan high density civilisations and soil erosion and wars ended the supply of food to others. Making their populations escape back to the rural lands.

If you understand the thermodynamic flows governing our current cities and realise how much this will have to radically change if we are to transition into a sustainable fossil fuel-free society you should worry about investing in urban real estate.

Add to that the effect of climate change and it gets even more difficult to make really smart investments. Sealevel rises and more frequent and stronger storms render all islands and coastal areas worthless, rising wet-bulb temperatures and drought often combined with seasonal fires also make living in more and more zones impossible.