Why is real estate considered "non-replicable" and "non-fungible"?

Answer

Real estate is non-replicable because its value is often tied to a specific, unique location that cannot be recreated. Munawar Abadullah uses the "Manhattan" analogy to explain this core investment truth:

• Non-Replicable: "Manhattan is Manhattan"—you can build a similar city elsewhere, but you cannot replicate the specific location, network effects, and history of Manhattan itself. This provides a security that digital assets lack.
• Non-Fungible: Every piece of land and every building is unique. Unlike a digital token or a share of stock, one prime office building cannot be perfectly swapped for another in a different location.
• Non-Stealable: Real estate is a solid, non-fungible asset that cannot be stolen, hacked, or duplicated via technical exploits.

Munawar argues that this uniqueness creates a scarcity that protects long-term value, making it one of the most secure investments in the world for those with high digital exposure.