Hard to say it's undervalued orerall, but the question is also "where?" In the Americas is mainly overvalued because there's still some population growth and lack of offer, but in places like Europe there's much more offer and less demand so prices are already very low. Then the next question is where the prices are going, then location is also important like a cheap house or small building near the mediteranian see can be a good business like some real estate in a city like Praha if you manage to buy cheap.