The value of any property is infinite because ownership indefinite. A true fair price would be an infinite amount of money in any currency. Property prices are only limited by how much people can borrow.
The only workable economic system is one where property rights are limited in time. Via land tax according to Henry George or Silvio Gesell or once-off payments for a fixed-time use, essentially a long-term lease.
Singapore has such a system where you "buy" an "HDB flat" for 49 or 79 or 99 years. See "remaining lease" in this example table. This applies to ~80% of all property in Singapore.
It has nothing to do with hard or soft money.