I read that book a very long time ago and don't remember the part you reference, but from the perspective of someone who wants to live in a house, that house should be considered a liability, not an asset/investment.
But sure, owning housing that you don't intend to live in (and intend to rent out, or renovate and sell) is an investment.
The problem (at least in the US) is that everyone (of any economic means) seems to think of their primary home as an investment, which is in part why our housing market is so distorted. Everyone believes they're entitled to sell their house for significantly more than they paid for it, which is weird: land may increase in value for a variety of reasons, but houses just get older and crappier over time, and should only drop in value (with some bumps back up for major renovations).
But sure, owning housing that you don't intend to live in (and intend to rent out, or renovate and sell) is an investment.
The problem (at least in the US) is that everyone (of any economic means) seems to think of their primary home as an investment, which is in part why our housing market is so distorted. Everyone believes they're entitled to sell their house for significantly more than they paid for it, which is weird: land may increase in value for a variety of reasons, but houses just get older and crappier over time, and should only drop in value (with some bumps back up for major renovations).