Even real estate speculators are paying tax which goes to things such as roads and schools. In addition they're incentivized to keep their property at some minimally viable state.
In short, real estate speculation benefits the greater economy far more than coin speculation. That being said there are definitely downsides, such as vacancy, but that's more of a symptom of capitalism in general than real estate speculation in particular.
TLDR: Real estate speculation helps the surrounding local economy more than bitcoin, however both are unideal.