If your property depends on the state protection then the ledger should also be run by the state, blockchains won't be nearly as efficient.

Blockchains only make sense if the ledger itself is the final source of truth and doesn't have external secuity dependencies

If you lost the private keys to your tokenized house, should it be abandoned forever? Does your private key protect you from robbers trying to break in? If no then don't use a blockchain