Yes, but the reason for this is not because it would be impossible to implement with existing technology. There's absolutely no reason that you couldn't set up a traditional database to do that. The reason for this is that there's actually a lack of demand for a system that would allow individual properties to be day traded like individual stocks.
Seriously, who the fuck looks at day trading and thinks "wouldn't it be great if we could do this with houses?" And on top of that, proposes a system in which it would be totally pseudonymous? lol, lmao.
I suggest that you seriously reassess your business model if you're counting on people using Mattereum for houses.
I'm not a lawyer but I've read the Smarter Contracts report from LawtechUK - you know, the one Sir Vos was citing - and it lays out quite clearly how technology is going to streamline the process of conveyancing. This is what's actually needed, not trading property like NFTs.