Presale Spotter

Does it make sense to invest in a presale condo that has a planned completion time of 4 years vs investing in the stock market? If one invests $100,000 in presale condo unit where the price is $500,000, the increase on the value will be on $500,000 while the stock market increase value will be on $100,000. The good about presale is a lower financial bar, lower downpayment which can be paid in a longer time frame.