Sorry states, I'm having trouble understanding your numbers. What I've interpreted:
- you've bought a house for approx €500K
- the difference between rent & your new monthly mortgage will be €1000 gross, sounds like a 20 yr mortgage
- assuming a 6% return on a pension as the opportunity cost, the house would need to grow in value 5 fold over the 20 years to match this. (I cannot understand the calculations above to reach this).
Leaving aside the "home vs. investment" argument, there is also one factor missing, after the (20 yrs?) mortgage is paid, you can now live in the house mortgage/rent free. It becomes "income generating", in the sense that you avoid the cost of rent.