In that scenario the value is going up relative to the currency the property was purchased in but that's because the value of the currency is diminished.
Any time income growth is higher than inflation, you can buy more goods with your income
This is why people can buy more goods and services in 2022 than in 1 AD.
If income growth always lead to equal currency devaluation, economic development would be impossible.
In growing economies, income growth exceeds inflation rate. If the value of a purchase tracks income and not inflation, the real value goes up.
In the USA, real GDP per capita (adjusted for inflation) has increased 30+% since 2020.[1]