Japan would like have a word with you. Houses in Japan are like cars. The moment you buy it it's now "used" and worth less and it keeps doing down in value.
Maybe in urban centers. But go out into the hills and you will find many towns where land prices tanked once the local resource industry moved on. It isn't just 18th century gold rush stuff. There are towns from the 80s that just emptied when the local industry moved on.
https://justinmcelroy.com/2022/07/26/visiting-canadas-50-mil...
EDIT: Oh, I think you were talking about deprecation? Even in the downtrodden areas, land values going down isn't technically deprecation. It's just like a bar of gold sitting in your garage: its market price might fluctuate, but that has nothing to do with deprecation.