Property includes lands and houses both commercial and residential. Even intellectual property is a type of property.

Land value appreciation means increase in the value of the plot(s) of land over a period of time due to the changes in economic conditions and prevailing market conditions etc, in a given area.

For example, when land was purchased, it may have been outstide the city limits and subsequently city limits were extended and value of the land goes up. The land owner hasn't contributed anything for increase in value of his land to happen except buying it in the first place.

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