What term refers to the increase in value of a property over time?

The term that refers to the increase in value of a property over time is appreciation. This concept is fundamental in real estate and investment contexts, as it signifies that a property's worth has increased from its original purchase price due to various factors such as demand, improvements made to the property, and changes in the surrounding area. Appreciation is a critical component for property owners and investors since it can lead to significant financial returns when selling the property.

While asset growth, value enhancement, and market gain might relate to increases in financial worth, they do not specifically denote the steady increase in real estate values over time in the same way appreciation does. Appreciation is widely used in real estate discussions to quantify the boost in property value and is a key indicator of market health.