Yes, but there remain factors that cause the value of western building to rise in value even decades later (my 120 year old house is worth $90,000 and going up in value). For example as construction costs increase, replacement costs increase, which causes the value of an existing building to rise.

This is apparently not the case, and for some odd reason (probably government and tax policy) a house absolutely goes to $0 in 25 years and stays there.