Which term refers to a decrease in property value due to various factors?

The term that refers to a decrease in property value due to various factors is depreciation. Depreciation can occur for several reasons, including wear and tear on the property, changes in the neighborhood, economic downturns, or shifts in market demand. Understanding depreciation is vital for real estate professionals and investors, as it affects property valuation and investment decisions. It’s important to recognize this concept, as it highlights the factors that can negatively impact the value of real estate over time.