Which of the following factors can lead to property appreciation?

Property appreciation occurs when the value of a property increases over time, and several factors can contribute to this phenomenon. A growing local economy and demand for housing are particularly significant because they indicate that more people have jobs and income, which leads to higher demands for housing. As employment opportunities increase and more people can afford to buy homes, competition for properties intensifies, driving up prices. This economic growth can lead to an influx of new residents, further increasing demand.

In contrast, increased maintenance costs, higher interest rates on mortgages, and limited inventory can negatively impact property values. Rising maintenance costs can make a property less desirable, while higher mortgage interest rates typically reduce affordability, discouraging potential buyers. Limited inventory could lead to appreciation in certain markets, but in the context of this question, local economic growth and demand for housing are the primary forces that directly lead to sustainable property appreciation.