Economically, the "cost of property" is a kind of rent (okay, mostly rent - you can subtract the actual cost of physically building the structure. But most of w

Economically, the "cost of property" is a kind of rent (okay, mostly rent - you can subtract the actual cost of physically building the structure. But most of what you're paying is the pure rent of land.) It is this rent that decreases when the demand for being in a particular place falls.