Buildings lose value over time in most places. And in many places where they don't, including renovation investments in the picture results shows declining value.
The only places where buildings go up in value is where the building has been grandfathered in and is no longer able to be built in accordance with modern zoning rules.
Which is rather common in my experience. The town adjacent to the one I just moved to has a bunch of duplexes, but if you look at the current zoning it's all single-family-only. You couldn't build much of the town as it is today, which is a shame as it's very nice.
As you might expect given this, the town has steadily lost population.
Here in the Netherlands this is absolutely not true for houses. My house, despite no renovations done, has more than doubled in value over the past ten years. Housing shortages make sure that existing houses are definitely not losing value.
But is that the value of the building, or the land that is increasing for yours? My home (building + land) value has gone up a ton due to the housing shortages in tech centers, but on the assessment, the building value has gone down, while the land value has shot up a lot.