Why is ""Capital Appreciation"" often higher during the construction phase

The full explanation

Capital appreciation is often higher during the construction phase because you are buying a future asset at today's price. As the project reaches milestones like 50 percent completion or topping out the perceived risk decreases and the value increases. Additionally developers typically raise prices for later phases of a project which naturally lifts the value of the earlier cheaper units bought by initial investors creating ""paper profit"" before handover.