Generally speaking, inflation leads to an increase in discount rate, while real estate appreciation leads to a decrease in discount rate. Is that correct?

This question examines the impact of inflation. Inflation and appreciation have similar effects on the future currency, but different effects on the discount rate. Inflation leads to an increase in the discount rate, because investors want to increase the nominal rate of return on investment to offset the value loss caused by inflation; Value-added does not affect the discount rate unless the risk factors related to real estate investment change. See textbook P 180.