Lowest Ever CAGR?

What's the lowest-ever recorded annual growth rate for zonal values in Metro Manila?

I looked at the historical zonal values of properties in Metro Manila and looked for the lowest CAGR.

I found a 3-story commercial office building in San Juan built in the 90s. Its zonal values had the following CAGRs for the subsequent periods:

2019-2023 10.07%

2003-2023 3.45%

2003-2019 1.86%

1996-2023 2.83%

The 1.86% between 2003 and 2019 is the lowest CAGR I could find–so far. Interestingly, the average annual inflation for the same period is 3.81%.

How is this relevant?

Cautious investors may use this figure as a pessimistic assumption for a property's capital appreciation.