optout on Nostr: Accepting that there is a store-of-value-premium on real-estate, I'm wondering what ...

Accepting that there is a store-of-value-premium on real-estate, I'm wondering what about the cost side, the cost of building new houses, the cost of renovating, construction material and labor. Isn't that limiting the store-of-value premium? (if there is high demand for buying existing real estate as investment, and prices go up, but newly-builds prices are lower, it's more efficient to build).
Or, it's the other way around, and the store-of-value-premium also pulls up the construction prices, and inflates construction material and labor prices, infiltrating the whole supply chain? I think this is the case.