Who's afraid of property value increases?

I recently read an article by Petros Sivitanides titled “Capitalization Rate Influences and Property Value Increase”. The article addressed Risk associated with the future income and/or capital gains expected from the investment. Capitalization rates go down when the market conditions are strong and they go up when the markets are weak. An investment in real estate is made primarily on total expected return which is equal to the sum of income return and appreciation. There seems to be little concern or discussion regarding appreciation because takes more time and energy to research those factors which influence appreciation than to make the calculation of the capitalization rate.  If you have a lower appreciation return the investor should require a higher income return, implying a higher capitalization rate and visa versa. If there is strength in the local market in which your property resides you should accept a lower cap rate. A high cap rate does not assure a satisfactory return on your investment.