At the same time companies are building more and more. There's flats and houses for sale everywhere and new ones are cheaper than the old ones. Why? Because people bought them years ago for e.g. 100k USD and then invested another 20k into remodelling and furnishing. They would like to get at least 100k back, but developers are pumping cheap new flats for 90k now, who's going to buy a used, older one for 100?
These sellers are now waiting because they think it will normalize, but it won't because new ones are still built.
The profitable investments in real estate mostly depends on the district of the city. The best way is to buy an elite house and rent it out. The demand for these apartments is almost always high.
Yes, developers use the new technologies and build a cheap flats, but this trend will impact on the prices of the average cost's real estate, not on the premium class.