Condos do appreciate just like regular houses do and sometimes a condo will appreciate in value much faster and better than a regular home would.
That's because most times the exterior of a condo and the area around it are kept up nice and the building is usually constantly maintained.
Some people prefer to buy a condo instead of a regular house so they do not have to maintain the home exterior like they would a regular home or maintain the lawn.
However the value of a condo is value is pretty closely linked to the condo association fee that condo owners pay to live in the condo on top of their mortgage.
I lived in a condo for around 5 years before I sold it and bought a home and I did profit off the condo sale so it was worth it to buy the condo as it did appreciate and made me a profit.
I moved out of the condo because I didn't like living their after 5 years and wanted a regular home with a big yard and no living next to neighbors with only interior walls between us.