What will be the antonym of "appreciate" in this context?

In Mumbai the value of properties has appreciated, but the quality of life has __________.

Can we use "depreciated" here?

Edit: The antonym needs to imply that the quality of life is not good anymore.

What you need is not an antonym of appreciated, but a verb which would be in contrast with it. Of decreased, declined, deteriorated Gngram shows that deteriorated is more commonly used with quality of life.

It means

to become worse:

• As the company's financial outlook deteriorated, several directors resigned. (Cambridge)

Gngram does not find any instances of "the quality of life has depreciated", and to use it would trigger a symmetry in meaning that is not so successful. The way in which the meaning of appreciated is connected to the value of properties is different from the way in which depreciated would be connected to quality of life. Plus, depreciate can also mean to become cheaper so the price with which you can sell something decreases:

Our car depreciated (by) $1,500 in the first year we owned it. (Cambridge)

and this is not the meaning you wish to convey.