I read Investopia's definition and my take away is that compound interest applies to an investment that yields some return on a regular basis and that yield is reinvested in that instrument. If I have a property as an investment property, then yield of the investment is the rent I could extract. I could consider this compounding if I use that yield to finance another rental property.
For the scenario of a property I live in, it's less of an investment and more of a savings instrument.
I believe that the answer to my question is no but I'm not very sure.
It's not an investment that can grow at the same rate year-on-year because higher prices put pressure on the ability to grow higher. There is a limit to how high a property can be valued at... whereas a compound interest model, there's no limit as you are accumulating more of that yield generating asset.
Edit This answer may also apply to this question.