@jbenjamint @thecommongreen in other countries (eg Germany) what you pay for in a new house is the build cost. This used to be the case in Scotland when we had feu duty and 100% of what you paid the builder was build cost. The land cost was paid as feu duty at a fixed rate in perpetuity. (Obviously with inflation it graduated to almost nothing)
Build quality was far better since none of your payment went towards land costs. Nowadays, the more expensive the land the smaller & tackier the house.
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