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German banks lend against productive endeavor, shunning the Anglophone rentier behaviour:

https://www.youtube.com/watch?v=qpq2eqz6mR0

They also make land available to build on, unlike former UK colonies which all use a combination of zoning to suppress supply and loose credit to increase bidding levels.

All former UK colonies have land bubbles.

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RE value is all about location and all factors related therein. Ie everything from local legal factors through to view and relative scarcity. RE in constrained places will always have a higher price/sqft than less dense places. The markets also somewhat ensure all the other costs of RE (ie building components like steel, wood, and labor) cost around the same from place to place. But land can’t be arbitrated between localities.

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