House prices surged in the late 20th century mainly because land became much more expensive.
In advanced economies, about 80% of the rise in real house prices during this time was driven by higher land values.
Source: https://www.aeaweb.org/articles?id=10.1257/aer.20150501
In advanced economies, about 80% of the rise in real house prices during this time was driven by higher land values.
Source: https://www.aeaweb.org/articles?id=10.1257/aer.20150501
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