You got that right! Here in the Seattle area, our bubble “burst” - the increase is now “only” 7% per year, rather than 20%...
Land is the only thing that’s truly a finite resource, and the only resource that is REQUIRED for life. Not gold, not silver, not hog futures, not computers.
Virtual land is not limited. 2,000 people can live in luxury on a one acre plot by building a sky scrapper on it. Land prices can only go so high before it's cheaper to build up. Falling birth rates and new building technologies mean there will be an oversupply of real estate in the future.