Is the value of the real estate principally the value of the building on it, or the right to have that building there? In large parts of the UK, the cost of rea

Is the value of the real estate principally the value of the building on it, or the right to have that building there? In large parts of the UK, the cost of real estate is a fraction of the replacement cost of the building, so even if the building was leveled in an earthquake, the only way the speculator would lose out would be if the earthquake did so much damage that the city was abandoned and the population dropped enormously. It's not uncommon with really expensive houses for a new owner to have it demolished so he can build the house he wants instead; the value is in having permission to have a house on that land, and an earthquake won't take that away (unless it's a really huge earthquake that outright destroys land or makes everyone leave forever).