land value in the US has very little to do with buyers or demand, and is exclusively valued by whatever property transactions happen to occur nearby it I don't

land value in the US has very little to do with buyers or demand, and is exclusively valued by whatever property transactions happen to occur nearby it I don't understand the distinction you seek to make here. Those transaction values are specifically the result of buyers and demand. Most residential properties here could have been snapped up in 2009 for about 60% of current costs... because demand was lower. (Probably several hundred percent in areas like Mission Bay.)