The “land value” argument is actually pretty dumb. At least over here, once zoning allows condos to be built, land value rises a lot, since condo developers can and do pay much more for a piece of land. Instead of housing a single family, the same plot can house dozens, so naturally, there is more money available to be made.

Also investors like condos more, because they can put their money into more and smaller flats, making it easier to sell just a portion.