In addition to the excellent point Wagmi makes here, there is the fact that most land is not on the market, or it is priced at an unreasonable price. The Floor value of a spacious should be about 1028, like the voting power, and the floor is well above that, even with no current utility.
It is 100% expected to be like this, as it is illogical to buy land for 20-50% above the flor, when you know that there is a 3rd auction/raffle coming, and you can participate in GBM rewards, liquidate tickets for cash, enter tickets, and generally have a shot at getting some below floor at floor, or nearer floor.
The part where we upfront said there would be 3 auctions and raffles, is the very thing that makes the market not move. The market cannot truly heat up until it is all dispersed.
The people camping land in districts hoping that a guild will suddenly become desperate and pay them an extra $1000 for the land, will have to make a decision of whether they prefer to just get their liquidity back and sell at a fair price, so they can participate in the auction, or they can sit their with locked liquidity, while their potential customer goes and gets other land, flips it for fair price, and maybe eventually comes back with enough funds to meet their price.
Also, land is not a one land per person thing. It’s 1 per gotchi, as a base ratio, and one gotchi can easily service ten lands, if that is how one prefers to do it. A player wanting to power mine, would surely want as many plots as possible, with as few gotchis as possible. This is the most efficient use of funds, if you are trying to play this game with a large bag and minimal help from others. Now that we see how difficult it is to maximize rental yields, it becomes apparent that owning a bunch of spacious plats that are fully built out, would be much more reliable and involve less social engagement.