Residential Development Land Index Subdued land market as prices soften Annual % change Source: Knight Frank Research PCL GREENFIELD LAND URBAN BROWNFIELD LAND 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 48% Q4 2025 The Kni ...