[dsr_]

A new 99 year lease is probably about the same value as buying the land.

Does a new tenant always get a new 99 year lease, or is it the remainder of the previous lease? I would not consider a lease expiring next year, for example, to be of equivalent value.

[papercrane]

The leases are transferable and renewable. Other than the odd legal arrangement it's functionally not that different than owning land and paying property tax on it.

[13of40]

My family has a "99 year lease" on a property from the federal government in the US, and even though it's called that, it really just renews something like every 20 years. Not sure if in the UK they literally count 99 years. (Edit: To be clear, it's been in the family since the 1930s, so it's gone through several renewals already.)