As an investment raw land or “land banking” can be one of the highest appreciation rates in real estate but the investment usually is a long range hold. So if you have “patient” money that can wait this is a good choice to look into or diversify .
In California, changing laws and marketplaces due to government mandated production and required levels of solar energy production and cannabis production are creating a growing rapid marketplace that will require land.
Remember these points:Is the land accessible?
Are there services planned nearby?
Is there an exit strategy to sell or use the land in a reasonable time?
From an exchange point of view, keep in mind that you can improve the land so long as it is part of a long term investment plan.
Make sure that you are willing to use”patient money”. Those funds that are invested for a long period of time and are unlikely to be needed or that an actionable exit strategy can be deployed.