I came of age in the early ‘80’s, and rural land, neither farm land or recreational properties, were a good investment.
Ever since, interest rates have been dropping and land prices have been jumping. I see land as an interest rate play. If rates stay higher, or, dare I say, go even higher, the demand for land will dry up and prices will stagnate for a long time.
If rates drop back significantly (which I seriously doubt) prices will continue to appreciate. Just look in your crystal ball.
