If you look at it as an investment today, yeah maybe; though much, much higher risk and potential reward. Land is probably about as stable as an investment as you can get while bitcoin is on the other end of the scale.
Land is actually a pretty shitty investment as, like with so much else, the government feel free to help itself to your wealth if you own any (unless you are rich enough to be able to indulge in tax dodges).
That land prices have risen reasonably in recent history is just one of those things and the link between this and the paragraph above may not be entirely unrelated to the government created housing bubble.