Does land appreciate?

[Kenny Tran]

Hi everyone, 

I was wondering if their is a math for land appreciation? For example, empty lots in my area are selling for 10k. Ive been buying and building houses on the lots but I was wondering if I started accumulating a land bank would the land appreciate at all? 

I am currently building houses to sell but I know true wealth is in ownership. I plan to switch from building and selling to building and renting in the next 7 years. Every house I sell I plan to use some money and buy some lots to hold as a land bank and when ive made enough money, I will build rentals with the lots I have accumulated. I was wondering if I bought lots now for 10k would it appreciate much in 7 years?