World population is still growing. Slower but still. Population generates a direct demand on real estate, so unless people start accepting lower living and working standards (why would they?) aggregate demand will continue to grow.

Now, supply cannot physically grow. Land on Earth is as scarce as bitcoins. In fact, due to rising sea levels, it's poised to shrink, if anything.

Basic laws of supply and demand answer your question in global aggregate.

That being said, you have to take your local conditions like demographics into account. For instance, a lot of countryside in the US is still empty and unlikely to appreciate in value due to these factors anytime soon.

I'm not saying whether land is undervalued right now, but I expect a long term trend to be upwards. It's like Bitcoin - we never know when we're in a real dip but we know where we're going in the long run.