Land is real estate or property, minus buildings and equipment, that is designated by fixed spatial boundaries. Land ownership may offer the title holder the right to natural resources on the land. In real estate, a lot (in the USA) or plot is a tract or parcel of land owned or meant to be owned by some owner(s).
Land, sometimes referred to as dry land, is the solid surface of Earth that is not permanently covered by water. The vast majority of human activity throughout history has occurred in land areas that support agriculture, habitat, and various natural resources.
The basic concept of land is that it is a piece of earth, namely a piece of property that has an owner. A more delineated concept of land, the legal concept of land, is that it is a factor of some form of production, and though it is not consumed during this production, no production would be possible without it.
What are the three physical characteristics of land? Land is physically immobile. Consequently, the real estate market is local in nature. Also, due to its immobility, the value of a piece of real estate is directly affected by its surroundings, things external:
1. Immobility: land is physically immobile, cannot be moved from one geographical location to another. Also, due to it immobility, the price is affected by its surroundings; the neighborhood is very germaine to the price of land.
2. Indestructibility: land cannot be destroyed by changing conditions but physically, land goes on forever; apart from erosion and some climatical changes like earthquakes, volcanic eruptions and land slides.
3. Uniqueness: land improvements are not standardized or homogeneous. Parcels of land differ in sizes, shapes, locations and appearances.
Synonymous with land are belongings,
assets, holdings, inheritance, capital, equity, investments, goods, earthly possessions,
real property, personal property, private property, public property, wealth, business, estate farm, home, etc.
Credit - Mr Segun Oshundairo, CEO, Arcview Investment Ltd at a weekly lecture
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