Land, together with any permanent structures or improvements affixed to it, constitutes the core of this concept. A house, a commercial building, and the land they stand on are typical examples. This also includes the airspace above the land and the subsurface rights below, encompassing minerals and other resources.
Ownership of land and its attachments represents a significant store of wealth and provides security for individuals and businesses. Historically, land ownership has been central to social structures and economic development, conferring both status and economic power. It forms the basis for various economic activities, from agriculture and resource extraction to commercial development and residential housing.