Acreage is used as a standard measurement of land in both the United States and the United Kingdom as well as numerous other countries. One acre is equivalent to 43,560 square feet and this term has been used for quite a long time when partitioning properties. This term is especially relevant when one may be looking to rent or purchase a plot (with or without an existing structure). As can be expected, a property's value will be partially determined by the number of acres (or less) that is being offered for sale.
In suburban areas, properties are often times partitioned into quarter-acre plots due to a lack of space while in the country, multiple acres and hectares are more common. In fact, farmland and other areas suited for development are often listed by the number of hectares that are contained within. This will give the potential buyer a reasonable idea of the space that he or she is allotted.
One of the interesting aspects regarding acreage that has not been built upon is that its value will tend to increase over time; frequently regardless of external economic conditions. This can be viewed as a lucrative business opportunity for investors who may wish to take advantage of a downturn in the financial marketplace. A recent example of this can be seen in the large plots of land purchased during the past few years.
Realtors will often times sell standalone acreage with building rights alongside existing homes and apartments for this reason.