By the most simple definition, land is known as any piece of property that currently has a structure upon it or is instead vacant. Land is generally partitioned up into various plot sizes such as acres and hectares although larger parcels may also be referred to in terms of square kilometres.
There are two different types of land: that which can be built upon and that which cannot. For instance, land which occupies a nature preserve or is otherwise forbidden to place any construction upon will not allow any type of planning permission. Conversely, there are other parcels which are allocated specifically for investment and construction purposes. Examples of this can be seen in strips of land located by a major thoroughfare or that may exist just outside of an expanding community.
From a real estate standpoint, land is one of the most common types of property that is on the market. In fact, land will generally be more attractive when the housing market slumps, as it is seen as a long-term investment that is somewhat independent of economic volatility. This is particularly the case if a parcel of land has planning permission or is slated to be approved for such permission in the near future.
Land that is located in a prime location can sell for quite a bit of money, and this may be a surprise to some who only believe that land is valued when it is built upon. Nonetheless, land is quite a valuable real estate opportunity for those who have the vision and the liquidity.