What does "air rights" refer to in real estate terms?

In real estate, "air rights" refer to the space above a piece of land, which can extend upward indefinitely. This concept allows property owners to control and utilize the space above their property, giving them the right to develop or sell that space, often for projects such as high-rise buildings or rooftop gardens.

This definition is significant because it plays a crucial role in urban development and zoning laws, particularly in densely populated areas where vertical space can be as valuable as horizontal land. Understanding air rights is essential for leasing agents and real estate professionals, as they can impact a property’s value and the potential for future development.

The other options address different aspects of property rights or features but do not correctly define "air rights." For instance, the land beneath the surface refers to subsurface rights, while the space occupied by buildings is more related to ground leases or building rights. The rights to sell air quality do not pertain to real estate ownership or development.