What are air rights?

Air rights refer to the legal concept of property owners' right to control the development of the airspace above their property. It allows owners to build, sell, or lease the space above their property, typically for commercial or residential purposes.

Impact on real estate ownership, development, and value

Air rights have a significant impact on real estate ownership, development, and property value. Property owners can maximize the value of their property by developing the airspace above it, creating additional space for commercial or residential use. This can lead to increased property value and potential revenue streams for owners.

Legal concept and transactions

The legal concept of air rights varies by jurisdiction, but in general, owners have the right to develop the airspace above their property up to certain limits set by local zoning laws. Owners can buy, sell, or lease air rights to other parties for development purposes, providing opportunities for additional revenue or collaboration on projects.

Buying, selling, and leasing air rights

Property owners can buy air rights from neighboring properties to increase the development potential of their own property. They can also sell or lease their air rights to developers looking to build higher or expand their projects. These transactions are usually governed by legal agreements outlining the rights and responsibilities of each party involved.