What is Property?

A tangible or intangible asset owned by a person or an organization is known as property. It is tangible when it available in a physical form and one can see it and touch it, for example land, building and any physical thing. On the other hands it is intangible when one can’t see it, for example a patent or an idea. This is the main classification but it can also be categorized on other bases like its type and use.

However these days by this term we normally mean a physical asset which contains land or any other structure on the land. These are normally classified into hotels, restaurants, houses, commercial buildings, residential buildings, agriculture land or industrial land. Depending on its use each type has different price. It can also be classified according to its location like main road shops, office building on special road and hotel on main road.