Property Characteristics

Immobility: land cannot be moved

Indestructibility: land is permanent (improvements may depreciate)

Non-homogeneity (uniqueness): no two parcels are exactly alike

Scarcity: land is limited in supply

Improvement: value is affected by surrounding land uses

Permanence of investment: capital invested in land and improvements is long-term

Area preference (situs): value is influenced by location and desirability