Real estate is both an objectively existing physical form and a legal right. The former is a general term for property and real estate, including land and permanent buildings on land and the rights derived from them. Property refers to all kinds of houses built on land, including residential shops, factories, warehouses and office premises. Real estate refers to the land and the space above and below it, including all kinds of infrastructure underground, surface roads, etc. Real estate is also known in economics as immovable property due to the fixed and immovable nature of its location.