Which characteristic of land refers to its limited supply?

The characteristic of land that refers to its limited supply is scarcity. In real estate, scarcity indicates that land is a finite resource; there is only a limited amount of land available for development and use. This limited availability means that as the demand for land increases—due to population growth, urban expansion, and economic development—the value of land is likely to rise as well.

Understanding the concept of scarcity is crucial for real estate professionals as it helps them recognize the importance of land availability in market dynamics and investment potential. It also influences land use planning, zoning, and overall property value assessments.

The other characteristics, while relevant to real estate, do not directly address the concept of limited supply. Immobility refers to the fact that land cannot be relocated; permanence indicates that land has enduring value and is not easily changeable; and uniqueness signifies that each parcel of land is distinct, meaning no two pieces are exactly the same. These attributes contribute to the overall value and marketability of land but do not define its limited supply like scarcity does.