What do "air rights" refer to in real estate?

"Air rights" specifically pertain to the concept of owning the space above a parcel of land, allowing the owner to develop or utilize that vertical airspace. This can be particularly relevant in urban areas where height restrictions and zoning laws govern how high buildings can be constructed. By obtaining air rights, developers can maximize the use of available space, often leading to the construction of taller buildings or structures like rooftop gardens and billboards.

In this context, the other choices do not align with the definition of air rights. The ownership of a property's physical surface involves the land itself, not the vertical airspace above it. Rights to develop land below the surface typically refer to subsurface rights, which deal with minerals and other resources beneath the earth rather than air. Lastly, development rights of agricultural land involve the ability to change the use of land designated for farming, but does not pertain to the vertical airspace as air rights do. Thus, the correct understanding of air rights hinges on ownership and utilization of the space above a property.