In our “askCA@Thursday” on 18 October 2012, we received a question, today we ANSWER:
Hi Chur Associates, i am appreciated if you could let me know that whether lease property considered as moveable property, a real estate property. Thank you :-)
Generally, real estate property is considered as immovable property. This includes both freehold and leasehold property as they are both alienated interest recognized under the National Land Code.
If your question is whether a registered lease is deemed as an immovable property, please distinguish the difference between the right of use and the right of ownership. Therefore, a registered lease is never a property but a recognized right in law.