Land Investment in History
Land has played a pivotal role in both the ancient and modern worlds as a source of wealth, power and economic strength. It’s no coincidence that monarchs, feudal lords and others of royal birth were typically the world’s wealthiest individuals because they were also the original owners of land. They knew and enjoyed the economic benefits of owning property. In fact, early economic systems from feudalism to mercantilism were based, in part, on the income derived from agrarian and urban real estate holdings.
Meyer Melnikoff, an early proponent of real estate’s pivotal role in a mixed-asset portfolio, was fond of reminding investors that the “real” in real estate does not come just from its tangible nature—it is derived from the French and Spanish word for “royal” (e.g., Montreal).