Which economic characteristic of land is defined by its location and desirability?

The economic characteristic of land that is defined by its location and desirability is situs. Situs refers not only to the physical location of a property but also to the perceived value and attractiveness of that location to potential buyers or tenants. Factors that contribute to situs include accessibility, nearby amenities, the nature of surrounding properties, and overall market demand.

This concept plays a crucial role in real estate as it helps in determining property values and influencing investment decisions. A property in a desirable location can command higher prices and can be more appealing to buyers, while a less desirable location may detract from a property's overall value, regardless of its physical characteristics.

In contrast, immobility refers to the fact that land cannot be moved; non-homogeneity indicates that each parcel of land is unique; and indestructibility means that land cannot be destroyed, though its structures may be. These definitions highlight different attributes of land but do not directly address the importance of location and desirability, which are central to understanding the principle of situs.