A leasehold property is a type of property ownership where a person buys the right to occupy a building or land for a given time, but does not own the land it is built on. The ownership is temporary, and the property reverts back to the owner at the end of the lease. The leaseholder pays rent and may have the right to make renovations, but does not own the land. Leasehold properties are common in some countries, especially in Europe, and are more common for commercial properties, although they also exist for residential purposes. The lease period can vary, typically lasting from 40 to 120 years, and the terms of the leasehold vary from country to country