Really? Seems very different. There are some leaseholds on reservations near my cottage and "owning" one does not mean what you think it means. On a normal property as long as you pay your taxes it's yours in perpetuity, and the value tends to rise over time. With a leasehold it's never "yours" and can be taken away at a future date. The value approaches zero as the lease approaches its end date, since there's no guarantee it will be extended, so the property depreciates over time. This also has the effect of making any buildings on the property fairly dilapidated as the end-date nears, as the buildings can/will be confiscated with the lease (there's no incentive for the owner to maintain them).