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CONSTRUCTION RIGHT

Summary/Abstract: Construction right is a real property right which entitles the holder (constructor) to erect a building on another person's estate, use it as an owner for the specified period, and then confer it to the ownership of the landowner. The constructor is the owner of the building, entitled to all the eligible property rights such as: the building maintenance, personal use or tenure, and disposition (the right to donate, sell, mortgage it, etc). However, the constructor's disposition right is time-limited and restricted to the building itself, and it does not pertain to the land which he is only entitled to use during the validity of the construction right.The purpose of the construction right is to help the constructor solve housing problems by erecting a building on another person's land. The constructor pays for the value of the tenure, which considerably reduces his expenses as compared to the option of purchasing the land. On the other hand, the construction right allows the landowner to acquire substantial means through the time-limited purchase of the land disposition right, yet keep the ownership of the land. Therefore, as the purpose of the construction right is to make the housing cheaper, it is necessary to consider the plausibility of codifying this right in our legislature

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