Utility as an Attribute of Property

Property is said to have the quality of utility. This means that it is capable of satisfying some human needs or wants.

An item of food is property because it can satisfy hungry. A house, no matter how big or small, expensive or affordable, is property because it satisfies the need for shelter and protection from harmful elements. Books are property because they quench the thirst for knowledge. A sofa is property because it gives comfort to humans tired of walking or standing up.

Because of the attribute of utility, property becomes an economic variable; it is sold by those who can make or manufacture them and bought by those who wish to benefit from their utility. As De Leon and De Leon, Jr. (2016) put it, “[It] endows property with value susceptible of pecuniary estimation.”