Property consisting of freehold land or certain rights over freehold land. The term derives from a very old tradition in English law which divided property according to the manner in which recompense could be made to a person wrongly deprived of it. Land could always be recovered by an action in rem, a real be recovered by an action in rent, a real by such an action and the only remedy by such an action and the only remedy personam. Hence the division of property into real and personal. The distinction between real and personal property has ceased to be of great importance, since various statutes passed in the twentieth century abolished most of the privileges and special rules on inheritance which applied only to real property. The term is still, however, used frequently in published accounts,
Reference: The Penguin Business Dictionary , 3rd edt.