In simple terms, a Leasehold Property is essentially when someone buys the right to use land for a certain amount of time. In the US, that number is currently 99 years. Analogous to home leases in which you can rent an apartment by month-to-month or year-to-year contracts, a lease may be thought of as another way to “ownership.”
The significant difference is in the rights and qualifications of ownership. With a Leasehold Property in America, there are no outright ownership rights during this period – nor does it pass onto heirs upon death. The person who owns the right to use the property agrees not only to allow all others peaceable enjoyment.