Which term describes the area above ground that is owned with a property?

The term that best describes the area above ground that is owned with a property is "air rights." Air rights specifically refer to the legal ability to use, control, and develop the space above a property. These rights can be sold or leased independently of the land itself, particularly in urban environments where vertical development, such as high-rise buildings, is common.

In contrast, "air space" is a more general term and does not necessarily imply ownership or the legal entitlement to develop that space. "Sky rights" is not a widely recognized legal term and may lead to confusion, while "building rights" typically refer to the permissions and regulations associated with constructing buildings on the property rather than ownership of the air above it. Thus, air rights accurately captures the legal and ownership aspects of the space above a property.