Usually means: Ownership of space above land.
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We found 8 dictionaries that define the word air rights:

General (4 matching dictionaries)
  1. air rights: Merriam-Webster
  2. air rights: Wiktionary
  3. air rights: Dictionary.com
  4. Air-rights, Air rights: Wikipedia, the Free Encyclopedia

Business (4 matching dictionaries)
  1. air rights: Merriam-Webster Legal Dictionary
  2. Construction Term Glossary (No longer online)
  3. Air-rights, air rights: Financial dictionary
  4. BusinessDictionary.com (No longer online)

Definitions from Wiktionary (air rights)

noun:  The right to build over an existing property.
noun:  The right to fly an aircraft over a certain territory.

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