ALLAH is the creator of this universe and the whole system of this universe is being run only by ALLAH. Land and all other material things have been created for humans. To make this system up and running in the most effective manner, all the land and other material things have been granted in the ownership of humans. Therefore, in all the matters pertaining to this ownership, the opinion of the majority of Islamic scholars will be preferred.
A vast majority of Islamic researchers and spiritual leaders have accepted the human's individual ownership on land. But, few of them have also disagreed with this concept. They say that the land should remain in the collective ownership and individual ownership is not righteous in the sense that it is unjust with the poor. As all the land will be owned by rich capitalists and the poor would be deprived of a chance to become prosperous.
This opinion is against the concepts given in Qur'an and Traditions of the Prophet (PBUH) as there is no mention of this individual ownership as unjust or illicit. The rich companions of Prophet Muhammad (PBUH) used to sale and purchase the land (real estate properties) where as the poor ones were unable to do so. But, even then, Prophet Muhammad(PBUH)? never prohibited this act of sale and purchase of land which is evidence that it is right and not prohibited by the teachings of Islam.