Is owning an apartment is an asset?

There are two components of Owning a house.The land on which the house is built & the house itself.
In case of an independent house you own both land & the house.In case of apartmenet complex with multi-floors,you own a house,but not the land.In simple words,since many houses will be built on the same piece of land,there's no ownership attached to the land or can the ground floor person claim the ownership of land? ;)

What's the age of an house?30 yrs,50 yrs,100 yrs?whatever it may be,Independent house remains an asset for our future generation.They can demolish the house once it's old & build new one as they've inherited the land.How it works in case of apartment?It's beyond my imagination...If an apartmenet can't be inherited after it reaches it's age,it's no asset.If it's not an asset why are we paying so much to own it?