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The phrase "property interest" is correct and can be used in written English.
It typically refers to the legal right of ownership a person has over a physical or intangible asset. For example, "The company sold its property interest in the building to a rival firm."
Exact(60)
§ 594.309 Property; property interest.
§ 541.308 Property; property interest.
In the nineteenth century, Americans worried about a conspiracy against property — a property interest in people.
"You can't really have a property interest in data," he argued.
"They are protecting their intellectual property interest rather than the public interest".
Petitioners never asserted a property interest in the items seized from the automobile.
(iii Corporation's statement that interest is not a U.S. real property interest.
An exclusive licensee, on the other hand, has a limited property interest in the copyright.
That property interest can be fully protected by an ordinary breach-of-contract suit.
It is a basic tenet of wills law that a person cannot order the destruction of a valuable property interest.
That will give the club long-term security but they will have no property interest in the stadium.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com