Python property detail

Question

I would like to deleve into python's properties mechanizm and understand this behaviour:

class MyClass:
    @property
    def name(self):
        return 'MyClass'

print(type(MyClass.name)) # gets <class 'property'>
mc = MyClass()
print(type(mc.name)) #gets <class 'str'>

My question is: what happens underneath? Does it mean that there are two different mechanizms of variable look-up for classes and objects?