What is a condominium in real estate?

A condominium in real estate is defined as a real estate project where each owner holds title to a unit and shares common areas. This ownership structure allows individual homeowners to have ownership of their specific unit while also having shared access and responsibilities for common areas, such as hallways, pools, and fitness centers. This arrangement promotes a sense of community among residents, while also giving them the benefit of private ownership.

The concept of a condominium is distinct from other types of property ownership. It differs significantly from single-family homes, which are typically owned outright and come with all land rights, as well as from purely commercial buildings or rental properties that might not include zoning for residential living. The shared common areas also set condominiums apart from rental properties, as condominiums involve ownership rather than rental agreements managed by outside organizations.