What is another term for 'condominium'?

The term 'horizontal property' refers to the concept of a condominium. This term highlights the way in which condominiums are structured, as these properties are often developed in a horizontal format, with individual units spread out on a single level or across several levels within a building or development.

In a condominium arrangement, owners have separate ownership of their individual unit while sharing ownership of common areas, such as hallways, pools, or gardens. This ownership structure is different from other types of real estate arrangements, where all property is typically owned collectively or individually without the shared common elements.

Understanding this terminology is crucial in real estate, as it affects how properties are managed, what rights owners have, and how they interact within their community. The recognition of condominiums as ‘horizontal properties’ can also influence marketing, purchasing decisions, and the legal implications associated with ownership and responsibilities of the shared elements.