Condominium

Condominium, in real estate, individual ownership in property, such as an apartment, that is part of a larger complex owned in common. In the 1960s and 1970s, a sharp increase in condominiums occurred in the United States. A cooperative building differs from a condominium in that tenants do not actually own their apartments; they hold shares in a corporation entitling them to a long-term “proprietary” lease.

See also: Real estate.