Buying a condominium can often be a confusing process. Many people are not fully aware of what a condominium is, or the legal structure and responsibilities involved in owning one.
The term “condominium” refers to a specific type of property ownership rather than a particular style of building. A condominium may be an apartment, townhouse, semi-detached, or even a fully detached unit. In this structure, the individual owner holds ownership of their unit, while shared areas—such as land, corridors, and facilities—are owned collectively with other unit owners.
Although the condominium concept has existed for thousands of years, it was introduced to Sri Lanka only in the early 1970s. Since then, it has evolved significantly, extending beyond residential spaces to include commercial units such as shops and office spaces.
