Condo Meaning

Discover the meaning of condos, types of ownership, benefits, market trends, and statistics. Learn why condos are a popular choice for urban living.

What is a Condo?

Condo, short for condominium, is a type of housing where a specific unit or apartment is individually owned while common areas such as the hallway, lobby, and amenities are shared with other unit owners. It is a popular form of housing in urban areas, offering a mix of privacy and community living.

Types of Condos

  • High-Rise Condos
  • Low-Rise Condos
  • Townhouse Condos
  • Converted Condos

Condo Ownership

When you buy a condo, you own the individual unit and a share of the common areas. You also become a member of the condo association, which manages the common spaces and enforces rules and regulations.

Benefits of Condo Living

  • Amenities such as pools, gyms, and security
  • Maintenance-free living
  • Community living and social activities

Case Study: Condo Market Trends

In a recent study, it was found that the demand for condos in urban areas has been steadily increasing. The ease of maintenance and access to amenities are among the top reasons why people are choosing condo living over traditional homes.


According to the National Association of Realtors, sales of condos accounted for 14% of all housing transactions in the past year, with a median price of $250,000.

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