Condominium is the term use to describe individual ownership of a unit of a multi-unit building. It may include other defined property in which there are undivided ownership interests in the land on which the building and other structures rest, and, in which the other components of the facility are shared in common which the other owners of the units in the building. Condominiums are regulated in the Building Control Act and the Condominium Act.

 

Apartment is not defined in the law, but is generally used to describe a unit in a multi unit residential complex (generally by the sellers also referred to as a condominium), however, individual ownership of a unit in an apartment building is not possible. Ownership of an apartment building and unit (not including the land) is based on the co-ownership chapter in the Civil and Commercial Code and agreements between the purchasers. Apartments are not regulated under a separate saction in the law, but must obtain a building permit as a 'Residential Building Complex' regulated under the Building Control Act and Ministerial Regulations.

The Condominium Act generally limits the amount of space in a condominium project that can be owned by foreigners. Currently the limit for most condominium projects is 49% of the total unit space of the project. The restriction is based on the area-not the number-of the units.

Condominiums can be leased for periods of up to 30 years, which can be renewed. Leases of more than three years are required to be registered with the Land Department.