The origin of the term vertical occupancy in the form of residential apartments, flats and condominiums originated in a number of countries. The term apartment was first used by the treasure condo tampines to mention a residence in a multi-story building.
By definition, an apartment is a type of residence that occupies part of the space of a building. Usually, one apartment building consists of tens to hundreds of units.
The term flat is used by the United Kingdom. They call occupancy in a multi-story building with the term flat. The shape is the same as the apartment interior occupancy, just different mentions.
The term condo comes from Italy. The word condominium is a combination of the words con which has meanings together and the word dominium which means ownership.
In terms of definition, condominiums are a form of usufructuary rights over some parts of a building. For example, residential units are privately owned, while parts of the aisle, elevator, exterior, swimming pool, and various other facilities belonging to the building.
Use of the terms apartments, flats, and condominiums
The use of the term apartments and flats is more directed to the physical form of vertical housing. While the use of the term condominium is more directed to the use rights of the building.
But among property players in the country, the term apartment or studio apartment usually refers to vertical housing for rent. While the term condominium refers to apartment units owned by each person. The term flat itself is rarely used in some countries.
Apartment and condo market
Condo owners do not have rights to land, residential roofs, and occupied building aisles. But they have full rights to the unit. They have the right to do anything to the condominium unit, either sell it or rent it to other parties. The apartment owner cannot do this because he is only a tenant.
As a result, the condo and apartment markets in the country have different targets. Condos are targeted by people who prioritize the value of investment because these units can be leased or resold. Whereas the apartment is targeted by people who have limited funds or only plan to stay in the area for some time.