In North America and Australia, they emerged in the 1960s (though, in the latter, they tend to be called strata title
rather than condominium).
office space is a similar concept to a condominium, where investors in a multistorey building complex own the individual units rather than lease them and share the costs on maintaining the building's common areas.
What is striking in the results is that the proposed compulsory acquisition (of underground strata title
) actually has a positive effect on the housing price by 15.1%.
"The Strata Title
Regulations provide for a system of the subdivision of title along the horizontal and vertical planes, similar to draft laws for Abu Dhabi that are currently under circulation for industry comment.
There is an abundant supply of office space to buy in Dubai at the present time - with many of the strata title
office buildings in locations such as Business Bay having a high level of unsold space.
Judging by current adverts in the GDN, off-plan apartment sales without strata title
are apparently still being condoned in 2014 by the powers that be.
Rented shopping centers will continue to dominate supplies in the future as strata title
shopping centers have shown no significant expansion.
Warnken, Guilding, and Cassidy (2008) provide a commentary on the international growth of tourism accommodation properties owned by way of strata title
and identify factors contributing to this growth.
The office space in the Index on Sheikh Zayed Road was sold in pieces to nine different investors under a system known as strata title
, according to developer Union Properties, meaning potential tenants face the prospect of having multiple landlords.
A"There is a legal framework in place in Abu Dhabi to deal with real estate and that framework will hopefully be shortly augmented by additional legislation dealing with Strata title
, Escrow, brokerage and mortgage law.
The development consists of six units of three-storey 'strata title
' dwellings with common gardens, a swimming pool and deck.
* Michael Teys, The Property Lawyers: Teys expects the Managed Investment Act of July 1998 to have a significant impact on sectors of Queensland's development industry, particularly the Gold Coast and Sunshine Coast - areas affected by the act's requirement of a prospectus - to sell strata title