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A condominium, often referred to as a "condo," is a type of real estate property where individual units are owned privately, while common areas such as hallways, pools, and gyms are jointly owned by all residents. Owners have full ownership of their units but share maintenance responsibilities and costs for communal spaces. Condominiums are popular for urban living due to their amenities and often lower maintenance compared to single-family homes. They provide a blend of private ownership and shared living.
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