Which type of property ownership involves individually owned units with common areas?

The type of property ownership that involves individually owned units along with shared common areas is known as condominiums. In this arrangement, each unit is owned separately by the individual unit owners, while the common areas, such as hallways, pools, and landscaping, are jointly owned and maintained by all unit owners through a homeowners' association. This structure enables residents to have ownership and control of their private living spaces while also sharing the responsibilities and costs associated with the communal aspects of the property.

In contrast, apartments are typically rental units owned by a landlord, and residents do not have ownership stakes in the property. Cooperatives involve a different ownership model where residents own shares in a corporation that owns the entire property, rather than owning individual units outright. Lastly, shared estates might imply a variety of ownership arrangements but do not specifically define the individual ownership of units with shared common areas in the same structured manner as condominiums do.