In 1984, the "Collective Building Act" was enacted in response to the boom in apartment construction in the 1970s. The Act enabled strata titling with partitioned ownership, which was a change from a shared title under the Civil Act. The 1984 Act brou...
In 1984, the "Collective Building Act" was enacted in response to the boom in apartment construction in the 1970s. The Act enabled strata titling with partitioned ownership, which was a change from a shared title under the Civil Act. The 1984 Act brought about major changes in the real estate market and the use of property titles. Current changes in the real estate market, borne of collective buildings, are leading the market segmentation, new investment patterns (portfolio investment), and various designs in collective buildings. In particular, for high-rise mixed-use complexes, shared spaces (such as underground parking lots) are increasing, and, therefore, how the land share is allocated has become an important issue. Articles 12, 17, and 21 in the current Act are based on irrational methods that shared areas and land portions are allocated by the area of each partitioned owner. This study shows the irrationalities with case studies and proposes the revision of the Act - to be based on the percentage value of each partitioned property.