What type of ownership allows an individual to own the airspace of their unit while sharing ownership of buildings and common areas with others?

Condominium ownership is characterized by a unique structure of ownership where an individual owns the airspace of their specific unit while sharing ownership of the common areas and facilities with other unit owners. This type of ownership allows residents to have their personal living space—essentially the airspace up to the interior walls of their unit—while collectively owning the land and buildings that make up the condominium complex along with shared amenities like pools, gyms, and hallways. The shared ownership is typically governed by a homeowners' association (HOA), which sets rules, manages common expenses, and maintains shared spaces.

This differentiates condominium ownership from other types, such as cooperative ownership, where residents do not own their individual units outright but instead own shares in a corporation that owns the property. Leasehold ownership refers to a temporary right to occupy a property for a specified period but does not confer ownership of the property itself. Fee simple ownership describes the most complete form of ownership, allowing owner control over both the structure and land, but it does not involve shared ownership with others as seen in condominiums. Therefore, the characteristics of condominium ownership perfectly fit the scenario described in the question.