Speaker
Description
Condification has resulted in city precincts across the globe being reshaped with tall buildings, sprinkled with small parks, and other limited social amenities. Our research addresses three significant challenges with codification: (a) design, maintenance and repair of condominium developments; (b) socio-economic limitations for further urban renewal of condominium precincts; and; (c) the legal and governance entanglements associated with (a) and (b). Property developers view condominium development as a commodity (condo + commodification = condification). Production involves resource cutting and for condominium development and construction, this has created poorer design outcomes, with some jurisdictions even mandating basic design requirements. There are now real challenges from construction defects and the use of what is now known as flammable cladding. Condominium precincts themselves house huge developments with thousands of individually owned units. With such fractionalisation, there are challenges to effect any change, improvement, or even broader urban renewal for condo precincts. This is complex and is proving to be expensive to rectify and by 2024, there are so many individual buildings, across the globe, suffering defects and poor structural health due to construction defects and climate hazards. However, bringing about change with vast fractionalisation of ownership as is the case in condos where each lot is individually owned (and a share in the common property) is daunting, especially in those jurisdictions that continue to require unanimous resolutions from owners for significant maintenance or modification works. Codification may have created one of the most complex legal and governance concerns for cities. The paper concludes with the proposition that any future change to condominium precedents, and to the individual tall buildings themselves, will be slower and more costly than projected by property developers and investors. This will have vast consequences for municipalities, developers, investors and owner occupier and renters, and may result in future blight and decay of the built environment.
| Keywords | Condominium; Defects; Urban renewal; Fractionalised ownership |
|---|---|
| Best Congress Paper Award | Yes |
