In recent days was approved, by the National Congress of Honduras, the Condominium Property Law that will be responsible for promoting the construction of new residential, commercial, tourist and industrial developments in that country.
This new Law will allow gated communities to be managed independently allowing the development of mixed-use properties such as shopping centers or modern communities that combine residential and commercial uses in the same place, regulated and managed harmoniously.
The new law seeks to encourage the correct development of projects such as cemeteries, peace camps and tourism projects that combine hotels and private villas, as well as housing communities of social interest.
This new regulation arises from the need to renew the Horizontal Property Law that was not updated since 1965 and did not adapt to current requirements.
The law creates a new regime of a technical nature that does not imply an obstacle to the coexistence of co-owners subject to horizontal property and creates a new updated regime, in accordance with urban trends and future developments in society.
The law conceptualizes condominium as a form of property on real estate voluntarily constituted by its owner, subject to specific legal regulations, whose operation implies the existence of private or exclusive assets with independent real estate registration and assets of collective common use that includes land, buildings and improvements.
