In US we call that a housing cooperative, that’s different, because the co-op owns the building(s), then people own shares in the co-op. An HOA generally only owns (and maintains) the common areas, then individuals own their own building, but sometimes there aren’t any common areas, then you’re just paying the HOA for the privilege of being subject to their extra rules. Co-ops are rare, and harder to finance (since you don’t own something that can be foreclosed on)
In US we call that a housing cooperative, that’s different, because the co-op owns the building(s), then people own shares in the co-op. An HOA generally only owns (and maintains) the common areas, then individuals own their own building, but sometimes there aren’t any common areas, then you’re just paying the HOA for the privilege of being subject to their extra rules. Co-ops are rare, and harder to finance (since you don’t own something that can be foreclosed on)