An off-plan property is a property that is being sold before it has been built or completed. Off-plan properties are typically sold by developers as a way to fund the construction of a new development.
When buying an off-plan property, the buyer typically makes a deposit to reserve the property, and then pays the balance once the property is completed. The timeframe for completion can vary, but it is usually within a few years of the initial purchase.
There are several risks associated with buying off-plan properties, including the possibility that the property may not be completed on time, or that the final product may differ from what was originally promised. It is important for buyers to do their due diligence and thoroughly research the developer and the project before making a purchase. Off-plan properties can also be more difficult to mortgage, as lenders may be hesitant to provide financing for a property that does not yet exist.
