Is investing in a property under construction the right choice?
Buying off-plan property is a popular option among many buyers and investors. The term “off-plan” refers to properties that are purchased before construction is complete. This option offers unique advantages as well as some risks, and understanding both sides will help you make an informed decision that aligns with your investment or residential goals.
In this article, you will learn why people are drawn to buying off-plan properties and what to expect when purchasing before construction is complete.
Why do some people choose off-plan properties?
Off-plan properties have gained significant appeal for several reasons, with many buyers attracted to the advantages they offer over ready-built properties, especially when purchasing a new home that reflects their personal taste and needs.
Market incentives for off-plan property buyers
Developers offer many special deals to attract off-plan property buyers, the most notable of which are:
Lower prices compared to similar ready-built properties
Exemption or reduction in registration and brokerage fees
Free upgrades in finishes or additional parking spaces
These incentives contribute to the increased appeal of off-plan purchases, especially for those who want to reduce initial costs.
The difference in prices between ready-built properties and off-plan properties
Off-plan properties are often priced lower than completed properties, allowing buyers to enter the real estate market with a lower initial investment. As the project progresses, the value of the property gradually increases, providing an opportunity for capital gains either upon completion or resale before completion.
Payment flexibility: one of the most notable advantages of buying off-plan
Flexible payment plans are one of the most important reasons for choosing off-plan properties, as most companies allow buyers to pay in installments, often with