Given that the real estate market is currently in constant evolution, off-plan purchasing has been consolidating as one of the most attractive options for both investors and buyers looking to acquire a property at a competitive price, with the possibility of later customizing and adapting it, and thus benefiting from its appreciation even before its delivery.
It is estimated that during 2024, 35% of new homes in Spain were sold under this specific modality, and at prices up to 20% lower than completed properties. However, this type of operation also carries risks and certain legal particularities, which every buyer should be aware of.
In this article, you will find all the information you need to know about off-plan purchasing, in a comprehensive guide where we will explore what off-plan purchasing is, its advantages, its risks, and we will even review the key legal aspects and how to invest safely with this modality.
Off-plan purchasing is a modality that consists of acquiring a home or commercial premises before it is built, making the decision based on the characteristics observed in the blueprints, models, and design promises. In this way, the buyer signs a contract with the developer and makes staggered payments during the construction period.
The main characteristics of off-plan purchasing are the possibility of obtaining a lower price, which is usually more economical than buying a completed home, and the possibility of customizing the construction by choosing finishes, materials, or the layout in early stages. The delivery period is generally between 1 to 3 years, depending on each project, and financing includes options such as some banks offering off-plan mortgages with special conditions.
You might be interested in: fixed, variable mortgage or mixed.
Real estate developers usually offer discounts of between 10% and 20% compared to the final sale price. For example, an apartment valued at 300,000 euros when completed can cost as little as 240,000 euros in its initial phase for off-plan purchase.
For example, you can choose the flooring, sanitaryware, kitchen, and other types of finishes without the need to pay an additional cost (in most cases).
If the market in the sector rises, the buyer can benefit from immediate capital gains. For example, if the value increases by 5% annually, in just 2 years the home could be worth between 10% and 15% more.
Payment is not made all at once, with the total amount upfront, but rather in installments linked to the progress of the work.
In some autonomous communities, you can access reductions in ITP or VAT for the purchase of new construction.
When buying a completed home, the price is the current market price, whereas with an off-plan purchase, you can buy for up to 20% less. In the initial stages of an off-plan purchase, you can access greater customization, but with a completed home, options are limited only to possible subsequent renovations.
On the other hand, the risk of an off-plan purchase is slightly higher, as it involves potential delays or non-compliance, whereas with a completed home, you buy what you see. For financing, it's necessary to find an off-plan mortgage (which is disbursed in stages) and not all banks offer them, while with a completed home, you can access a traditional mortgage.
Finally, a completed home can be purchased immediately, while with an off-plan purchase, the delivery period can be approximately 1 to 3 years.
Buying off-plan is advisable if you're looking for initial savings, making it ideal for those who can wait and want to pay a little less. It's also a good option for investors if the area is expected to appreciate in value before delivery, and it's also perfect for those who desire personalization, allowing them to choose certain details from the outset without requiring costly renovations.
However, it's not a recommended option for those who need a home urgently, as delays are often common.
You should check their history, whether they have delivered projects on time in the past or if they have complaints, as well as consult registries such as the Register of Developers at the College of Registrars.
You should consider if it's a developing area, if there are services like transport or schools nearby, and also review building permits and municipal licenses.
Some banks offer off-plan mortgages with phased disbursements. For example, BBVA and Caixabank have specific products for this type of purchase.
It is essential to ensure that the contract includes an exact delivery deadline, penalties for delays, a detailed description of finishes, and protection clauses in case of developer bankruptcy.
You should visit the property before signing the deed to ensure everything matches what was agreed upon.
The purchase agreement must include binding delivery deadlines, an exact description of square meters and layout, and agreed-upon finishes and qualities.
A 3-year warranty is provided for construction defects and a 10-year warranty for structural damage.
If the developer goes bankrupt, the buyer can claim through a bank guarantee or a surety bond.
This applies once the property is delivered for community procedures.
Payment usually follows this structure: For the reservation, between 5,000 and 10,000 euros are paid, which reserves the property. Then, upon signing the contract, 10 to 20% of the value is paid. Payments are made in phases, with 30 to 40% paid as construction progresses, and the final settlement is paid upon delivery.
Penalty clauses should be required, e.g., 1% of the value per month of delay.
The inclusion of material samples in the contract should be required.
It must be verified that the project has a bank guarantee and a surety bond.
A specialized professional can review the contract and its clauses.
So that it covers advance payments
You should monitor the progress to verify the advancements.
You may also be interested in: ICO guarantee.
Yes, provided the developer is solvent and the contract includes guarantees.
It should include deadlines, a description of the property, penalties, and guarantees.
Yes, through a contract assignment, which may incur extra costs.
It's estimated between 10,000 and 50,000 euros, depending on the property's value.
The building permit, the final plans, and the developer's guarantees.
You can file a legal claim or negotiate compensation.
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Buying off-plan can be an excellent opportunity to save money, customize a home, and benefit from real estate appreciation, but it requires caution and legal advice.
In 2026, this modality will continue to be an attractive option for investors and buyers willing to wait. If you decide that buying off-plan is for you, follow our recommendations to minimize risks and ensure a profitable investment.
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Calera, 3
Funded
100%
598.506,15 €
Target
598.506,15 €
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