An off-plan property is a real estate asset that is available for purchase before its construction is completed.

In other words, when you buy an off-plan property, you are acquiring a property that has not yet been built or is still in the early stages of construction. Essentially, investors or end-user buyers commit to purchase a property based on architectural plans, design concepts, project specifications, or other representations provided by the developer.

This approach allows buyers to secure a property at a potentially lower price and at an early stage of development with the expectation that its value may increase upon completion or even before. The other advantage is that the payment is spread over several months or years, interest-free, till completion of the project or the handover of the unit. Also, they may have the option to customize certain features based on the developer’s offerings.