Off-plan property is a property that is available for purchase prior to being completed. Investing in off-plan property gives investors the option to secure a property by paying a percentage of the property’s purchase price, up to 2 years before the development is complete, with any outstanding balance paid upon completion.
For investors buying an off-plan city centre properties, they have the benefit of being able to pay for the property over a longer period of time, than if the property had already been completed.
In many cases, they are also able to secure property at current market values which enables them to make significant capital appreciation upon completion of the property.
Whilst mortgages are available on many off-plan investment opportunities, off-plan investments tend to be more suited to those financing their purchase using cash.
This is because off-plan properties can take up to 2 years to complete, whilst a mortgage offer is only valid for between 3 and 6 months.