Off-plan property is a property usually viewed from the Architects drawing board, way before a structure has been constructed upon it. Pre-constructions are usually marketed to private high equity investors, real estate developers and to early adopters as developments so that the purchaser can secure more favourable finance terms from their lenders.
Off-plan property is typically deemed attractive if there is a high level of infrastructure in the immediate area such as a new university or express roads, either already built or due to be built within the next few years.
Property investors or property speculators purchase off-plan property with the aim of making substantial capital gains. This financial return may occur because developers who sell off-plan property often offer financial incentives or discounts to early adopters. In addition, there may be opportunity for capital growth in a rising market and with a development cycle of typically 12–24 months.
Properties sold before they are constructed or completed are referred to as pre-sale properties or pre-sales.
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