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Off Plan Property in Spain

What is an Off Plan Property?
Off Plan Properties (OPP) are properties sold at attractive prices below market value in the initial stage of a new development before the property has been completed.

An Off Plan Property will go through several steps until completion...
1. Securing land & paperwork: Developers must first buy land and complete planning paperwork, get official building permissions and arrange bank guarantees as well as financing for the project.

2. Selling off plan (pre-construction): Once the land is purchased and paperwork arranged, developers begin selling rights to the properties before their actual construction. The developers offer these ‘off plan’ properties to buyers at discounted rates because selling pre-construction helps with the project’s financing and guarantees a certain number of units will be sold upon completion.

3. Stage 2 off plan : Once a certain number of discounted units have been reserved pre-construction (banks often require this), building starts. Properties continue to be sold during construction, but at higher prices than the units sold pre-construction. The developer continues to increase prices at various phases of construction until they ultimately meet the real market value once construction comes to an end, at which point the remaining unsold properties are no longer marketed as off plan properties but as regular new homes.

In today’s post-boom environment, the volume of off plan and completed properties on the market greatly exceeds demand. This has led many developers to offer exceptional deals on Spanish homes in order to sell off their properties and avoid falling into bankruptcy - a situation current buyers can benefit from enormously

As specialists in new developments and off-plan properties in Spain, oppSpain offers a unique service by providing access to a select portfolio of properties, all of which have been handpicked by our market specialists to bring you only the best deals available today in Spanish off plan property.

To learn more about how oppSpain can help you find excellent offers on off plan and new properties in Spain, please contact us or search our database of carefully selected Spanish properties.

* SEE Spanish Property Dictionary

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