Property

Investment

Buying Off Plan Property

Buying 'off plan' property in Spain can benefit you in three ways. First, it is entirely possible to achieve returns in excess of 100% of your initial investment within 24 months. Second, your profit can legally be free of capital gains tax. Third, holding on to the property for a longer term means you can benefit from the fastest growing property market in Europe (and have a great holiday destination while your investment is appreciating).

The developer of a building project is always keen to sell as many properties as early as possible to improve cash flow, minimize development loans from banks and give the project some forward momentum. In order to sell before construction has started, the developer sells 'off plan' at extremely competitive prices because investors only have plans, computer simulations and a plot to view at this stage.

Apart from the fact that the developer will be selling at less than current market value to attract investors, the real key when buying 'off plan' is that you only have to pay 35% of the purchase price as a deposit. Thereafter, no further payments are required until the project is completed, at which point it can be financed with a 65% mortgage or sold.

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