Buying a property off-plan is definitely back in fashion. At Nvoga, we specialise in marketing high-end developments, many of which are placed exclusively in our hands, and we can confidently report that investors are once again putting their faith in buying off-plan. It is one of the most advantageous ways to purchase property, whether you are buying with a view to living there, or you want it as an investment that will be used for short or long-term rentals.
At its most typical, the Costa del Sol is a market for second homes, by which we mean the majority of its property owners only use the home they purchase here for holidays or perhaps longer periods of time, but not as a year-round residence. Having said that, this is changing, as more people move here permanently, especially younger professionals who are involved with business start-ups, or those who regularly travel for work and are able to take advantage of the increasing number of international routes available from Málaga airport whilst enjoying having a home base in the sunshine.
How off-plan works
Recently released official statistics show that the number of plans approved for new homes of all types is on the increase this year, and we have already seen the launch of new exclusive developments in the Marbella area. Taking the off-plan route allows developers to spread their financial risk, but it is perhaps less appreciated that an off-plan buying structure also enables a developer to better manage the construction process and ensure that properties are built to the highest standards and have an excellent finish. In addition, a developer must have purchased the land and have sold a minimum of 50% of the properties before it can have access to bank financing. From this perspective, off-plan ensures the developer’s solvency and that is good news for buyers, who can be confident a project will be finished according to plan.
Getting in early is the secret of off-plan buying. You’ll have an opportunity to choose the best views, orientation and property layout. In general, once you have selected your property, you pay a deposit and then 40% of the price during the construction phase. The balance is due at the Notary’s office when the home is ready and the property transferred into your name. It is quite possible that when you take ownership your property is already worth more than you paid for it. Moreover, it’s possible to obtain financing for off-plan purchases, which is an avenue worth exploring.
We specialise in promoting exclusive off-plan developments in Marbella and the Costa del Sol, and would be delighted to answer any questions and show you our prime developments, so please contact us for more information.
NVOGA has just launched two spectacular new off plan developments: Vanian Green Village in the Golf La Resina area and South Bay in Estepona town. Both offer fantastic sea views and are close to all amenities. Sales are going swiftly and the developments have been successfully received on to the market in terms of reservations and sales.