What It Means
An off-plan property is purchased from a developer before construction is completed — typically with staged payments during construction and a final payment at handover.
Why It Matters
Financing off-plan differs from ready-property mortgages. Some lenders offer finance during construction or at handover, with criteria varying by lender, project and developer. In Dubai, off-plan sales are registered through the Oqood system.
Simple Example
A buyer reserves an off-plan apartment, paying 10% at booking and further instalments linked to construction milestones, and plans handover finance in advance.
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