Smart buyers often look to invest in off plan properties on new developments. It is estimated in Spain to be 15% cheaper on average than buying a second-hand home. New build properties generally have less maintenance issues, in comparison with older properties. Developers are required by law to have insurance policies that cover 10 year structural guarantees for new build homes.
Normally buyers will sign a contract and commit to a series of stage payments during the construction phase, with the majority of the property price being payable on completion. Developers are required by law to provide bank guarantees to buyers to safeguard all monies paid towards the purchase price. If you are considering buying off plan, it is important to organise finance before committing to a purchase agreement.
After the building is finished, you will be issued with a finalisation certificate (certificado final de obra) from the seller. You will also receive a licence of first occupancy (licencia de primera ocupación). This verifies building inspectors from the local town hall confirm that the construction has been carried out in compliance with the planning permission granted, and the property complies with habitation standards.
The Covid-19 global pandemic has increased demand for new build properties in Spain. The estimated 15% cost saving with a new build property allows your budget to go further, meaning a better quality of life. You might have more outdoor space such as gardens, terraces and swimming pool. Or perhaps you obtain extra indoor space which gives greater flexibility or can be used for working from home.
Below you will find a selection of new property developments that we are currently selling off plan in Lanzarote.