Off-plan property

Off-plan property is a property before a structure has been constructed upon it. Pre-constructions are usually marketed to real estate developers and to early adopters as developments so that the purchaser can secure more favorable finance terms from their lenders
Property investors or property speculators purchase off-plan property with the aim of making substantial capital gains. This financial return may occur because developers who sell off-plan property often offer financial incentives or discounts to early adopters. In addition, there may be an opportunity for capital growth in a rising market and with a development cycle of typically 12–24 months.
Off-plan property is typically deemed attractive if there is a high level of infrastructure in the immediate area such as a new university or expresses roads, either already built or due to be built within the next few years.
Properties sold before they are constructed or completed are referred to as pre-sale properties or pre-sales in Canada.
Advantages of buying off-plan.
In a rapidly rising real estate economics housing market, buying off-plan enables investors and homebuyers to buy a property at a lower price than if they wait for the construction of their chosen property to commence or when it eventually is completed. In addition, buying off-plan may be the only way to get a property with a specific location or set of features as the choice may be limited once construction starts or finishes.
Risks of buying off-plan.
Buying a property off-plan, whether to use as home as an investment, incurs more risks than buying a property that has already been built.