In general, overseas planning systems are broadly similar to those in the European & Latin America countries. Plans are drawn up by architects on behalf of the developers; they are the submitted to the proper authorities for a building permit.

Once permission is obtained, detailed plans and schedules are then drawn up and the builders can start the work.

How does payment work?

Paying a deposit (typically around $5,000.00 USD) will reserve your property and guarantee the fixed price of the completed home.

As the building progresses the developer will require stage payments in order to fund the progress, as an off-plan buyer you are consequently subsidizing the building work and the materials for that specific phase of the build. For this reason payment for your off-plan property is done in stages correlating to the project’s completion.

Stage payments

These stage payments (usually a deposit and three to four consecutive payments) are scheduled around the building progress and the amount of time to completion. Typically the first payment after the deposit accounts for 20% of the purchase price, paid after about four weeks. The second payment is another 10% after 90 days and the outstanding balance is then paid on completion.