Notes for international buyers
Buying Off-Plan? High Reward, but Watch the Risks
Buying a property that hasn't been built yet (Off-Plan) is very popular in the Algarve right now. It allows you to buy at a lower price and customize finishes. But it requires a watertight contract.
THE RISKS: What if the builder goes bankrupt? What if the construction is delayed by 2 years? What if the final apartment looks different from the 3D render?
THE SAFEGUARD: Never sign a Promissory Contract (CPCV) for an off-plan property without checking:
- The Building License: Is it actually approved by the Town Hall?
- Bank Guarantee: Does the developer offer a guarantee to return your deposit if they fail to finish the project?
- Penalty Clauses: We insert strict penalties for delivery delays to protect your investment.
Buying new is exciting, but ensure your money is safe while the bricks are being laid.
Written on the date shown. The law and tax figures may have changed since. This article is general information, not advice on your particular case. For questions: info@pedrotabuada.com · +351 923 337 076.