What is the payment plan for an off-plan property?

The payment plan for an off-plan property depends on the developer, but it typically consists of four main stages:

1️⃣ Reservation – A deposit of $1,000 to $5,000 USD is required to secure the property.

2️⃣ Initial payment completion – You must complete 10% to 20% of the total price, usually within 30 days of reservation. This is when the purchase contract is signed.

3️⃣ Payments during construction – The remaining balance is divided into quarterly payments or payments based on construction milestones agreed upon with the developer.

4️⃣ Final payment upon key handover – The outstanding balance is paid when the property is delivered and keys are handed over.

The most common payment structure is 20% – 40% – 40%, though this may vary depending on the project and developer.