What is the definition of off-plan property?

Off-plan property refers to real estate that is purchased before it has been completed or constructed. This typically involves buying a unit or project based on plans, architectural designs, and model representations rather than seeing the physical property. Investors and buyers are often drawn to off-plan properties because they can secure favorable prices and potentially benefit from capital appreciation as the project progresses toward completion.

When individuals buy off-plan, they usually make a deposit and enter into a sales agreement, with the expectation that the property will be finished by a specific date. This approach is common in vibrant real estate markets where developers offer properties that are yet to be constructed, allowing buyers to invest at an early stage.

The other options refer to different types of real estate situations. Properties that are fully constructed and ready to sell would not qualify as off-plan, and land that has not been developed yet is not a property sale but rather undeveloped land. Finally, real estate sold during a foreclosure auction pertains to properties that have already been foreclosed upon, which is unrelated to the concept of off-plan investments. Thus, the definition provided is accurate and reflects the nature of off-plan transactions in the real estate market.