When buying new build property in Spain, you'll often face a choice: key ready (completed) or off-plan (under construction). Both have genuine advantages — the right choice depends on your timeline, budget, risk tolerance, and goals.
This guide explains everything you need to know to make an informed decision.
What is Key Ready?
"Key ready" means the property is fully built, has all licenses and certificates, and you can move in almost immediately after purchase. You're buying a finished product.
Key Ready Advantages
- ✓Immediate availability — move in within 4-8 weeks of signing
- ✓No construction risk — no delays, no surprises
- ✓See exactly what you're buying — visit and inspect the actual unit
- ✓Immediate rental income — start earning from day one
- ✓Easier financing — simpler mortgage process for completed properties
Key Ready Disadvantages
- ✗Higher price — you pay the full, final-phase price
- ✗Limited choice — best units often sold already
- ✗No customization — finishes and layout are fixed
- ✗Full payment required — need all funds upfront
What is Off-Plan?
"Off-plan" means buying a property before or during construction. You purchase based on architectural plans, 3D renders, and show homes (if available). The property doesn't exist yet, or isn't finished.
Off-Plan Advantages
- ✓Launch pricing — typically 20-40% below completion prices
- ✓Best unit selection — choose your preferred plot/floor/orientation
- ✓Staged payments — spread cost over 12-24 months
- ✓Customization options — choose finishes, sometimes layouts
- ✓Time to arrange finances — mortgage only needed at completion
- ✓Built-in equity — appreciation during construction
Off-Plan Disadvantages
- ✗Waiting period — typically 12-24 months until completion
- ✗Buying "blind" — can only see plans and renders
- ✗Potential delays — construction can take longer than planned
- ✗Market risk — property values could change during construction
Payment Schedules Compared
Key Ready Payment
Plus ~13% for taxes, notary, and fees
📋 Off-Plan Payment
Exact schedule varies by developer
Important:
Off-plan payments before completion must be protected by bank guarantee (aval bancario). If the developer fails to deliver, you get your money back with interest. Always verify this guarantee exists before paying.
Real Price Difference Example
Here's how pricing typically works for the same development:
| Purchase Stage | 3-Bed Villa Price | Savings vs Key Ready |
|---|---|---|
| Phase 1 Launch (foundations) | €320,000 | -20% (€80,000) |
| Phase 2 (structure complete) | €350,000 | -12.5% (€50,000) |
| Phase 3 (near completion) | €380,000 | -5% (€20,000) |
| Key Ready (completed) | €400,000 | — |
The Math:
Buying at Phase 1 launch saves €80,000 compared to key ready — that's the cost of furnishing your villa, a car, and several years of community fees.
Understanding the Risks
Off-Plan Risks (and Mitigations)
Construction Delays
Projects can take 3-12 months longer than estimated.
✓ Mitigation: Check developer track record. Established builders like Contrimar, TM, and GV have strong delivery histories.
Developer Insolvency
What if the builder goes bankrupt?
✓ Mitigation: Bank guarantees (mandatory in Spain) protect all stage payments. You get your money back with interest.
Doesn't Match Expectations
Finished product differs from renders.
✓ Mitigation: Visit completed developments by the same builder. Check specifications in your contract.
Key Ready Risks
Paying Premium Prices
You pay the highest price in the development lifecycle.
⚠ Trade-off: This is the cost of certainty and immediate availability.
Limited Selection
Best units often sold during off-plan phases.
⚠ Trade-off: You may need to compromise on orientation, floor, or view.
Which Should You Choose?
Choose Key Ready if:
- ✓You need to move in soon (relocation, retirement)
- ✓You want immediate rental income
- ✓You prefer to see exactly what you're buying
- ✓You have funds available now
- ✓You're risk-averse about construction
- ✓Your circumstances might change (can't commit 2 years)
Choose Off-Plan if:
- ✓Maximizing value is your priority
- ✓You can wait 12-24 months
- ✓You want to choose your exact unit/plot
- ✓You need time to accumulate funds
- ✓You want to customize finishes
- ✓You're comfortable with reputable developers
The "Nearly Ready" Sweet Spot
There's actually a middle ground many buyers overlook: buying during late construction (Phase 3). You get:
- ✓Some discount vs key ready (typically 5-15%)
- ✓Shorter wait (3-6 months vs 12-24)
- ✓Can often visit the building in progress
- ✓Lower construction risk (project clearly completing)
Our Tip:
Ask us about developments in Phase 3 — these offer an excellent balance of savings, certainty, and timing.
Frequently Asked Questions
Is my money safe when buying off-plan?▼
Yes, Spanish law requires all off-plan deposits to be protected by bank guarantees (aval bancario) or insurance. If the developer fails to deliver, you receive a full refund plus legal interest. Always verify this guarantee exists before making payments.
Can I change my mind after signing off-plan?▼
It depends on your contract, but generally you would forfeit your reservation deposit if you withdraw. Once you sign the private purchase contract, additional penalties may apply. Some developers allow resale of your contract to another buyer — ask before signing.
What if construction is delayed?▼
Delays of 3-6 months are common and usually covered by contract clauses. Significant delays (12+ months) may entitle you to compensation or contract termination with full refund. Your lawyer should review these terms before you sign.
Can I get a mortgage for off-plan property?▼
Yes. You typically get mortgage approval in principle early, then finalize when the property is near completion. The mortgage funds the final payment (usually 30-50%). Banks prefer lending on new builds, and many developers have preferred bank relationships.
How much can I really save buying off-plan?▼
Typically 20-40% compared to key ready prices in the same development. On a €400,000 villa, that's €80,000-160,000. The earlier you buy (Phase 1), the greater the savings — but also the longer the wait.
Can I visit the property during construction?▼
Usually yes, with the developer's permission. Many developers offer scheduled site visits at key construction milestones. This lets you see progress and feel more connected to your purchase.
Need Help Deciding?
We have both key ready and off-plan properties available across Costa Blanca. Tell us your timeline and priorities, and we'll recommend the best options for your situation.