property types

Should I buy key-ready or off-plan property in Spain?

Key-ready properties are complete and available for immediate occupation, while off-plan means buying during construction or before building starts.

KEY-READY advantages: you see exactly what you're buying, immediate occupation or rental income, no construction risk or delays, existing properties can be inspected.

OFF-PLAN advantages: typically 10-20% cheaper than equivalent key-ready, choose your preferred plot/floor/orientation, customize finishes (tiles, kitchen, fixtures), modern building standards and energy efficiency, staged payment plan during construction.

Off-plan risks: construction delays (common in Spain), developer bankruptcy (check track record), the finished product may differ from showroom, market changes during construction period.

Protections for off-plan: since 2016, developers must provide bank guarantees for deposits, ensure the developer's license and insurance are verified by your lawyer.

Payment structure for off-plan is typically: 30% deposit at contract, stage payments during construction, 60-70% at completion.

WOW-Estates vets all developers and can guide you through both options.