Unless you buy a property on Polaris World, which, thanks to Jack Nicklaus' TV advertising campaign, remains as popular as ever, I would strongly advise against buying a property off plan in Spain at the moment. Why? Because nobody can tell you with certainty when you'll get your keys.
For the uninitiated, buying off plan means buying the artist's impression. While your property will be the exact size, shape and layout as described in the brochure, you won't know the exact situation until your home is completed. If you don't like it, it's too late to back out of the contract. On that basis alone, I would counsel against an off plan purchase, but there are even stronger reasons for avoiding off plan at the moment.
Spain, like most of the world, is going through a recession. Builders, even those established for 20 years or more, are going down the pan and taking purchasers' deposits with them. Even builders who are remaining in business are scaling down their building programmes due to cash flow problems. So you may have to rent another place in Spain until your home is ready. Or you may be forced to move into an urbanisation where the communal grounds and swimming pool have not been completed due to shortage of funds on the builder's part.
When things will improve is anybody's guess. Unless you must have a brand new home - in which case, opt for key ready - go for a resale property. Be careful out there!
