In recent years, purchasing properties “off-plan” that is, still at the design or construction stage has gained increasing prominence in the Portuguese real estate market. In cities like Lisbon, where demand remains high and supply is limited, this option is becoming an increasingly popular alternative for both buyers and investors.

But is this a safe decision? Or are we looking at an investment with higher risks? The answer, as is often the case, lies in balancing opportunity with informed analysis.

Appreciation potential: one of the biggest advantages

Buying a property before construction is completed often allows you to secure a more competitive price compared to its final market value.

As the project progresses—and especially after completion—it is common to see the asset appreciate, driven by factors such as:

• The evolution of the real estate market 
• Limited supply in the area 
• The quality of the project and developer 

For investors, this difference can translate into significant returns even before the deed is signed.

More flexible payment conditions

Another key advantage of buying at the project stage is the payment structure.

In many cases, developers offer phased payment plans throughout the construction period. This allows buyers to:

• Reduce the initial financial burden 
• Plan their investment more effectively 
• Monitor the project’s progress before full payment 

This flexibility can be particularly appealing to investors or buyers who do not require immediate occupancy.

Possibility of customization

Depending on the stage at which the property is purchased, there is often room to customize finishes or make minor layout adjustments.

This is a relevant advantage for those looking not only to invest but also to create a space tailored to their needs and preferences—something that is rarely possible with completed properties.

The risks to consider

Despite the advantages, buying off-plan is not without risks. The main ones include:

Construction delays

Timelines may change due to factors such as licensing processes, material supply issues, or economic conditions.

Differences from the initial project

Although rare in well-structured developments, adjustments during construction can occur.

Developer-related risk

The financial strength and track record of the developer are crucial to ensuring the project is delivered as promised.

Can these risks be minimized?

Yes, by taking a few essential precautions:

• Analyze the developer’s track record and credibility 
• Verify permits and the project’s legal framework 
• Carefully review the promissory contract (CPCV) 
• Seek professional guidance 

A strategic decision, not an impulsive one

Buying a property at the project stage can be an excellent opportunity, but it requires a more strategic and informed approach than purchasing a ready-to-move-in property.

For buyers who value appreciation potential, financial flexibility, and a medium- to long-term vision, this can be a highly advantageous decision.

For those seeking an immediate solution or with a lower risk tolerance, more consolidated alternatives may be preferable.

Conclusion: an opportunity if well assessed

Buying a property at the project stage should not be seen solely as a risk, but rather as an opportunity that requires knowledge, guidance, and confidence in the parties involved.

In a dynamic market like Lisbon, where demand continues to outpace supply, anticipating decisions can make all the difference in the success of an investment.

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