Glossary · The buying process
New development
Also called: New build, Primary market
In short
A project sold for the first time by its developer, whether it is still on paper, under construction or finished with units left to sell.
What it means
New development describes who is selling and for which time: the developer, for the first. It covers projects at every stage. A unit bought from the developer in a finished building is a new development purchase but not an off-plan one.
The stages you will see
- Pre-launch: offered to early buyers before the official launch.
- Under construction: being built, with a planned completion date.
- Ready to move in: finished and registered, with unsold units that can be transferred at once.
How it differs from resale
- You buy on the developer's contract and payment plan, not in one payment to a private seller.
- The developer is liable for defects for the periods in the contract.
- The costs at transfer are split as the developer's contract says.
- In a new building the foreign quota is more likely to be open.