Buying property off-plan in Portugal is becoming increasingly common, especially in areas where completed homes are in short supply. This is particularly true in Lisbon, Cascais, Oeiras, Porto and the Algarve.

According to Idealista, developments still under construction attract more buyer enquiries on average than newly built homes that have already been completed. In many cases, apartments are sold before the building is finished — and sometimes even before the project is officially launched on the market.

One reason is the shortage of new housing in high-demand areas. Buying at an early stage gives buyers a chance to secure a property and often at a lower price. Buyers are also paying attention to energy efficiency, layouts, architecture and the property’s future investment value.

But the model comes with an obvious risk: people are buying a home that does not yet exist. That makes a developer’s reputation, the existence of all necessary licences and the contract terms especially important in these deals. Still, with prices for completed homes soaring, many buyers are willing to seize any opportunity to save money.