What is a VEFA (Sale Before Completion)?

A ‘off-plan’ purchase

A VEFA (Sale Before Completion) involves a buyer purchasing a property off-plan, even before its construction has been completed. This is a contract between the buyer and the developer, which serves a dual purpose:

• It guarantees the buyer that the property will be completed
• It enables the developer to be paid as the work progresses, according to a payment schedule set in advance. The balance is paid by the buyer upon handover of the property.

A guarantee requirement for residential properties

For all off-plan sales of residential properties, the developer is obliged to take out a financial guarantee of completion (GFA), which guarantees the completion of the works even in the event of the developer’s default.

The advantages of buying off-plan

• Reduced notary fees: between 2 and 3 per cent for new-build properties, compared with around 7 to 8 per cent for existing properties.
• The zero-interest loan (PTZ): subject to means testing and available to first-time buyers, it allows up to 50 per cent of the cost of a new-build flat (and up to 30 per cent for a new-build detached house) to be financed, interest-free.

Updated on: 17/09/2026