The term ‘off-plan property’ refers to property which is available for purchase before it has been constructed. This is where the phrase ‘buying off-plan’ comes from; typically (but not always) relating to apartments.
Off-plan property is sometimes marketed to property speculators who purchase it with the aim of making capital gains by taking advantage of any discounts and selling into a rising market. In a rapidly-rising market, a buyer may even be able to sell the contract on, meaning they have the potential to earn a profit on the property before it is completed.
Off-plan property may also be desirable where an area is in high demand, and purchasers want to secure a future property.