Imagine a luxury flat on the northern tip of Koh Samui perched over Thailand's turquoise waters. The interior is fitted out with white couches, a flat screen television and stylish wooden furniture. Now imagine being offered the keys at a massive discount.
Ready to put down a deposit? For retiree David Martin, the answer was 'yes'. There was just one catch. The property had not yet been built.
'It's a strange concept to be honest, but I saw the renderings and I could just see the potential,' says Martin, who purchased the flat off-plan.
'They had just started with the ground works. I got in early, so obviously you get a cheaper price. Now it's gone up considerably.'
Off-plan holiday homes have long captivated buyers for their relatively low cost and potential for capital gain.
Unlike buying a property outright, for many the appeal of buying off plan is the staggered payment structure. While they fell out of favour during the global financial crisis, off-plan developments are enjoying a resurgence, particularly among those planning to retire.
For Martin, a former accountant who was looking for a second home, the decision to buy off-plan was 'a no-brainer'. His flat was one of the first to be sold in the Code Residences, a development of 40 units with a sauna, tennis courts and full maid service. Martin purchased his home for about 3.25 million baht (HK$816,000), 14 months before it was built.