Investing in a new-build development — whether a Dutch apartment project or a development on the Spanish coast — differs fundamentally from existing construction. The certainty of the property is not yet there; instead, the investor evaluates the developer, the permits, the financing structure and the legal documents. This article describes the customary documentation list, based on standards of the NVB Bouwondernemers, NEPROM and the Royal Institution of Chartered Surveyors.
1. Permits
Irrevocable building permit. The environmental permit (in other countries: licença de construção, licencia de obras) must be irrevocable — no pending appeal procedure. Request an extract from the omgevingsloket showing permit status and any conditions.
Zoning plan. The project must fit within the applicable zoning plan. Deviation procedures or zoning changes still to come are a red flag, even if the developer assures it's "a formality".
Aesthetic approval. In most Dutch municipalities, a positive aesthetic-committee opinion is part of permit issuance. Other countries usually have a comparable design review regime.
2. Developer background
Track record. Ask the developer for a list of completed projects with delivery dates, scale, end users and — where possible — references. A developer without prior projects ("first-time developer") is not necessarily problematic but warrants extra security.
Corporate structure. How is the developer legally structured? In most European countries, a new-build project is placed in a separate project company. Verify in the KvK register (or local equivalent) who the ultimate beneficiaries are and whether the parent company provides additional guarantee.
Solvency and credit history. Request annual accounts for the last three years. For new-build, solvency of at least 15–20% is customary. For project companies, look at parent company equity.
Pending disputes. In the Netherlands: check rechtspraak.nl for current or recent proceedings against the developer. Other EU countries offer comparable transparency via national case-law databases.
3. Financing structure
Construction financing. Which bank or financier has committed construction financing? An unconditional financing commitment is a strong indicator. With conditional financing — e.g. subject to 70% pre-sales — the project is only certain once that threshold is met.
Pre-sales percentage. In the Netherlands, pre-sales of 70% to 80% is customary before construction starts. In Southern Europe this varies; in parts of Spain, construction sometimes starts at 50%. Too low a percentage signals risk of stalling mid-build.
SWK / GIW guarantee. In the Netherlands, the Stichting Waarborgfonds Koopwoningen (SWK) or the Garantie Instituut Woningbouw (GIW) provides a guarantee against developer bankruptcy. Verify whether the project falls under such a guarantee — it typically covers between 5% and 10% of the construction sum for completion in case of bankruptcy.
In Spain, a comparable mandatory guarantee exists (Ley 38/1999); in Portugal, the garantia bancária on prepaid instalments.
4. Legal documents
Construction and purchase agreement. The difference: the construction agreement governs the build, the purchase agreement governs the land transfer. In a 'koop-aanneem' (purchase-construction) construction, both are bundled. Verify that:
- the delivery date is firm and not "indicative"
- the penalty clause for delay is realistic
- additional work is transparently regulated
- the property is exactly defined, including drawings, materials list and finish specification
Deed of division and HOA bylaws. For apartments: request the draft division deed and HOA bylaws. Imbalanced voting ratios or under-funded major-maintenance reserves are direct red flags.
Easements and chain conditions. Sometimes restrictive rights apply to the land — e.g. an obligation to use specific facade materials, or a ban on short-term rentals.
5. Technical documents
Building decree / EPBD compliance. The project must comply with the Bouwbesluit 2012 (replaced in 2025 by Bouwbesluit 2025, with tightened energy requirements). In other EU countries, the EPBD directive is leading.
Energy label A or better. For new-build from 2025, energy label A is standard; from 2027, label A+ becomes mandatory in most member states for new-build.
MPG and environmental performance. The Environmental Performance of Buildings (MPG score) has been tested more strictly in the Netherlands since 2025. For commercial real estate in other member states, comparable LEED or BREEAM requirements apply.
6. Delivery
Delivery documentation. At delivery the developer must provide: revision drawings, use and maintenance manuals, supplier guarantee documents, and the delivery report. A VvE Adviseur is often engaged for independent review.
5% retention. In the Netherlands, the buyer may retain 5% of the construction sum for up to three months after delivery, to cover any defects. This is a statutory right under Article 7:768 BW.
Checklist summary
| Category | Required documents |
|---|---|
| Permits | Irrevocable environmental permit, zoning plan, aesthetic approval |
| Developer | Track record, 3-year annual accounts, KvK extract, dispute check |
| Financing | Construction financing commitment, pre-sales %, SWK/GIW guarantee |
| Legal | Purchase-construction agreement, division deed, HOA bylaws |
| Technical | Bouwbesluit compliance, energy label, MPG |
| Delivery | Revision drawings, guarantee documents, 5% retention |
This checklist is informational and not exhaustive. Always engage an independent notary or lawyer to review purchase contracts and guarantee structures. Tax and legal details vary widely by country and project.
Sources: NVB Bouwondernemers · NEPROM · SWK Waarborgfonds · Bouwbesluit / wetten.overheid.nl · EU EPBD directive · RICS