Yes — and it is very common in Bahrain. The black construction is handed over first, then finishing is executed in phases as budget allows.
There is one rule that matters: start with what is hard to do later. Services inside walls and floors, and tiling, should be completed early, because doing them after you have moved in means breaking out finished work and paying twice. Cosmetic items — some joinery, wardrobes, decorative lighting — can safely wait.
Most importantly, agree a finishing plan at the outset, even if it will be executed over several years, so the phases do not work against each other.