Buying Investment Property
in Morocco
Tangier, Casablanca, Marrakesh … just the names of these cities
stir a hint of spice in the nostrils..Morocco is changing rapidly
under King Mohammed VI, who came to the throne in 1999.
The young king made economic development and modernising his
country a priority. An increase in UK buyers has been encouraged
by advertising campaigns promoting the cost of living – about
three times cheaper than in Europe – the way of living, the weather,
and more flights into the country. English clients are buying
a variety of properties, including apartments, riads in the medina,
villas in the Palmeraie, areas outside the town in a garden setting,
or the countryside.
Land in the Palmeraie, regarded as an expensive area full of
rich people, will cost between €25-€40 per square metre and land
in the countryside about €8 per square metre. Riads, often in
need of renovation, in Ksour and Mouassine, the chic districts
of the Medina in Marrakesh average one million DH (£60,000).
A villa with pool on a one-hectare site in the Palmeraie will
cost on average 15 million DH (£900,000) – three times less than
in St Tropez. Always use an established estate agent, ensure there
are official title deeds to the land or property which have been
viewed by your notaire (lawyer or agent) and accept that if you
plan restoration work, it is likely to be completed "in Moroccan
time".
Some UK buyers are choosing new developments in other parts of
the country, such as Aglou Paradise, a residential complex of
villas overlooking the sea 10km from Tiznit and less than an hour
from Agadir. Built in Moorish style, the three-phase development
is the idea of Aisha Aguezoum, born in Belgium of Moroccan parents,
who for the past six years has been involved in real estate in
Portugal's Algarve.
Mortgages are available on the following terms:-
The maximum mortgage is 50 percent of the purchase price or valuation.
The purchase can be paid in Euros, Dollars or Sterling.
The usual maximum period is 15 years but this is negotiable. The
term cannot extend beyond normal retirement age.
Interest is negotiable at around 7 to 8 percent.
Proof of income is required.
All properties will be freehold but in most cases of old houses
deeds will need to be created. New properties tend to have existing
deeds. System is very similar to Spain except that the papers
are created and signed by a Notary. A buyer will generally need
a 10% deposit and the normal time to completion is 6 to 8 weeks.
Clients need to return to complete the purchase.
The information on these pages is only intended as a guide. Buyers
and Sellers should always seek the services of a qualified Notary
before entering into any agreement.
Investment Property in Morocco
Mediterrania Saïda »
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