Thread Status:
Not open for further replies.

Al Houra

Discussion in 'Morocco Property' started by Lee Filkins, Dec 27, 2008.

  1. Lee Filkins

    Lee Filkins Administrator Staff Member Premium Member

    Anbody bought in Alhoura and now cannot complete due to the strong Euro or other reasons. Please PM me.
     
  2. FireFly

    FireFly New Member

    Al Houara

    Hi,

    I have a Beach Apartment in Al Houara.

    Happy to discuss. Do you have an email address I can contact you at?

    FireFly
     
  3. Lee Filkins

    Lee Filkins Administrator Staff Member Premium Member

    subject

    Thanks for the reply. What is the latest news ? have you been able to get a mortgage ? etc etc. Please send me a pm through the forum.
     
  4. FireFly

    FireFly New Member

    No probs.

    As I am new here, I don't have PM capabilities yet. But I think you can PM me.

    The latest info that I have is that ground work is still commencing and foundations were are to start soon.

    Th next payment will be due once the foundations are complete. After that, it is possible to apply for the mortgage.

    How about yourself? Have you also purchased anything in Al-Houara?

    Regards,

    FireFly
     
  5. Lee Filkins

    Lee Filkins Administrator Staff Member Premium Member

    subject

    I am thinking of pulling out for reasons:

    a) The apartment along with its adjoining area was suppose to have been ready in September 09. This I do not see happening.

    b) As per contract they must put the foundation down by June 09. Otherwise we can cancel our contract. What concerns me is that they will lay the foundations & demand the next 10% & finish the block when ever they can & we are than stuck and have to go along with them.

    c) The London office is closed so there is no body to contact or reason with Replies from Morocco are a lottery.

    d) Applying for a mortgage & getting a mortgage are two different things.

    e) The prices have dropped in Morocco around 20% to 25%, whilst the Dirham rate, when I bought & paid for the reservation was £=16.28, today it is £=12.47. So we will be paying a higher price atleast by 23% on exchange difference and the loss of 20% in market value on top.

    f) There are no sales, Tinga is suffering as well. I cant see other blocks being built for a while as there are no buyers & there wont be many for the foreseeable future. I can see us living on a building site for the next 10 years or so, Besides I do not see property prices recovering for atleast seven years.

    g) Once you paid your 30% & you don't get a mortgage you will be stuck.

    h) Mortgages in Morocco, are full of hidden charges such as VAT on interest rate etc.

    The prices that we are to pay. I can buy two properties in Spain & still have change left over.

    I don't know how I can send an e mail to you from the forum.
     
    Last edited: Mar 3, 2009
  6. FireFly

    FireFly New Member


    Hmm...interesting comments. If you pull out, do you lose the money you have put down so far?
     
  7. Lee Filkins

    Lee Filkins Administrator Staff Member Premium Member

    subject

    In practise. I have been in contact with a very switched on lawyer in Casablanca & he recons that I can.

    We are around ten friends who bought & they are thinking on the same lines as me. Even though our personal circumstances are very different.
     
  8. redangel7861

    redangel7861 New Member

    Hi Camel,

    I've purchased on Atlas Golf, Marrakech, which is due for completion middle of this year. Like you I'm having doubts and thinking of pulling out. The Marrakech market is different to the Tangeir market, so I'm not to sure in the fall of assett values in Marrakech.

    Contract has a get out clause, i.e. developer will keep 25% of payment made to date and refund the rest. The loss of 25% will be covered mostly by the fall in sterling against the MAD (20%). So in essence if I'm going to cancel then now may be the best time.

    Developer is pulling out all the stops to keep us in until completion. Giving myself a week or so to make my final decision.
     
  9. Lee Filkins

    Lee Filkins Administrator Staff Member Premium Member

    subject

    I, agree in regards to Exchange rate moving in our favour, if we pull out. In my opinion, Marrakesh would probably have a bigger fall due to the hype. I was told at the height of the property boom the land prices in Marrakesh were similar to Manhattan. This position could not be sustained
     
  10. redangel7861

    redangel7861 New Member

    Agree Camel.

    Do you not feel that markets like Morocco are slightly isolated from the economic turmoil, due to the fact that their banking system followed a simple model, hence not effected by the banking crisis.

    Morocco GDP is expected to be positive this year, there is also a growing middle class element and the Middle East nations are still investing heavily in Morocco.

    All things to take into consideration - difficult decision
     
  11. Lee Filkins

    Lee Filkins Administrator Staff Member Premium Member

    subject

    Do you not feel that markets like Morocco are slightly isolated from the economic turmoil,

    No, I don't. The market there is not sophisticated & not so interdependent on other sectors of the economy & is not aligned to Western economy. The ripple effect has just about starting there. The Moroccan Banks /mortgage is a very small one as an average Moroccan cannot even dream of a mortgage.


    due to the fact that their banking system followed a simple model, hence not effected by the banking crisis.

    See above

    Morocco GDP is expected to be positive this year,

    Yes, coming from a very low base. The effect of this GDP has not hit the masses.


    there is also a growing middle class element

    Yes, middle class normally inherits. Young Moroccans still rely on family etc. So they not be leaving homes or get divorced in droves to buy the homes.

    the Middle East nations are still investing heavily in Morocco.

    Dont, agree Dubai has just taken capital from Abu Dhabi, Some properties in Dubai has lost 60% & you heard of some 4500 cars were left at the Dubai airport with finance outstanding. Emmar had offered a serious discount on a project in Tangier's.


    All things to take into consideration - difficult decision

    Agree. There is no one size fits all.
     
  12. redangel7861

    redangel7861 New Member

    All Valid points and ones I will take on board.
    Part of me feels that cash is king, take my money out of Morocco, wait for the market to bottom in the UK and invest here.

    Other part of me feels that in the long run this may be a lucrative investment (looking less likely at the moment).

    I still feel that I'm getting value for money with my investment i,e, 2 bed apartment with solarium in the La-palameria region of Marrakech .

    Unlike most projects my apartment is near completion and on time, at best atleast I'll have an assett to show for my money (that's if I decide to proceed).
     
  13. Lee Filkins

    Lee Filkins Administrator Staff Member Premium Member

    Redangle7861. I am getting very worried that you are agreeing with me. I recall you were very contradictory to what ever I posted in the past & in most cases.

    I love confident & assured people, but there is no substitute to learning, experience & be humble about. As you can see that I have answered all your question to the best of my knowledge and with sincerity & do not hold anything against you.
     
  14. redangel7861

    redangel7861 New Member

    Camel, I appreciate it.

    My comments were based on the economic situation at that time. Things have changed and we are a little more cautious now. Know one knows how bad the current climate will get, recession or depression.

    Times like this we need to share information, we are all trying to attain the same objective i.e. making money from investment in Morocco.

    Hope you make the right decision, let me know how it goes.:)
     
  15. Lee Filkins

    Lee Filkins Administrator Staff Member Premium Member

    Camel, I appreciate it.

    No, problem. I appreciate your sentiments.

    My comments were based on the economic situation at that time.

    I am older than you, seen three other recessions and have been in a cut throat commercial environment. So I know from my past experience that time does not remain the same. People tend to get carried away and the question of "what if " does not enter their minds.

    Things have changed and we are a little more cautious now. Know one knows how bad the current climate will get, recession or depression.

    Agree & this also the time to make money. Times like this a good location, good price & most of all the a good pedigree Developer will hold its position when the up turn comes. Apart from all this, staying power is as much as cash is King

    Times like this we need to share information, we are all trying to attain the same objective i.e. making money from investment in Morocco.

    We should always share information. Knowledge is power.

    Hope you make the right decision, let me know how it goes.

    My decsion is made. I am just waiting for my other friends to make up their minds in order that we can make a joint action. I will keep up with my postings. to learn & pass what I know.
     
  16. FireFly

    FireFly New Member

    Is it likely that the foundations will be laid in time to meet the clause in the contract?

    What are the reason's for the Casablanca lawyer believing that if someone pulls out of the contract, they can get their money back?

    I believe alot of focus is on this project and Qatari Diar's repitation will be on the line. For such reasons, I don't believe QD will want to drag its feet and produce a poor show - especially as this is their flagship development overseas.

    I still have faith in this development. Its something I would definitely want to use personally.

    From what I have read, the Government is still pumping money into the infrastructure. The TGV Train link from Tangiers to Casablanca has recently been announced.

    If we can keep a steady nerve in these testing times, hopefully we can reap the fruits afterwards.

    What I would like to know is how the development is progressing and up-to-date photos of the place. There seems to be a lack of info at the moment !
     
  17. Lee Filkins

    Lee Filkins Administrator Staff Member Premium Member

    subject

    I agree with most of your postings QD, has closed their office in London. sacked their European Manager and not advised any one as to the point of contact or any progress that has been made to date.

    The apartments were suppose to be ready in September 09. This clearly is not going to happen. They have been sitting on our cash. We have no use of that cash & other opportunities has passed us by.

    No contact has been made by QD since the move to Casablanca. This not a behavior of a company that is using Alhoura as a flagship.

    In the long run yes it will be a good investment. This long run is now looking at ten to fifteen years. As the advance economies have to recover before we feel the ripple effect.
     
  18. FireFly

    FireFly New Member

    Yes, true, not exactly a brilliant track record!

    With regards to pulling out and advice from the lawyer, how can this be done and still get all your money back?
     
  19. FireFly

    FireFly New Member

    Anyone have any updates on the progress of this development, or where I can get this info pls?
     
  20. Kairi

    Kairi New Member

    foundation is not done until now...I think we can cancel our contact and get the 20% deposit back...I am ready for legal action
     
Thread Status:
Not open for further replies.

Share This Page