Anbody bought in Alhoura and now cannot complete due to the strong Euro or other reasons. Please PM me.
No probs.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.
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.
Hi Camel,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.
Agree Camel.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
All Valid points and ones I will take on board.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.
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.
Camel, I appreciate it.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.
Yes, true, not exactly a brilliant track record!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.