Buying in Morocco

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Tangier

Member
Hi Tangier, thank you for your help. I bought the property for 3,027,000 dirhams and put down 31% (84,000euros). -the property price there has gone up by 20% since I bought, but to be honest I would be happy to sell for the same price I bought it at. I am selling for personal reasons, not because I dont believe in the project, I actually think the project is great and there are only 73 apartments in the whole complex, but I dont have a choice. I have the penthouse apartment facing the sea with two bedrooms and two bathrooms. It is approximatley 170sq. metres including terraces. The project is due for completion in October this year. If you look up Atlantic Magna there is a link to see a video of the apartments, how they are built and finishings etc.
Thanks,
Anna
Hi Anna
Its over the top in price put u can sell the property.
Here is a number of Agents all can be found on the net
(1) NREA.ma
(2) Immo Tanger 00212062278672
(3)Moroccan Propertyies.com
Nrea sold my property in 3days thay where good.

Goodluck in selling
 
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allnewmorocco

New Member
i didnt find it that difficult getting a mortgage and o.kused a broker but the process was fairly straight forward and i 've got mortgage in the UK and France
 
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Goodman

New Member
I'm looking to buy on the atlantic coast, preferably near Agadir/Essa'ia. Does anyone know of any good developments along this coastline? Thanks.
 
T

Tangier

Member
I'm looking to buy on the atlantic coast, preferably near Agadir/Essa'ia. Does anyone know of any good developments along this coastline? Thanks.
If i was you, i think it would be best to hold on to your money. the property market i been told is going to drop by 30%????. that is a big drop it may even go down by 50%. I dont think that i would buy offplan at this time as a number of off plan in tangier have come to a holt. or even get a independant builder to build.

If you do buy and come to not like it- it's going to take a long time to sell any property in this market or even longer in Morocco.

I think it would be better to look at renting a property for the short time look at the market.........
 
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andrejunger

New Member
real estate market in morocco and mortgages

As far as I see it it's still raising. In Casablanca and Rabat especially. I've bot an apartment in Casablanca 2 years ago in Gauthier (center) for 8 500 Dhs / sq meter, and sold it in july 13 500 Dhs / sq meter.
I've bought in september two new apartments (one in Casa and one in Rabat) and the prices are keeping on raising slowly. There is not much speculation in the economic cities and the economy is growing fast, so prices might be up for a fairly long time.
The loans are getting as well easier to get. Two years ago it took me 4 months to get a local loan with a 6,3% interest rate. Now there are brokers in Morocco and the interest rates are way below what they used to be. You can get something like 5,25 %, and you get dirhams (I prefer to repay my loan in dirhams than in euros). The most efficient I found was CAFPI morocco. They can not remove the obligation to bring a 30% down payment, but they arrange all the loan and get low interest rates. They also went in person with me for the signing at the bank.
They have a website in english but it's not fully translated. They have a mortgage simulation tool that I fancy a lot though (check out on their website : cafpi maroc)

As far as real estate agents, there are as well a lot of international real estate agents on site now, and I do like better this than what I had to deal with two years ago. At least you know what you are dealing with and you can be sure that the property you're about to buy is legally for sale (bad experience in the past...)

Andre
 
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andrejunger

New Member
real estate agents in morocco

Hi
You can use the local 'samsara', they are efficient but it's a bit of a mess as far as communication.
My preferred option are the international real estate agents. They are pretty expensive (2 to 2,5%) but you'll get your money back as they usually sell more expensive.
Andre



I have an apartment for sale in Atlantic Magna Tangier, would anyone know the best way of selling property in Morocco?
 
D

debseason

New Member
URGENT - Lawyers dealing with problems in Morocco

Can anyone recommend a solictor/lawyer who can deal with problems relating to property/ agents etc in Morocco?

I need a shrewd lawyer who can get money back from dodgy companies. Anyone got any good contacts?

many thanks
 
T

Tangier

Member
Can anyone recommend a solictor/lawyer who can deal with problems relating to property/ agents etc in Morocco?

I need a shrewd lawyer who can get money back from dodgy companies. Anyone got any good contacts?

many thanks
Hi i live in tangier i have just seen your email so i am asking did you get the Solicitor that you are looking for i use one he is good he speaks english and he can give you advice.

Please let me know if you need his contact..

Tangier
 
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debseason

New Member
Hi i live in tangier i have just seen your email so i am asking did you get the Solicitor that you are looking for i use one he is good he speaks english and he can give you advice.

Please let me know if you need his contact..

Tangier
I haven't still found anyone yet, but looking. Can you give me details of your solicitor? Many thanks.
 
D

debseason

New Member
can you please send me details of the lawyer too

thanks
I am about to get a new lawyer, so will forward details after next weekend when I have them too. My last one didn't get me anywhere in the end, but I have better connections with someone who invests regularly in Morocco. So as soon as I have his name, will forward to you.
 
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S S Northcote

New Member
Dear all,
Has anyone purchased a property at the Colina Smir development near Tetouan?
Did you receive an invitation to their meeting of 13th June 2009? This is to elect members of syndicate and discuss annual service charges etc...
Please let me know
X
 
L

LAL SINGH

New Member
Hi, I am looking for a mortgage to purchase 70% of a property in Tangier, I have already paid 30% deposit. Can you recommend a Broker or Bank to contact. I have been told so far that a re-mortgage is not possible at the moment in Morocco, is this fact.
Ultimately I want to re-mortgage the property and use the finance to purchase another property abroad!
Regards
Nick
Hi Nick,

The remortgage is not possible. Also you can not loan money from a Moroccan Bank and send the funds outside Morocco. This is just the Moroccan ways of doing business.
 
L

LAL SINGH

New Member
If i was you, i think it would be best to hold on to your money. the property market i been told is going to drop by 30%????. that is a big drop it may even go down by 50%. I dont think that i would buy offplan at this time as a number of off plan in tangier have come to a holt. or even get a independant builder to build.

If you do buy and come to not like it- it's going to take a long time to sell any property in this market or even longer in Morocco.

I think it would be better to look at renting a property for the short time look at the market.........

Hi,
Just an update. In November 2008 I read that the 'chef of immobiliere' predicted that there would be a 40% slump in the Moroccan Property Market. Buyers please be patient or keep hold of your savings until the slump is over.
 
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LAL SINGH

New Member
I'm in 2 minds about whether they're "silly prices".

Initially, yes, very silly - for a mostly unproven tourist destination, at prices that only Europeans can afford and lets face it in a country that doesnt even have the infrastructure for tourism yet. Secondly, this is the entry price, prices in other emerging markets have risen to these levels gradually after several years, alongside the local populations wealth.

But, then on more thought, why shouldnt supposedly quite luxurious and well planned tourist accomodation in (almost!) Europe cost £100k. Its the effect of globalisation, a 2 bed appartment on the beach catering for European tourists costs pretty much the same everywhere. Bring into account the uber-rich Arabs and then even Saidia and Al Houara at up 3 times this price could be realistic.

On balance though, I do think as these are mostly tourist developments (not residential) and there are few tourists at present, paying such an inflated prices and hoping for anything other than a longterm profit is a bit ambitious.
Yes I understand there are silly prices in Morocco and the country does not really have the tourist, transport, communication and the national health infrastructure. Morocco is all talk. More like the kings vision of 2010 is to put every tourist out of his/her pocket!!!

As I understand you can find a decent appartment in Gueliz, Marrakech for 11,000 to 12,000 dirhams a square metre. On average an appartment is approx 80 square metres. Plus also include 5% on top for the land registry and notaire fees. There is your sum!!! You save now!
 
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LAL SINGH

New Member
You can still get thrown in amongst the wolves over there even if you DO speak the lingo (fluently in our case as we are an Anglo/Moroccan couple) Just accept that corruption is rife - you will not get anything done as it should be done, even at Government departments (especially at Government departments) without paying bribes to everyone from the highest to the lowest official. Even the doorman! Well, you can still get things done but you will wait forever - and they know damn well you are pushed for time so sit around with your dossier on the desk and do nothing. This is a fact - and it is high time prospective purchasers were given all of the relevant information before making the decision to purchase. Our sale completed in March 2008 and we are still waiting to get paid in full! In my opinion Morocco is NOT a place for UK buyers to invest in property. They are too used to everything being done in the UK on the straight and narrow, when involved in matters of property transactions. Morocco is a million miles away from 'straight and narrow'. They see a foreigner over there and the only thing on their mind is rich pickings. In fact - after 30 years of spending a fair bit of time over there I realy do think things are getting worse - not better - as a few years ago the bribes they were asking for were a pittance, but now they have got really greedy. As for renting - BE VERY CAREFUL!!!!!!!!! I personally know a Moroccan lady who is still trying to get a tenant out of her apartment after THREE years of unpaid rent. She is Moroccan (the owner) It is a minefield and you just cannot trust anyone to handle your letting for you while you are abroad. Be warned!

HI,

I have been in Morocco in and out for 3 Years and can understand how rife the corruption is in the government departments. I had problems with my tenants too. Finally I managed to make a mutual agreement for the tenant to vacate.

As I understand in Morocco is that if you dont make the right tenancy agreement then you have to pay the tenant all the rent back to vacate from your property by the Moroccan Law. Most people prefer to rent appartments through estate agents.

The problem with the people there is that they like to capitalise on every opportunity they can have on a foreign investor. In morocco there is no regard for society and every one there is for themselves. For example when people board the bus in Morocco, everyone tries to push through the que. Why do they do that when everyone will eventually board the bus.

Also if you have a problem with water bills, telephone bills and etc the customer service is just zero.

Finally the moroccan dirham currency is not recognised outside Morocco. There are control restrictions and taxation to convert the currency for exportation. 20% tax to export money from a goods industry and 10% tax to export money from a service industry!

Why do investors bother to bring money in Morocco. Its just a trap! As an investor do you realise that the hospital and medical bills are expensive (I once paid 2000 dirhams in a clinic to have xrays and injection to kill the pain)? Do you realise the Moroccan mobile meditel and Maroc telecom is more expensive in tariff than England? Do you realise you have to pay garbage tax on your property? Do you realise you cant buy a car in Morocco until you have a Moroccan residence card? Do you realise that when you go to shop in the souk there are no set prices displayed and that you have to bargain all the time? Do you realise that to marry a moroccan you need to make a dosier of approx 13 documents of yourself plus your fiancee, and you need to seek approval from the judge for marriage? Do you realise that you cant deposit dirham into your bank account until you have a moroccan residence card? Do you realise that for any minor fault the moroccan police will ask you for bribes? Do you realise that you can go to jail for giving a bank cheque from an account with insufficient funds? Do you realise that Morocco has big problems with prostitution, peadophilia and child labour? Do you realise that the minimum wage in Morocco if you happen to be bankrupt and work is approx 1550 dirhams? Do you realise that in August the temperatures are extreme of approx 45 degrees? Do you realise that electric bills are more expensive in touristic areas than local areas? Do you realise that even to use a public toilet you need to tip the waiter? Do you realise that speaking a foreign language will get you in trouble to buy your produce from the souks as they will inflate the prices? Do you realise that shopping for clothes or food is more expensive on average in Morocco than in England? Do you realise alot of Moroccan migrants make there lives more economical to live in Spain, France, Netherlands, Belgium and etc than in Morocco?

My advice is to invest in England!
 
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lalla

New Member
Hi, Singh. I think you just pointed out some negative sides of Morocco, which a lot of them are not true. As for prostitution and pedophilia, I don't think there is any big difference between Morocco and England. Prices of food are certainly cheaper in Morocco than England, comparing say tomato 20 pence a kilo in Morocco with english tomatoes £1.50 for 4 of them. Weather in Morocco varies greatly- from 40 degrees in August in Marrakech to 20 degrees in August in Ifrane or Essaouira. If you have a property to rent - the obvious choice is to do it through a respectable agency, renewing contract yearly. You wouldn't rent your property in England to someone you just met yesterday, so why risk it in Morocco?? As for medical expences, they are no different, than say in Spain. If you would need medical help in Spain, unless you have insurance, you would pay a hefty price for any help. As for bills - did you forget council tax of £ 1200 - 1600 a year in England? Did you forget Road tax of £200? Did you forget TV licence of £150 ? Did you forget British Gas ripping you off every winter for keeping you warm? Did you forget robberies, gun crime, knife attacks in broad daylight??? Did you forget pensioners actually freezing nearly to death, because they can't afford to pay their gas bills and food shopping from their measly pension? Did you forget that cost of living in London is one of the highest in the world?? Did you forget how many repossesions of homes left families homeless?? Did you forget about goverment actually warning people about shortages of money for pensions and planning to extend retirement age to 67?? And I think most of all you forgot that Morocco is developing North African country. At least in Morocco foreigners are respected and not discriminated against. Yes there are some problems within society - selfishness, greed and materialism, but also there is kindness, hospitality and willingness to change. So for me - investment in Morocco any day!!!
 
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LAL SINGH

New Member
Hi, Singh. I think you just pointed out some negative sides of Morocco, which a lot of them are not true. As for prostitution and pedophilia, I don't think there is any big difference between Morocco and England. Prices of food are certainly cheaper in Morocco than England, comparing say tomato 20 pence a kilo in Morocco with english tomatoes £1.50 for 4 of them. Weather in Morocco varies greatly- from 40 degrees in August in Marrakech to 20 degrees in August in Ifrane or Essaouira. If you have a property to rent - the obvious choice is to do it through a respectable agency, renewing contract yearly. You wouldn't rent your property in England to someone you just met yesterday, so why risk it in Morocco?? As for medical expences, they are no different, than say in Spain. If you would need medical help in Spain, unless you have insurance, you would pay a hefty price for any help. As for bills - did you forget council tax of £ 1200 - 1600 a year in England? Did you forget oad tax of £200? Did you forget TV licence of £150 ? Did you forget British Gas ripping you off every winter for keeping you warm? Did you forget robberies, gun crime, knife attacks in broad daylight??? Did you forget pensioners actually freezing nearly to death, because they can't afford to pay their gas bills and food shopping from their measly pension? Did you forget that cost of living in London is one of the highest in the world?? Did you forget how many repossesions of homes left families homeless?? Did you forget about goverment actually warning people about shortages of money for pensions and planning to extend retirement age to 67?? And I think most of all you forgot that Morocco is developing North African country. At least in Morocco foreigners are respected and not discriminated against. Yes there are some problems within society - selfishness, greed and materialism, but also there is kindness, hospitality and willingness to change. So for me - investment in Morocco any day!!!

Hi laila,

Many thanks for your reply.

I think Morocco is loosing its authencity or culture to foreign investment. It is a country known for kindness, hospitality and willingness to change. But this is all coming at a cost to Morocco.

I am looking at your comparisons and please keep it between Morocco to england or Morocco to spain. Like this we can get some fair comparisons.

Ok as you are aware your medical bills are paid by the National Insurance contributions to the National health service hence you get a very good medical treatment in the event of accident, sickness, or health problems. We certainly get our value for money at the National health service and the hospitality is just Excellent!

Although I am an immigrant in England but I have reason to believe that crime in England is alot between the uneconomical migrants and the uneconomical british. The politicians have a solution but they know its problems in crime that gives their political activities alot of interest. So they just choose to keep it like this!

The crimes in Morocco involve Drugs, robberies, deception which is alot more common, and etc. However there is alot of safety for foreigners in marrakech, Agadir, Essouria and all touristic places. The Surrette Nationale and especially the Gaundermere are very feared off by the locals. Infact the safety I have felt in Marrakech walking near Sofitel, Avenue Mohammed 5, Avenue Mohammed 6 is the best I must say. There are guards everywhere monitoring the safety of tourism.

About food shopping. Yes Fruit and vegetables and sugar will be cheap in Morocco. But other processed food, toilleteries, utensils, consumer electrics will be expensive from major stores as Marjane or Acima.

Ok so with regards to repossesions. The official statistics of repossesions in Morocco are not really talked off and neither produced by the Ministry of Finance ( I just dont understand why?). But I understand they have had repossesions because foreigners are unable to pay the mortgages for the buy to let properties.

Indeed UK there have been alot of repossesions because credit was too cheap however there has been a softer attitude from the UK banks to deal with unpaid mortgage payments. Intesrest rate of a UK tracker mortgage is 2.25% which is the lowest I have heard of in any country and in Morocco it is between 5.25% to 6%. The chancellor of england deliberately cut the insterest rates to 0.5% or virtually nothing to discourage savers from saving money. Hence this attracts savers to spend money and invest in shares or stocks and help tackle the credit crunch.

I think that finance in UK, consumer protection and the official statistic are alot more transparent and straight forward than developing countries.

Although we have no or little manufacturing industry in UK but we have two main sources of revenue and they are the London Stock Exchange and the North Sea Oil. The North Sea Oil money contributes towards the social securty benefits ( and also taxes). However if you look at Morocco, Morocco has tourism, phosphate, and fisheries for exportation. Why is the revenue from its phosphate industry not used on social projects or to tackle poverty? Indeed this is a very 'touchy' subject in Morocco.

Well there is some discrimination but it is hidden in Morocco. I am sure if you show your pocket in UK everywhere then virtually you will see no discrimination!!!

In my conclusion Morocco is a developing country and has to keep a balance between tourism and its culture. Morocco has its unique taste and that is the authentic culture, its food, ceremonies and language! I like that because I find that entertaining and not the clubs, the casinos, the mcdonalds, the KFC and the western clothing.
 
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