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Illegal practice by Tangier developer

Discussion in 'Morocco Property' started by Tom41, Nov 11, 2007.

  1. Tom41

    Tom41 New Member

    Have any buyers experience of a developer called Occibelia who have an off-plan development called Atlantic Magana in Tangier? They've been accused of selling property without complying with regulations and now refusing to return people's deposits.
     
  2. paddy123

    paddy123 New Member

    not heard of them

    but having problems getting a deposit back from another developer in the same area .... promised it "fully refundable" by British agent but 4 months after deal fell through (and a dozen promises and every excuse to delay) thinking of taking legal action ... anyone had any experience of taking rogue developers to court?

    Speaking to my solicitor today so ....
     
  3. Azure

    Azure New Member

    Not surprised

    I looked at this development atalantic magna but my solicitor said they were a band of theives and complaints have been made about the developer Occibelia to authorities. They have no experience of developing before so I didn't take the risk.
     
  4. Investy

    Investy Senior Member

    This is why when investing in new markets one really ought to stick with only the big well concieved developments. In Morocco I would only invest in the Plan Azure resorts or those backed by international companies such as Emaar or the Sun City people.
     
  5. Azure

    Azure New Member

    Dodgy agents as well

    At the moment Tangier is full of greedy agents luring buyers into risky off-plan purchases. Rip off developers as well. Buyers should look into who they are getting advice from because many of these comission hungry agents are just working from behind a website and come over from the costa del crime where business has died down.
     
  6. awahee123

    awahee123 Banned

    If you do not get your deposits back as promised,Take firm action without delay also name and shame the people involved.
    Remember don't sit back and do nothing.
     
  7. Yusuf-Partnership

    Yusuf-Partnership New Member

    People need to be very careful when buying property abroad.

    Only deal with reputable tried and tested developers and agents.

    You also end up dealing with legal systems that you may not understand and these guys are waiting on the sidelines ready to take advantage of those who don't know any better.
     
  8. awahee123

    awahee123 Banned

    It's the same in all developing nations once the property market takes off everybody wants to be an estate agent.
     
  9. Azure

    Azure New Member

    My solicitor has other clients who have lost deposits with Occibelia and is intending to sue on behalf of all clients. So watch out when buying from this lot and their agents who won't tell you the history.

    The lesson is in new markes ignore the temptation of glossy brochures and inexperienced devlopers. Once they've got your money they won't want to know you should you have issues afterwards.
     
  10. DC

    DC New Member

    Good points.
    Emerging markets stick with big companies. But what happens when big companies fail? eg. US Enron, Tyco, UK Bearings, Northern Rock.

    Investing has never been easy. Track record is important, developer, agent, I heard one uk agent who has been in the market 18 months claiming to be number 3 in global property now, where as today saw a company been in the market 30 years supposedly bust.

    But we need a process.
    Track Record
    Bank Finance, use if available
    Independent Lawyers
    Good product
    Realistic expectations

    All helps.
     
  11. AndrewK

    AndrewK New Member

    I'm glad people are discussing this company. I purchased on their development Atlantic Magna and am regretting already. Experienced so many problems I could write all day. The site doesn't look as upmarket as it was meant to be. Although showflats look good the issues with plumbing, fittings just are not being corrected.

    Rental estimates and resale values were so exaggerated it's a joke.

    Problem is it's difficult to get anything done in Tangier so if you have issues you are likely to come up against a brick wall. All the talk of government promoting to foreign investors etc is just talk. Extremely difficult to implement.

    I am thoroughly dissapointed in Occibelia and their Atlantic Magna "investment"
     
  12. Tangier

    Tangier New Member

    This is True ( from Spain England And France )
     
  13. Tangier

    Tangier New Member

    Most of the agents in Tangier or in Morocco are from the Costa Del Sol now that the property market is dead in spain thay are in Morocco look at the new Tangier City Apartments 2yrs old look 20yrs old allsold by a company from spain. thay are now starting to crack and its bad.........
     
  14. Tangier

    Tangier New Member

    Tangier or should i say Morocco is full of x agents from the Costa del sol agents that have got no work left in spain and that the property market is no longer good to make the money..... if you are going to buy get yourself a GOOd solicitor there are one or two but you need a good one
     
  15. Tangier

    Tangier New Member

    Look Morocco is the same as the rest of the world, you need to do your home work get a good solicitor in any part of Morocco, do not take any ones word for it.

    You will come you fall in love with a building pay your deposit, and then never get it back do not take what you read on any websit as the bible in black and white. that's all thay want is your money.

    one should try and speak with some Xpats about where thay are liveing ...........and about the agents that are selling we all get to know what's going on and the best solicitor to use....
     
  16. moroc

    moroc New Member

    This is so true all the rouges from europe are trying to sell in Morocco, And we always feel safer with someone from our country or Europe. The fact is you can't trust anyone. Like said before Do your home work.
     
  17. Tangier

    Tangier New Member

    Look no developer agent can refuse your money or deposit back.

    If you need help in Morocco i have a legal team that will help you.

    You can contact me on leytwi@aol.com
     
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