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Morocco property prices.

Discussion in 'Morocco Property' started by Lee Filkins, Nov 12, 2008.

  1. Lee Filkins

    Lee Filkins Administrator Staff Member Premium Member

    What is the experience of the Morocco property forum users about which way the market is going. Have the prices been reduced & are developers taking offers ?.
    As Europe is in credit & confidence crises, middle east has started being affected by liquidity. Have you heard of buyers pulling out or ????
     
  2. lurcher21

    lurcher21 New Member

    We have just come back from there in one piece and we thank God! The best thing about the whole fiasco of building/selling a property there was being able to do a transfer of what little the moroccan authorities left us with after selling our house. It took no less than 3 months to accomplish this mission. It was a nightmare . During the 3 months it took us to get the permission to transfer our money (money that took no more than 10 minutes to transfer from our english account to the moroccocan one!) we visited few sites in Kenitra and Tamesna, pretending to look for a property to buy . In Tamesna somewhere in the fields there were some atrocious looking villas , with vendors asking 120 000 Euros for them. These so called villas were 100m2 (roughly the size of a handkerchief). The villas are sold with only the 'gros ouvres' done , the rest is up to the buyer to do , costing around another 100,000+ to finish. Nobody is buying property money has run dry , thierefore property is being offered for sale unfinished . This so called 'new town' is nowhere near the sea and i'd definitely advise anyone to avoid buying there. Cheap flats are also built near to these 'villas' for the 'bidans villes' or shantytown people . You can imagine what type of people you would have as your neighbours. The moroccan banks have stopped lending money to people to buy houses.
     
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