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Tangier City Apartments Investors

Discussion in 'Morocco Property' started by MoroccoInvestor, Jan 15, 2008.

  1. MoroccoInvestor

    MoroccoInvestor New Member

    Hi All,

    I bought two apartments in Tanginer City Apartments development back in May 2007 from Siroco Estates and put down a deposit of £32000 pounds. So far I have had a bad experience with them.

    We were told these would be ready end of Aug'07. August came and went and no word, so i contacted them and I was told they would now be ready end of Oct'07. This came and went, and then i was told they would be ready Jan'08. It's nearly middle of Jan'08 and still no word on completion :mad:

    I would be very interested in hearing from other investors on their experience and would like to form a action group to either get our deposits back or get some answers on when these will be completed. I am planning on visiting the development site end of Jan’08 and have asked to meet with both the Siroco estate and the developer (Urbamed S.A.R.L.) representative. I will update this thread if i get them to agree (i doubt very much).

    From my own experience I would say to anyone thinking of buying off plan abroad is “think again” ! You have no guarantee when the development will be completed and the contract will not stipulate it. Once your money is in the hands of the foreign companies you have no control and the agents/solicitors/developers will wash their hands of you.

    Anyone wanting to contact me can do so by emailing me via this forum.

    Agents: Siroco Estates
    Solicitors: Law & Taxes, S.L.
    Developers: Urbamed S.A.R.L.
     
  2. manor park

    manor park New Member

    MI

    I hope you have luck in resolving your situation, as investors we buy off plan in the hope of making a better profit. You also have to be aware of the pitfalls and problems that go with it.

    I have off plan in Morocco that I am still not sure will materialise but if it does i will make a heallthy profit, to be sure buy on completion but know that you will pay a premium for this.

    MP
     
  3. Investy

    Investy Senior Member

    Without wishing to be spikey I wonder why people worry when the completion date is?
    I see this complaint all the time on forums.

    As far as I'm concerned, its ready when its ready. In the meantime Im happy to keep my capital in the Bank and who knows the price may even rise in the meantime!

    One observation Ive made is it is vital to only buy from robust developers that have a real vested interest in good customer outcomes (for exaple Proerty Logic in Saidia have announced they will absorb the recent out of the blue 6% tax hike)
     
  4. Lee Filkins

    Lee Filkins Administrator Staff Member Premium Member

    subject

    Investy:
    I agree with you to a certain point as to when the property finishes. I feel that you are missing two very fundamental points.

    1) The deposit that you have paid 30% to 40%. whilst you waiting completion has an opportunity cost.

    2) There are people who bought for retirement, so any delay means that the period which was intended i.e. retirement would be reduced.

    3) They may have organised there life in a manner which tied up with the
    completion date and can hace contractual ramiifications.

    4) The sooner they complete the less chances of getting caught with new taxes etc. A good example is the recent increase in VAT, designed to milk non Moroccans .
     
  5. investor27

    investor27 New Member

    Going back to the original topic of this post, Tanginer City Apartments development. As i understand these were due to complete in "Summer 07" as i was initially interested, but having investigated further i understood 6 blocks of apartments were being built, 5 of these blocks were being sold to local people & the final block was released to those people overseas who wanted to purchase, as for the location Sirocco were misleading potential purchasers, "city center" is not what i would refer to the location as.

    However going forward, yes those who purchased on this development should get together & seek legal advise, Sirocco at the end of the day are just agents, they will get paid their commission & move onto the next development, contacting the developer is what is reqd but obtaining contact details for them may prove to be impossible.

    Let us know how you get on, as for completion dates, most developments over-run in Morocco, ive yet to see one complete on time & most contracts do not seem to have any clauses.
     
  6. Na Fianna

    Na Fianna New Member


    Hi
    I have only paid a reserve on one of these apartment. I was informed by my solicitor that the developer with not give a date of completion or amend the contract in any way and now the company I am purchase the apartment through have told me the developer wants all outstanding balances paid in a week. But yet they are unwilling to divulge certian legal material. I think your right this needs to be addressed as I only seem to see negative feedback form this development.
     
  7. Na Fianna

    Na Fianna New Member

    My solicitor cannot get a date for completion
     
  8. Na Fianna

    Na Fianna New Member

    Hi

    My solicitor cannot gain access to legal information she requires to assist with the purchase from the developers. They will not amend the contract and the completion date seems to be one that can drag on for months. I have been told that the developer wants to complete. I am starting to wonder is their other reasons behind the dely. I think my solicitor might like to get feedback from other solicitors facing the same problem on this development. What do you's think?
     
  9. MoroccoInvestor

    MoroccoInvestor New Member

    No completion date, no deal

    Hi Na Fianna,

    If the developer does not agree to a completion deadline in 6months, 12months, etc, my advice would be not to proceed . Do not sign a opened ended contract no matter what assurances you are given.

    by the way which solicitor are you using? Please let us know how you getting on. good luck.
     
  10. Na Fianna

    Na Fianna New Member

    Can anybody tell me if they have completed on the properties in the Tangier Apartment Development or is completion moved yet again.
     
  11. steveparr

    steveparr New Member

    No not completed yet, awaiting title deeds, electricity, courtyard and finishing apartments.
    It will be upto 3 months before complete.possibly 6 months for the roads to be tarmaced outside the 6 blocks
    But it will look great, I have some photos if you would like me to forward them to you.
    Also gone with a company called justmorocco.co.uk for furniture, very happy with them.
     
  12. tim giles

    tim giles New Member

    tangiers city aparments

    hi, we have just returned from tangiers last week,the delay is has been because the developer has been working on other jobs at the same time.we have been told will be about another 3months approx?we were inpressed with the location,close to a railway station,cafe bars ,shops and a bank.a new road is being built to connect with the coast road by the main railway station.a supermarket is suposed to be being built near by soon.
     
  13. sandals

    sandals New Member

    This has taken for ever
     
  14. MoroccoInvestor

    MoroccoInvestor New Member

    Will they ever be finished

    I am going over next week, 30th May, to view progress. Will update you guys on progress on return.
     
  15. MoroccoInvestor

    MoroccoInvestor New Member

    Hi, any chance you could email the pictures?
     
  16. Jesus of nazareth

    Jesus of nazareth New Member

    Who are you asking MoroccoInvestor?
     
  17. Lee Filkins

    Lee Filkins Administrator Staff Member Premium Member

    subject

    Over active member
     
  18. um zineddine

    um zineddine New Member

    hi everyone,
    I bought a property off plan with siroco estate, sunset aprt in fez, they said it should be ready in juin 2008, they send me picrtures it looks great, but when i read about your expereince, i am a bit worried, how about your projects, is it complete? let me know.
     
  19. seanmcallister

    seanmcallister New Member

    Tangier City Apartments

    I bought 10 Tangier City Apartments in January 2007 from a Spanish and British based company called Prestige Properties Overseas. They seemed such a great deal, low price with potential rental income and 70% 30 year mortgages available. As the UK market eased abroad seemed like a good option to me.
    I have encountered similar problems as you and others re reliable info about completion. My problems were made more difficult as i believed Moroccan mortgages were available on these. It took over 12 months of wrangling with a company i'd paid to find mortgages called Spanish Mortgage Allliance sending bank statements etc, to finally find i was offered just 3 mortgages, on 7 year repayments deals. in fact it was found Morocco offers only 3 mortgages per applicant. This summer i was rushed into believing completion was near by Sirocco Estates who i believe are agents and developers for Tangiers City Apartments (can anyone verify this?) they offered me a deal canceling 5 of my apartments and switching the deposits to two other accounts so that i would buy 3 apartments with mortgages and two out right. However they took around 3000 euros per apartment as a canceling fee blaming the developers for this and not them. But i still believe they are connected if not are indeed the developers.
    I wasn't too worried about them over running as i hadn't arranged finance for them and having visited the site i saw how much time was needed before the nearby road was built. without this road completed it will be difficult to rent these apartments.
    On a more positive note i was impressed generally with apartments and the pretty courtyard that should now be complete. i think the location is good, when the nearby sports centre and supermarket are finished and of course the road (they say by the end of the year??) it will look very different. exactly what their capital value is or will be is another matter. I still see the same apartments for sale for the same price i paid in Jan 07. when i discuss this with sirocco staff they say price will inflate once road etc are complete. but they are only as valuable as what someone will pay, and at the moment no one can raise finance in UK as easily as they could when i bought them which i believe will have a knock on effect on their value for the next few 'credit crunch' years. the rental side of things seems more positive though having researched into the various European companies setting up in Tangiers who will need cheap ish (400-600 euros a month) places to stay in secure 'European block' accommodation. I think keeping this block European will increase it's value also.
    i think everyone who has bought on Tangier City Apartments (90% British i believe ) should get together and form a management company as well as help and inform each other of progress and problems with Sirocco etc. Any news on snaggings by the way? i went to approve mine and they in a right state. another friend had no ventilation in the bathroom as both walls faced interior so they ran a flume into the general stair well. i think these things need checking. moroccan building companies are cheap but notorious for all sorts of short cuts. do we get any guarantees on their work? is their a surveyor who could check the building before we sign to receive our apartments?
    i recommend we all contact a couple called Anette and Peter from SWEDEN who have bought on Tangiers Apartments and have a company furnishing apartments and letting them as they are based in Tangiers. I met with on my last visit, they a lovely people and trustworthy. they have made weekly visits to the site and have pushed Siricco to get their act together. i tried posting their email address but wasn't allowed until i've made 5 postings i will try again later. look below.
    i think they could be good people to help us all come together. please let me know how you are progressing and anyone else. best wishes, sean.

     
  20. seanmcallister

    seanmcallister New Member

    i am making four more postings so that i will be allowed to write Anette and Peter's email address here for all interested.



     
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