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TANGIER - City Center Apartment's

Discussion in 'Buying Overseas Property' started by investor27, Jan 22, 2007.

  1. investor27

    investor27 New Member

    Hi, Thought this maybe of interest to you, ive come across a development in Tangier City Center, apartments range from 2 - 3 beds, prices are cheap starting at only 22k for a 2 bed & 27k for a 3 bed. The smaller 2 bed is about 68 sqm & smallest 3 bed is about 88 sqm.

    Development consists of 6 blocks, 5 blocks have already been sold & the developer wants to sell of the last remaining block asap hence the price. The ground floor will consist of commercial shops, there is then a further 4 floors & Penthouse, downside is no lifts, this is a downside but its a price worth paying.

    Note these are city center apartments so there are no swimming pools on the development, however there is underground parking for residents.

    The development is about 5 mins walk from the popular Kabash, & about 10 mins walk to Tangier Beach. In my opition these would be good units to rent out to professional's & those wanting to explore Tangier. The city center is going through alot of development & these will make a good ROI.

    I've been advised by the agent prices are due to increase by the wkend, not sure on how true this is but we've seen this happen with other developments so it maybe an idea to act quickly if your interested

    Demand has been high since they were released on Thurs 18th Jan, if your interested let me know & i'll advise of further details / forward plans, i'll require an e-mail address so i can forward on details.
     
  2. Boss

    Boss New Member

    I have reserved a couple of apartments in the Tangier City development, i have been out to view them and they did not in anyway look like councel properties the qualities are not luxury of course but for the money i am paying i am very happy. all i am going to do is rent them out on long term basis and forget about them. The money i will be asking for to rent them i will have no competition, they will pay for themselves in around 7 years maybe even sooner.
     
  3. MoroccoInvestor

    MoroccoInvestor New Member

    I wish to god i never heard of this development

    I bought two apartments at Tangier City Apartment in May 2007 and paid a deposit of over 32000 pounds. Was told they would be completed end of August 2007. After a number of missed dates i still have not heard anything. Last date i was given was Jan'08.

    If any other investor has any more information,who has purchased here, please kindly update us.

    Thanks

    MoroccoInvestor
     
  4. steveparr

    steveparr New Member

    Hi, have also invested as have our friends who live in Tangier. They have said that the internal courtyard and external perimetar need to be completed. The units now have front doors, widows, electric etc and are looking finished. Would expect everything to be complete by end of April if not sooner, that will give us time to get it furnished and rented for June, July, August.
    Spoke to Sirocco recently and they are as eager for completion as us and the developer.
    Hope this info helps.
     
  5. MoroccoInvestor

    MoroccoInvestor New Member

    Hi Sdvpm, thank you for the update. i too was also in Tangier last month for couple of days looking at some other development and had informed Sirocco that i would like to view the appartments and had given them contact numbers to arrange a meeting, but they didn't bother contacting me :mad:

    By the way this is the last email i had from Sirocco on the 16th Jan saying they will be completed end of Feb, copy of email below:-

    "Once again we are sorry for the inconvenience that this is causing you.
    The Tangier City apartments are nearing completion and the titles have now been achieved by the developer. Urbamed SARL the company who you are buying the property from have to be sure however that the apartments are finished off to an acceptable standard before completions start to take place. We are now predicting this in around a months time.
    Our representative in Morocco will be pleased to meet you at a time that is convenient to both of you and show you around Tangier City so you can see the progress to date.

    Best Regards
    Mark Wilkinson"

    --------

    You say they will be completed in April and Sirocco are saying Feb. but i am not holding my breath.

    To be honest this experience of buying overseas, off plan especially, has completely put me from investing further in Morocco.
     
  6. Investy

    Investy Senior Member

    Good luck guys, this is smart investing, unlike the sheep who follow the herd to Dubai which is all over done now and so far away.

    Morocco is the new face of modern Africa and a welcom alternative to Spain et al.
     
  7. steveparr

    steveparr New Member

    Hi, I agree I wont invest anymore in Morocco, thats not because of my experience with these appts, I just think its not prudent to put all my eggs in 1 basket. We have got these appts at abrill price, city centre location, the gateway to Europe/ Africa, nearly finished. I nearly went with Paradise Beach in Asilah, thank god I didnt they wont be ready till 2011. Another 3 years of stress.
    imo this investment is great, stressfull but great. My next investment will be Berlin
     
  8. Na Fianna

    Na Fianna New Member

    I cannot get an undertaking from the builder as to the date he is due to complete on.
     
  9. Na Fianna

    Na Fianna New Member

    Hi

    I reserved one apartment in early Jan 08 and I have to pay the balance of my 30% but my solicitor was unsuccessful in getting a completion date or amendments to the contract so what does that say?

    I like to know if anybody else has a legal representative working on their behalf that can contact my solicitor with a possible view to getting some answers. The agent has told me that the developer wants me to pay the balance of the 30% within a week but it appears they are not releasing legal information that can bring clossure to the development. What's do you think?
     
  10. Investy

    Investy Senior Member


    Hey I've done Morocco and Berlin!

    Something that has given me stress is the worry over the logistics involved should I die, worst still if my wife and I died, as our executors would have a heck of time trying to unravel everything.

    I imagine all sorts fo complexity that none of us have considered, like how next of kin prove they are entitled to all the funds.

    Berlin is a bit of a slow burn and the rules and regs to drive me a little mad.
    We also went outside of Berlin and it is here I think the real opportunities lay out near the Polish border which is still cheap with high yields (10 - 20%) driven by the fact the border was recently completly opened meaning many Poles are buying and rneting in Germany as it is cheaper than thier border cities (Sczechin). There are now NO 1 bed appartments left for rent in the area we have invested (Penkun) such is the demand from Poles.
     
  11. misch.chief

    misch.chief New Member

    There's some great deals in Tangier. Around a year ago I was talking to guy from Compass and he told me of the great deals...
     
  12. Na Fianna

    Na Fianna New Member

    Good title

    I have been told by my solicitor that they could not establish good title on the Tangier City Apartment, furthermore it appears that investors are being requested to sign open contracts. My solicitor left the decision to me to sign or not to sign so read below let me know wht you think?

    I am now thinking of processing a letter to forward to the Moroccoan Government with a view to highlighting the poor behaviour of the developer and agent of the development. Not for any other purpose than to highlight the fact that the Kings 2010 Plan Azur is being destroyed and so is Morocco's reputation as an investment area by such bad behaviour.


    From day one these companies appear to have undermined the trust relationship by refusing to adhere to the legal requests from my Moroccan solicitor in establishing good title. The developer has withheld the information required to bring about a resolution to the problems. They argue and the may have a point, but I don't think so (let me know what you think) they will not refund the reservation because I did not complete and submit the "open contract" they forward to me.

    They claim that I have not adhered their requests to sign the contract and I am not entitled to a refund because the property could have been sold in the interm and that my reservation states that I am not entitled to refund after the cooling off period. Legally they have a point!

    But here is the interesting thing.

    The developer has intrapped investors by designing the contract to either keep your reservation fee.

    Or drag us through the long build process.

    The developer can walk away from the Tangier city development tomorrow and investors can do nothing about it if you have a clause in your contract in the PRACTICAL EFFECT: 2. states (company name in section). will not be held responsible for any unforeseen delays. In short that leaves the contracts open ended and if completion was summer 2007 they can complete in 2020 once you have entered their contract so it appears.

    (1) If there is no new completion date given this means the development can drag on for years regardless of what you are told.


    (2) In my contract the description of the property being purchased is unclear again another problem, it has been highlighted to me that indicates that the legal department is unsure of what property I am actually purchasing because the contract does not specifiy correctly in its wording. MIGHT BE DIFFERENT FOR YOU FOLKS NOT SURE.


    (3) Did any of you recive the full plans to the development with your contract. I have not received the plans to the development or the apartment I am purchasing. Did everyone get their plans with their contract?
    Again how can something be legally registered if you have no set boundries with your plans. (Problamatic?)

    Did anyone esle encounter these problems? (Just to make it clear that I have no axe to grind with the developer or the agent. Niether am I an agent using the forum for proganda usage). But I now suspect that the delay in the completion date for example might be due more to the ownership of the land on which the development is being constructed. If good title cannot be established legally this often indicates that the developer can not pass on what he does not own? Not sure but I think I might have to cut my losses what do you's think?
     
  13. steveparr

    steveparr New Member

    .
    Hi,

    There are 6 blocks of apartments ours is the last to be completed in upto 3 months.
    The last time I visited the other 4/5 where inhabited. I will assume that they have the title deeds in place.
    It may take longer for our block because I think there was a delay in getting the habitable licence.
    The developers need to complete the appts as soon as possible to get the remaining 50-70% completion money.
    I am not too worried, but very frustrated all the same.
     
  14. Tangier

    Tangier New Member

    I i am from the Uk and have now sold my property in Tangier tell you what i will never buy here again its a pain in the ass / waite till you come to sell your property you must hold it for 8yrs or you pay 20% tax when i had mine it was 5yrs- you think buying is had selling is even better i have been here 5yrs soon to goooo. the agents tell you that its a place to invest but hope you all have better luck then me.
     
  15. MoroccoInvestor

    MoroccoInvestor New Member

    Hi,

    Its disturbing to read Na Fianna’s reply above. I wish to god i had used the same solicitor as Na Fianna. I am losing faith altogether with this development. I have had no update from Siroco Estates on what’s happening. Last spoke to them in May and at the time they were saying it will be complete in couple of months. We are nearly in Sep and nothing yet. We have paid over £32k already in deposit for two apartments and there is no sign of completion. My business partner is going over again to see the progress on the 25th August. Will let you know what he has to say. Na Fianna if you are writing to the Moroccan government let me know and I too was thinking of doing the same.
     
  16. Tangier

    Tangier New Member

    I told you this company call me 3 times a week trying to get me to buy a apartment there but told them its not a place that i would live not alone live there thay have even offerd me 1 apartment a penthouse for less that 30,000euros never would i live there.

    All the agents tell you this block is the bust buy in tangier but look at where it is
    1st, the builders are haveing the same prob as in Spain England France if you buy offplan thay dont have to complet the building. There are a number of buildings left as thay cant sell the apartments the thing that Moroccans are doing is buy a apartment offplan say with 3000euros then hope to flip the property befor thay compleat the apartments but now thay cant sell as the property buyers are drying up no one is buying in the last 4months 6 agents selling property in tangier have closed. what will that tell you.

    Ps one more there is 1 price for Moroccans and 1 price for us.
     
  17. steveparr

    steveparr New Member

    Sorry but you are talking absolute rubish as is Nia fania.

    Nia looks peeved that she cant get her deposit back and your just talking sh*te. especially about where I have bought as I have been there on many occasions and will be a sound investment.
    The apartments are finished and awaiting title deeds. This has been the hold up. Block 5 has just been granted the title deeds and we are waiting for our block 6 to be processed.
    Its Morocco not London
     
  18. Tangier

    Tangier New Member

    HA HA LOOK AS I SAID GOOD LUCK TO YOU IF YOU ARE HAPPY THEN WHAT CN I SAY.

    I HAVE LIVED IN TANGIER FOR THE PAST 5YRS I HAVE BEEN THERE FROM THE START OF THE BUILD- THIS IS NOW THE SUMMER AND ITS FULL OF mOROCCANS NOT SAYING THAT IS WRONG BUT ITS NOT A PLACE I WOULD LIVE BUT LIKE YOU SAID YOU KNOW THE PLACE WELL / I WOULD NOT EVEN WALK THERE AFTER DARK.

    GOOD LUCK

    PS THE ONLY PRESONS THAT POST AND REPLY HERE ABOUT THE PROPERTYS ARE THE AGENTS SELLING ???

    I THINK YOU ARE TALKING THE SH-T NOT ME U JUST COME AND GO AFTER A FEW DAYS COME AND STAY FOR A FEW MONTHS
     
    Last edited: Aug 22, 2008
  19. steveparr

    steveparr New Member

    so, just as i thought you are a selling agent.

    1) tangiers city - full of moroccans, whatever next
    2) you were offered a penthouse for 30,000 euros, yeah right
    3)scared after dark, get a night light
    4) you are talking sh*te,people who know me on this board know i'm not a selling agent.

    Good luck, i hope u get a few sales for your new developments in afganistan.
     
  20. Tangier

    Tangier New Member

    Thats right 100%.
    I sold my Property last year would NEVER BUY in that place.
    I have nothing to sell.
    I Looked at the apartments from Block 1 now block 6.
    NO Lifts in the blocks.
    What are you on....
    I have not put 1 add on this page for sale-LETS see what you get for your property when its for sale in 5-6yrs.
    As i said before i have lived in tangies for over 5yrs been comeing for the last 22yrs what about just a holiday with a hope to buy make a bit of money on the side i think its you that is the agent not me its you that said that thay are a good buy not me.
    The Blocks are Moroccan houseing.
    For what you paid i would have got a viller with a pool and room for a pony in Spain not Tangier.

    But there you are a pony full of Sh*t.

    LET ME TELL ANYONE THAT WANTS TO BUY ANY THING IN TANGIER DO YOUR HOMEWORK 1ST. ITS NOT EASY TO SELL IN MOROCCO GET ANYTHING WITH A VIEW ITS WORTH EVERY PENNY NOT OF THE NEW TRAIN STATION AND A SH*TY RIVER.
     
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