Why choose property in Morocco?
With miles of beautiful white sand beach, an exciting Moorish culture and year round weather, Morocco is the destination everyone is talking about. Only three hours from the UK, live a luxurious lifestyle at a fraction of the cost of other European destinations.
Here are just a few of the top selling points:
- Morocco real estate prices are 50% - 70% less than the Costa del Sol that at its closest point is nine miles away!
- Mediterranean climate with 320 days of sunshine a year.
- Low cost of living.
- English, French and Spanish widely spoken along with Arabic.
- Luxurious facilities including world class golf, tennis, riding and yachting.
- 10 year build guarantee with reputable European developer.
- Good links from the UK and 30 minutes by hydrofoil from Spain.
Why choose Morocco Properties?
We are the number 1 real estate agents in Morocco; rather than cover many areas we have chosen to specialise in just one - Morocco. Our experience of this country and the Morocco real estate market spans many years. We have built up a detailed knowledge of the country and nobody knows it better. With offices in the UK, Spain and a local team in Morocco we really do have it covered!
How do I get to Morocco?
There are good links from most European capitals to the airports of Marrakech, Agadir, Tangier and Casablanca all of which are only about three hours away. Casablanca is also served by direct flights from most Middle Eastern capitals and from North America.
Carriers include Royal Air Maroc (RAM), British Airways, Iberia, KLM, Lufthansa and Swissair. Within Morocco there is an extensive network of domestic flights, a reliable train service and coaches between all the major cities, and journey times are relatively short. Most importantly there's no jet lag as Morocco is just one hour behind London, making it a great weekend location too.
What is the economy like in Morocco?
Morocco is an economically healthy country. Annual growth is a stable 6.8% and its major industries are mining, textiles, tourism and leather goods. Tourism has grown by more than 18% over the last year, giving it the fourth largest number of foreign visitors in the whole of Africa after South Africa, Tunisia and Egypt.
Morocco is heavily investing in the country's infrastructure. The forecasted increase in tourist numbers is from 2.2 million in 2005 to 10 million in 2010. This is further strengthening the Moroccan economy and making it an extremely attractive place to invest in Morocco real estate.
Why invest in Morocco?
There are many reasons that make Morocco a perfect place to invest. The Morocco real estate market is booming with realistic growth of about 15% plus a year. With Morocco property prices still more than 50% plus below its European equivalent there is still considerable growth in the Morocco real estate market. The process of buying and owning a property in Morocco is safe and straightforward with a notary supervisory registration similar to France and Spain. Interestingly buying costs are 50% less than buying a property in Spain.
There are advantageous tax concessions, 20% tax on any capital gains and low property taxes. Morocco is serious about tourism, and has embarked on a national tourism strategy that aims to increase the number of foreign visitors from 2.2 million currently to 10 million by 2010. Under Vision 2010, the Moroccan government has guaranteed to provide the necessary infrastructure to connect coastal resorts with the rest of the country and Europe by constructing 1,000 km of new roads, increasing internal and international flights, and developing new regional airports.
What is the Capital Gains Tax situation in Morocco?
Capital Gains Tax (TPI) is 20% of the profit, with a minimum of 3% of the sale price. There is a double tax treaty between the UK and Morocco to ensure that this is not paid in both countries. Morocco real estate sold after more than 10 years ownership are fully exempt from TPI. Morocco Properties sold after more than 5 years ownership but less than 10 years are subject to TPI of 10% of any capital gain over 1 million DRh (about €90,000). Retirees are particularly enticed by the fact that tax exemption is an attractive 80%, provided that their pension is still being transferred from England.
What is the weather like in Morocco?
The weather is virtually identical to the temperate climate of the Costa del Sol as Morocco lies just nine miles south of it. With about 320 days of sunshine a year and average temperature in summer of 35°C and in winter of 22°C, this is a year round sun location.
What is Marrakech like?
The former Moroccan capital Marrakech is virtually unchanged since the Middle Ages. It has earned several nicknames over the years from the'Jewel of the South' to 'The Rose City'. The first symbolises its importance as the centre of Morocco dating back to the times when it was a trading and resting place on the crossroads of ancient caravan routes from Timbuktu and the second due to the red clay soil that has formed the raw material for the salmon pink properties that still characterize the cityscape.
Djemâa el Fna Square is the true heart of Marrakech, easily the most exotic and exciting marketplace in the world. Its mysterious labyrinth medina encompasses Sultanps palaces and ornate mansions of rich merchants.
Later in the day, Moroccans and tourists alike gather in Djemâa el Fna to observe the daily spectacle. Storytellers and musicians perform for the crowds and the aroma of fish and meat cooked in earthenware pots fills the air. Marrakech is so intoxicating it can be tempting to stay forever.
What is Saïdia like?
Mediterrania Saidia is a remarkable residential and tourist complex located in a picturesque village with a long tourist tradition on the Mediterranean coast of Morocco. Over an area of more than 7,000,000 m² with six kilometres of seafront, the Saidia property development is a totally comprehensive international resort.
Saidia is located in the Moroccan province of Berkane, between Melilla and Algeria. Mediterrania Saidia properties will benefit from numerous amenities and visitors need never leave the resort.
Three 18-hole golf courses are the focal point of this exclusive tourist resort. The Mediterrania Saidia complex also offers abundant green spaces and six luxury hotels.
There are business and shopping areas, lining an open esplanade at the marina consisting of restaurants, a shopping centre, a spa, fitness clubs and medical centre.
There are landscaped parks and green areas, as well as pleasant public spaces, harmonize with the beautiful natural surroundings.
The 840-berth marina, along with its complimentary services, will provide hours of enjoyment for nautical enthusiasts. There will also be customs, a harbour master's office, control tower, tourist information centre, and chandlers stores. An ideal location for sailing, it will be one of the largest marinas in the Mediterranean.
Saidia is an area of wonderful beaches - a 20 km strip of fine sand bordering crystal-clear waters. Access to the main beach is through a eucalyptus forest. Seventeen beach clubs will flank the 6 km of beachfront, providing an ideal vantage point of the marina and a place to relax in the shade.
Saidia is a high quality resort being developed by FADESA, a major quoted Spanish company with considerable experience of International prestige developments.
The Saidia villas and Saidia apartments created in this development provide a variety of living options to suit the need of every resident. The building schedule for Mediterranea Saidia is as follows - The first phase - villas, apartments, marina, links golf course, and various shops, bars and restaurants is now complete. The entire site, including all 3 golf courses, is forecast to be completed in 2009. At the moment, everything is on schedule. The developers, Fadesa, have a very good reputation for completing projects on time. The contract provides for completion within 21 months of signing.
What is Tangiers like?
Tangier itself is an International Free Trade Zone and therefore exempt from certain taxes to encourage foreign investment. VAT tax is only 5%.
The location is of particular importance due to the close proximity of the Straits of Gibraltar and Spain. Recently the Americans were awarded the security contract for the new International Port of Tangier, so there is an established letting and resale market.
Washington sees the project's success as enhancing its Free Trade Agreement (FTA) with Morocco and providing a further step forward in the liberalization of the economy. The port is currently being constructed on a site 35-km east of Tangier. Both the port and the free zones at Tangier Med are due to open for business in September 2007.
Tangiers is known for its 'colourful' past where anything went, however in recent years much has been done to clean up its image. The incredible mix of North African cultures are still present in the city, accompanied by their rich and diverse history. This diversity, as well as Tangiers again becoming an off the beaten track holiday destination, still make the city worth visiting for the traveller who is looking for somewhere a 'little bit different'.
What fees can be expected on top of the purchase price of a Morocco property?
You should budget for about 5% over the Morocco property purchase price to cover:
- Stamp duty
- Legal fees
- Notary fees
- Land registry
- Dispatch fees
- Misc (certificates) 2.5%
- 1.1%
- 0.5%
- 1.5 to 2%
- About 500 DRh or €30
- About 500 DRh or €30
How do we view properties in the area?
The best way to visit the area is with us on a viewing trip. Our trips are second to none in this industry. We offer a bespoke viewing experience where you will have our total focus; no tour buses, we promise! Equally if you prefer to travel by yourself we can provide the support you need when searching for the right Morocco property.
During our trips you will be under NO PRESSURE to buy what so ever. We firmly believe that the area and the product sells itself. As you already know, we are a professional family business with property interests in Morocco and a friendly, impartial, all encompassing service. Our colleagues in the area are not working on a commission basis!
All we ask for is a confirmation of available funds, a general knowledge of the area and definite requirements.
Can I reserve a property?
YES. Many of our clients choose to put down a refundable deposit to fix the price of a Morocco property and take it off the market until they can visit the area to view it. These refundable deposits are not offered by every developer, but are usually £2000, giving you 30 days to view and decide whether or not to buy. This puts you under NO OBLIGATION.
How much will my property cost to run?
Costs will vary between sites. As an example the Saidia property site will have the following running costs, they are set to be around €90-110 per month, including utility, maintenance and management charges. As the information becomes available on the other Morocco property developments we will be able to advise.
Are mortgages available on property in Morocco?
YES, mortgages are available for 60% of the property value. We are able to arrange independent mortgages through Tricon Ltd., a UK based mortgage broker who are able to provide re-mortgage on your UK property to finance the stage payments of new developments and part or all of the value of your Morocco real estate.
Some International Banks including BMCE Bank and Societe Generale both operate in Morocco and are prepared to provide mortgages for Morocco properties, they are liable to the usual screening process you would have in the UK.
Can Moroccan Properties advise on us finding a Moroccan lawyer?
YES. Contact us for a list of our recommended local and UK based specialist Moroccan lawyers.
Is our money protected?
YES. The developer we deal with in Morocco provides bank guarantees. These are in place to insure your stage payments (if buying off plan) and any interest that you would have earned from the money.
Is it necessary to open a Morrocan bank account?
YES. You will need to open a bank account in Morocco. We are able to do this for you. We will supply all the relevant forms and translations.
What is the situation with land and property in Morocco?
The price of land has trebled over the past five years fuelled by the political stability speared by King Mohammed VI. The property system is similar to that of the UK leasehold and freehold. Retirees are particularly enticed by the fact that tax exemption is an attractive 80%, provided that their pension is still being transferred from England.
What is the building schedule for the Saidia site?
The first phase - villas, apartments, marina, links golf course, and various shops, bars and restaurants - is due for completion in June 2006. The complete site, including all 3 golf courses are scheduled to be completed in 2009. At the moment, everything is on time. The developers, Fadesa, have a very good reputation for completing projects on schedule. The contract provides for completion within 21 months of signing.
What if I want to re-sell prior to the scheduled completion?
You can sell on to a 3rd party (once the initial 15% has been paid) via a transfer contract drawn up by your solicitor. Moroccan Properties will of course gladly act as your estate agent.