| These days, it is becoming increasingly fashionable | | | | properties and those in need of renovation. It's a |
| to buy property in Morocco. Morocco has a lot to | | | | good idea to take a camera and a notepad when |
| offer in terms of property sale in areas such as | | | | examining properties because after a few days |
| Mediterrania Saidia , Asilah , Tangiers , Marrakech , | | | | it's easy to forget which pieces of real estate had |
| Tetouan and Agadir . | | | | which features! Once an ideal property has been |
| But because of the desirability of property for | | | | found it's usual to make an offer to buy and to |
| sale in Morocco an investor should not be | | | | negotiate on the asking price. Once an offer has |
| deterred from securing their ideal piece of real | | | | been accepted a deposit of around 10% can be |
| estate just because purchasing it can take many | | | | paid. The deposit or arbon should secure the |
| months and a great deal of paperwork because | | | | property and remove it from the market place. |
| there are many agencies that can help you do | | | | But unfortunately the reality is that it's wise to |
| everything for you while you sit back and relax. | | | | close the sale at the time the price is agreed |
| The key to successfully navigating the real estate | | | | upon otherwise if the vendor is offered more |
| purchase process in Morocco is seeking the | | | | money before the sale is closed they may well |
| assistance of a recommended real estate agent | | | | take it and return the investor's deposit to them. |
| or simsaar. These people have a local working | | | | There is one small problem with this approach - |
| knowledge of the property market in the | | | | by officially closing the sale the taxes should be |
| particular part of Morocco in which they work and | | | | due within 30 days. BUT if you pay the taxes the |
| they are often able to shield the buyer from | | | | sale really is closed and the buyer can refuse to |
| paying over the market price by understanding | | | | move out which in the worst case scenario |
| the true value of properties for sale. There are | | | | results in a five year legal battle to have them |
| quite a few, but is one of the best you can get | | | | evicted. So what most buyers do is hold back on |
| to ensure a smooth and beneficial deal. | | | | paying the taxes, incur a small fine but save |
| As with many emerging markets property | | | | themselves the trouble of having deeds |
| investors who broadcast the fact that they are in | | | | transferred into their name and running the risk of |
| the market for real estate will often find that the | | | | having sitting tenants! |
| places they're offered for sale suddenly go up in | | | | This may sound confusing but with the help of a |
| price - with the help of a good simsaar the | | | | decent lawyer all of this is transparent to the |
| foreign buyer will pay the same as a local buyer in | | | | property purchaser. Those buying brand new or |
| Morocco. A simsaar will usually charge two and a | | | | off plan property in Morocco of course avoid all of |
| half percent of the property's purchase price in | | | | these issues. |
| fees and some charge a daily rate which can be | | | | An investor looking at Morocco Property should |
| deducted from this fee. The amount of time and | | | | budget an additional 7 or 8% on top of the |
| money they can save an investor means that | | | | purchase price for fees and taxes. As stated the |
| they are well worth their commission. | | | | real estate agent will charge about 2.5%, the |
| However, because these agents often speak little | | | | notaire or public notary will charge 1% to sort out |
| English or French it is usually necessary to have a | | | | title deeds on older properties - a process that |
| translator as well and a cautious approach should | | | | can take up to 2 years after the sale has |
| be taken when finding a translator, real estate | | | | completed but which will result in the property |
| agent and solicitor in Morocco. The Moroccan | | | | being worth more in the long run as all subsequent |
| people are keen to attract foreign investment and | | | | buyers will avoid having to repeat the process - |
| the majority of professionals an investor will deal | | | | and finally there's also a small amount of tax on |
| with will be happy to genuinely assist - but as the | | | | the purchase price on Investment Property |
| saying goes, 'buyer beware' when employing | | | | Morocco which pays for itself when you consider |
| anyone to assist with the buying process in any | | | | the benefits of living in a charming and culturally |
| country in the world! It's highly likely that an | | | | rich country that has a lot to offer in terms of |
| investor will have a great deal of choice in | | | | value for money and a peaceful living. |
| Morocco particularly if they're interested in older | | | | |