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