Wednesday, 24 January 2007

FAQ Morocco property by Property Borders

Why Should I Purchase Through Property Borders?
We have years of experience in the Moroccan property market and have built up a network of contacts. As we are a Moroccan owned agency we have a genuine interest in promoting the country.

Who Can Purchase Property In Morocco?
Anyone. Morocco is currently encouraging foreign investment and offering great tax incentives. This is especially good for UK and US citizens as there is a double tax treaty between these countries and Morocco

Will I Be Able To Rent My Property?
Yes. Most of our developments have rental offices associated with them. They offer a full rental/management service. Alternatively, you can arrange the rental of the property yourself. Rental occupancy is usually 85% during peak season and you can expect 80-100 euros per night. New owners have no rental tax to pay for the first 5 years

I Have Seen The Property I Want. What Next?
You will need to place a deposit, usually known as a holding deposit. Some developers will also request a small handling charge. Both of these will be refundable for a period of 30 days to give you a chance to view the property or the site.

What Are My Buying Costs?
You will need to budget for an extra 5% to cover notorial and property registration fees.

Are Mortgages Available?
Yes, Mortgages can be taken with Moroccan banks offering 70% of the purchase price. To apply for a mortgage you will need the following:
1. Attestation of employment
2. 6 months bank statements
3. Your last 3 wage slips

Are The Properties Freehold?
Yes. Property Borders only deals in properties that are 100% freehold.

How Quickly Are Property Prices Rising In Morocco?
Prices are rising between 15-30% annually.

Will I Need A Solicitor?
Yes. We have contacts with English speaking solicitors.

Do I need a Moroccan bank account?
Yes. To fully repatriate your funds overseas you will need to prove that the money for the property initially came from abroad. To do this you will need a Moroccan bank account which we will arrange for you.

What is the exchange rate?
The exchange rate is 15.8 MAD to £1 sterling (approximately)


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