Alkudia Smir is comprised of 1, 2 & 3 bed apartments, villas and townhouses, with a total of 2189 units. These are made up of 179 villas, 354 touristic apartments (apart hotel) and the rest made up of townhouses and residential apartments.
There is an existing 18 hole golf course nearby at Cabo Negro, with plans for another. Also found nearby is a brand new aqua park which provides a fun day out for the family.
With access to Marina's Kabila & Restinga you will have all the facilities you need for a thoroughly enjoyable and relaxing holiday.
Phase 1 is now sold out and the rest are selling fast.
This is an excellent opportunity for serious investors.
Alkudia Smir is located along the Mediterranean coast halfway between M'Diq and the Spanish enclave of Ceuta.
This stretch of unspoilt coastline is often referred to as Morocco's golden mile and once you have visited the area it is not hard to see why. The beaches are simply breathtaking and more often than not deserted.
Alkudia Smir is near to Marina Smir, Marina Kabila and the pretty village of Chefchaouan with it's beautiful waterfalls. It is 20km from Tetouan and 50km from Tangier.
For further information, visit www.propertyborders.com.
Sunday, 21 January 2007
Morocccan Property Boom
Source www.propertyborders.com
Morocco which has over the years attracted all types of visitors from world famous politicians like Winston Churchill & President Roosevelt to celebrities such as George Clooney & David & Victoria Beckham is today receiving a different type of visitor. Visitors who have had enough of the usual overcrowded and overly expensive Spain. This type of visitor seeks to feel the deep culture on offer in Morocco and taste the wonderful food available at less than half of Spanish prices. Morocco is visually exciting to the average visitor who has travelled the usual places on the Mediterranean coast. The colours so bright, the deserts so vast, challenging and beautiful and the people so friendly and welcoming. The lush mountains of the riff shadow golden beaches like that of Kabila, further south are the high Atlas Mountains are the tallest mountains in North Africa.
During winter times the rich and famous staying in their villas and palaces take to the ski slopes of Oukaimeden. The British tycoon Richard Branson has bought a Kasbah named Kasbah Tamadot which is used as a luxury boutique hotel. It is found perched dramatically on a hilltop and surrounded by the peaks of the High Atlas. Located in the Atlas Mountains, Oukaimeden, the valley of four winds, is set to become the ultimate four season mountain destination for recreation, entertainment, relaxation and residence as well as being the Middle East and Africas only golf and ski resort. In keeping with Berber design and the shear beauty of the great Atlas Mountains, Oukaimeden village will combine commercial, office, retail, entertainment and dining amenities with a full range of residential options to choose from. With 2,000 hotel rooms, more than 300 retail units and 25,000 sq. metres of business and conference facilities planned, Oukaimeden will be a year round hive of activity. Artisans of all types are attracted to Morocco and its history. The Almoravid dynasty left wonderful architecture and palaces all over Marrakech.
With the recent open air agreement between Morocco and Europe the first of its kind with a country in Africa, low cost carriers are tripping over themselves to serve Morocco. Easy jet was the first to make flights available followed by the ground breaking deal by Ryan air to serve 20 airports across Morocco. Low cost carrier Monarch is also expected to join the race to serve this emerging market flying to Tangier international airport in 2007. What is the driving force behind all this? Some say its the booming Moroccan property market others say the proposed tunnel linking Morocco with Spain. Buyers from across Europe and the World are jumping on the bandwagon of this hot property growth market and with beachfront ocean view properties, listed with Property Borders, starting from £45.000 who can blame them. Morocco is under 2 hours from most places in Europe with great winter sun available. Property Borders are Moroccan property specialists located in London and have found the market in the last year very exciting, the director Mustapha Mezouri who himself is Moroccan commented saying The Moroccan economy this year is expected to grow at a rate of 7.3% compared to last years growth of 1.8%. This will make buying a property a profitable experience as Moroccans join the race to get on the property ladder. Morocco has thousands of miles of empty golden coastline so what are you waiting for grab your exotic Moroccan home before it's to late. For more information, visit propertyborders.com.
About the Author
Property Borders is a Moroccan owned agency, its director Mustapha Mezouri was born in Morocco. We have been at the forefront of the Real Estate industry in Morocco for the past two years, continuously developing its services according to market trends and laws we only market property developments after researching areas for their growth potential. Our staff are all conversant with the property market in Morocco and can help and advise you of the most suitable development for either investment or as a holiday or residential home. Investors have come to expect a personalized, professional, one-stop service As a measure of this commitment, we are the only UK based Moroccan owned estate agents with links to all the major developers in Morocco. This helps us provide our clients with greater choice of the best sourced properties. We endeavour to make sure the process is as smooth as possible. We are an independently owned company that treats its customers with Moroccan hospitality and British professionalism. We give our clients prompt, reliable and personal service with no hard sell.
Source www.propertyborders.com
Property, Real Estate, Investing & Business Articles
Morocco which has over the years attracted all types of visitors from world famous politicians like Winston Churchill & President Roosevelt to celebrities such as George Clooney & David & Victoria Beckham is today receiving a different type of visitor. Visitors who have had enough of the usual overcrowded and overly expensive Spain. This type of visitor seeks to feel the deep culture on offer in Morocco and taste the wonderful food available at less than half of Spanish prices. Morocco is visually exciting to the average visitor who has travelled the usual places on the Mediterranean coast. The colours so bright, the deserts so vast, challenging and beautiful and the people so friendly and welcoming. The lush mountains of the riff shadow golden beaches like that of Kabila, further south are the high Atlas Mountains are the tallest mountains in North Africa.
During winter times the rich and famous staying in their villas and palaces take to the ski slopes of Oukaimeden. The British tycoon Richard Branson has bought a Kasbah named Kasbah Tamadot which is used as a luxury boutique hotel. It is found perched dramatically on a hilltop and surrounded by the peaks of the High Atlas. Located in the Atlas Mountains, Oukaimeden, the valley of four winds, is set to become the ultimate four season mountain destination for recreation, entertainment, relaxation and residence as well as being the Middle East and Africas only golf and ski resort. In keeping with Berber design and the shear beauty of the great Atlas Mountains, Oukaimeden village will combine commercial, office, retail, entertainment and dining amenities with a full range of residential options to choose from. With 2,000 hotel rooms, more than 300 retail units and 25,000 sq. metres of business and conference facilities planned, Oukaimeden will be a year round hive of activity. Artisans of all types are attracted to Morocco and its history. The Almoravid dynasty left wonderful architecture and palaces all over Marrakech.
With the recent open air agreement between Morocco and Europe the first of its kind with a country in Africa, low cost carriers are tripping over themselves to serve Morocco. Easy jet was the first to make flights available followed by the ground breaking deal by Ryan air to serve 20 airports across Morocco. Low cost carrier Monarch is also expected to join the race to serve this emerging market flying to Tangier international airport in 2007. What is the driving force behind all this? Some say its the booming Moroccan property market others say the proposed tunnel linking Morocco with Spain. Buyers from across Europe and the World are jumping on the bandwagon of this hot property growth market and with beachfront ocean view properties, listed with Property Borders, starting from £45.000 who can blame them. Morocco is under 2 hours from most places in Europe with great winter sun available. Property Borders are Moroccan property specialists located in London and have found the market in the last year very exciting, the director Mustapha Mezouri who himself is Moroccan commented saying The Moroccan economy this year is expected to grow at a rate of 7.3% compared to last years growth of 1.8%. This will make buying a property a profitable experience as Moroccans join the race to get on the property ladder. Morocco has thousands of miles of empty golden coastline so what are you waiting for grab your exotic Moroccan home before it's to late. For more information, visit propertyborders.com.
About the Author
Property Borders is a Moroccan owned agency, its director Mustapha Mezouri was born in Morocco. We have been at the forefront of the Real Estate industry in Morocco for the past two years, continuously developing its services according to market trends and laws we only market property developments after researching areas for their growth potential. Our staff are all conversant with the property market in Morocco and can help and advise you of the most suitable development for either investment or as a holiday or residential home. Investors have come to expect a personalized, professional, one-stop service As a measure of this commitment, we are the only UK based Moroccan owned estate agents with links to all the major developers in Morocco. This helps us provide our clients with greater choice of the best sourced properties. We endeavour to make sure the process is as smooth as possible. We are an independently owned company that treats its customers with Moroccan hospitality and British professionalism. We give our clients prompt, reliable and personal service with no hard sell.
Source www.propertyborders.com
Property, Real Estate, Investing & Business Articles
Emerging Morocco
By: Nicholas Marr
The link between successful tourism and an emerging property markets is no more clearly defined than in Africa. Growing numbers of tourists in search of new discoveries unspoilt by the commercialism of the usual holiday hot spots are creating emerging property markets. Airlines and tour operators are contributing by providing cheaper air fares, whilst specialist tour operators serve to enlighten tourists about Africa as a holiday destination.
Globalisation demands new territories to secure future growth for business and corporations world wide continually search for new emerging markets. Many have found Africa and the African governments are welcoming them with open arms. African governments like any government realise the benefits of inward investment and start dancing to the tune of the overseas property investor. The Moroccan government for example is busy creating the right conditions for overseas property investors and are heavily investing in its infrastructure. Morocco is seeing redevelopment along its Mediterranean and Atlantic coasts and has already seen a flurry of activity from overseas property buyers.
The African property market advantage
Africa has an advantage of many emerging markets and that is that most regions are all year holiday destinations and have not been affected by inflated housing prices.
Morocco Property
The fashionable cities of Marrakech, Fès and Essaouira, are home to huge mansions in need of renovation. Overseas buyers are now realising that Morocco has huge potential. With traditional housing cheaper than any other comparable market and off plan opportunities Morocco is worth some more investigation.
The link between successful tourism and an emerging property markets is no more clearly defined than in Africa. Growing numbers of tourists in search of new discoveries unspoilt by the commercialism of the usual holiday hot spots are creating emerging property markets. Airlines and tour operators are contributing by providing cheaper air fares, whilst specialist tour operators serve to enlighten tourists about Africa as a holiday destination.
Globalisation demands new territories to secure future growth for business and corporations world wide continually search for new emerging markets. Many have found Africa and the African governments are welcoming them with open arms. African governments like any government realise the benefits of inward investment and start dancing to the tune of the overseas property investor. The Moroccan government for example is busy creating the right conditions for overseas property investors and are heavily investing in its infrastructure. Morocco is seeing redevelopment along its Mediterranean and Atlantic coasts and has already seen a flurry of activity from overseas property buyers.
The African property market advantage
Africa has an advantage of many emerging markets and that is that most regions are all year holiday destinations and have not been affected by inflated housing prices.
Morocco Property
The fashionable cities of Marrakech, Fès and Essaouira, are home to huge mansions in need of renovation. Overseas buyers are now realising that Morocco has huge potential. With traditional housing cheaper than any other comparable market and off plan opportunities Morocco is worth some more investigation.
Real Estate Property Investment Series: Focus Morocco 2007
The Moroccan government realised that the way forward for their nation in terms of creating employment and boosting the economy significantly was to increase tourism and to create an environment so attractive for investors that they would come in their droves and buy up real estate stock.
To that end the government has been promoting Morocco around the world – there is a permanent stand at Walt Disney World Resort in Florida heralding the virtues of this North African nation that practically touches Europe across the Mediterranean Sea that divides it from mainland Spain for example, and now the skies over Morocco are open to cheap flight operators from across Europe and the UK. The nation has year round sunshine and is directly south and a short flying time from affluent Western Europe and all of these factors are starting to affect Morocco positively.
In 2006 in the first nine months alone tourism traffic was up almost 10% on the previous year with revenue generated from tourism up almost 30% which proves that the government are targeting the ‘right’ sort of tourist – i.e., the ones who come, stay, enjoy and spend money in Morocco! Looking to the longer term the Moroccan government has plans to increase tourism until 10 million visitors annually enter the nation by 2010. There are even plans afoot to build a tunnel under the sea to connect Morocco to Gibraltar in Europe…
‘But why all this information about tourism’ I hear you ask?
Because it is the tourism market that property investors in Morocco are targeting. On the one hand they are targeting those seeking villa and apartment rental and on the other hand they are aware that today’s holiday maker is tomorrow’s second, retirement or holiday home buyer. And investors really are in Morocco buying up and developing real estate stock. Already six brand new coastal resorts are in the planning and development stages, money is flooding in from Dubai and Qatar based development companies and European buyers are purchasing off plan knowing full well that their real estate assets are appreciating even before they are completed and handed over. Buyers in 2007 have a chance to buy in ahead of the continued predicted rise in tourism and before Morocco is established in many people’s minds as a place to invest in real estate.
Consider buying off plan and flipping stock or better still, simply buying and renting to the tourism market on the Atlantic or Mediterranean coasts or in the mountainous ski resort of Oukaimeden. Rental income is earned tax free in Morocco for the first five years and those who hold property for ten years or more pay no capital gains tax when they resell, furthermore one is not subject to local inheritance tax in Morocco either. In conclusion - Morocco offers an investor a wealth of opportunity. Basically an investor needs to consider his preferred investment approach and his target market and then seek suitable real estate with room for growth or with prospects for returning good yields.
Rhiannon Williamson
To that end the government has been promoting Morocco around the world – there is a permanent stand at Walt Disney World Resort in Florida heralding the virtues of this North African nation that practically touches Europe across the Mediterranean Sea that divides it from mainland Spain for example, and now the skies over Morocco are open to cheap flight operators from across Europe and the UK. The nation has year round sunshine and is directly south and a short flying time from affluent Western Europe and all of these factors are starting to affect Morocco positively.
In 2006 in the first nine months alone tourism traffic was up almost 10% on the previous year with revenue generated from tourism up almost 30% which proves that the government are targeting the ‘right’ sort of tourist – i.e., the ones who come, stay, enjoy and spend money in Morocco! Looking to the longer term the Moroccan government has plans to increase tourism until 10 million visitors annually enter the nation by 2010. There are even plans afoot to build a tunnel under the sea to connect Morocco to Gibraltar in Europe…
‘But why all this information about tourism’ I hear you ask?
Because it is the tourism market that property investors in Morocco are targeting. On the one hand they are targeting those seeking villa and apartment rental and on the other hand they are aware that today’s holiday maker is tomorrow’s second, retirement or holiday home buyer. And investors really are in Morocco buying up and developing real estate stock. Already six brand new coastal resorts are in the planning and development stages, money is flooding in from Dubai and Qatar based development companies and European buyers are purchasing off plan knowing full well that their real estate assets are appreciating even before they are completed and handed over. Buyers in 2007 have a chance to buy in ahead of the continued predicted rise in tourism and before Morocco is established in many people’s minds as a place to invest in real estate.
Consider buying off plan and flipping stock or better still, simply buying and renting to the tourism market on the Atlantic or Mediterranean coasts or in the mountainous ski resort of Oukaimeden. Rental income is earned tax free in Morocco for the first five years and those who hold property for ten years or more pay no capital gains tax when they resell, furthermore one is not subject to local inheritance tax in Morocco either. In conclusion - Morocco offers an investor a wealth of opportunity. Basically an investor needs to consider his preferred investment approach and his target market and then seek suitable real estate with room for growth or with prospects for returning good yields.
Rhiannon Williamson
Property in Morocco a Hot Target for 2007
The word’s out already - property in Morocco is a hot target for 2007 and beyond because the government of Morocco are making it easier for overseas buyers to invest in holiday homes and derive rental income tax free for the first five years, they are making it easier to get to and from Morocco by opening up their skies and airports to cheap flight operators from all across Europe and the UK, and they are totally committed to expanding travel and tourism related traffic and income.
As a result of all these factors we no longer consider Morocco an emerging market – rather it is a rapidly maturing market where prices are rising fast - in fact, 2007 could be the last year for investors to bag property bargains.
Serious investment is coming to Morocco especially from the Middle East; for example Emaar Properties from Dubai and Diar from Qatar have both committed to multi million dollar property and resort development projects across the country and the government are signing off new development projects every few months. This brings some serious choice to an investor seeking quality property stock that will rent well throughout the year to the increasing numbers of tourists visiting Morocco annually.
In terms of the growth in tourism which is an investor’s likely core market to target - in 2006 the Moroccan government, through strategic operations such as promoting the delights of Morocco widely to the rest of the world and by opening up key regional airports to cheap flight operators, pushed tourism growth up significantly. In the first nine months of the year tourism traffic grew by 9% compared to the previous year and even more significantly the income from tourism was up 26% suggesting those who are coming are more affluent than before and more willing to spend more money on holiday villa rental for example which bodes well for an investor’s yields.
By the end of 2006 six and a half million travellers will have visited Morocco which is a significant increase on the previous years figures and by 2010 the government are determine to have at least ten million visitors entering the country annually. Naturally enough more tourists means more potential to rent out well located and facilitated properties such as in the coastal resorts from Aglou Plage to Saidia or in the ski resort of Oukaimeden or even in cities such as Tangiers or Marrakech.
An alternative that will exist for an investor in 2007 and for a limited window only will be buying multiple units off plan and flipping back to rookie investors attracted to the market by the greater promotion in the press and through other media of Morocco as a great place to begin building an investment portfolio.
For those seeking the best long term capital appreciation some of the older, more traditional properties are exceptional for growth prospects. But beware – older riads and the like could come with all sorts of property title issues attached. Most older properties do not have title deeds that are legally recognized by the land registry department and as a result, those buying such property stock usually have to enter into a lengthy period of paperwork to secure their property stock – get a good lawyer on board before even making an offer to purchase. All the paperwork hassle can be well worth the trouble for well located properties with character, charm and potential….but for anything else forget it for the time being.
The government in Marrakech will begin a lengthy period of legalizing all property title from 2007 onwards with other towns and cities likely to follow suit. This means that the process to buy older properties in Marrakech will become streamlined and those who can move quickly, snap up run down renovation treats and restore them to their former glory will reap significant financial rewards – but such an investment approach is not for the faint-hearted because the process is not cheap and such work has to be supervised in person if the desired results are to be achieved.
In conclusion - Morocco offers an investor a wealth of opportunity. Basically an investor needs to consider his preferred investment approach and target market and then seek stock with room for growth or prospects for good yields accordingly. The likes of Savills and Colliers have moved into the market in 2006 with Hamptons International following suit in 2007 suggesting that property in Morocco is about to become very big business indeed.
Source Amberlamb
As a result of all these factors we no longer consider Morocco an emerging market – rather it is a rapidly maturing market where prices are rising fast - in fact, 2007 could be the last year for investors to bag property bargains.
Serious investment is coming to Morocco especially from the Middle East; for example Emaar Properties from Dubai and Diar from Qatar have both committed to multi million dollar property and resort development projects across the country and the government are signing off new development projects every few months. This brings some serious choice to an investor seeking quality property stock that will rent well throughout the year to the increasing numbers of tourists visiting Morocco annually.
In terms of the growth in tourism which is an investor’s likely core market to target - in 2006 the Moroccan government, through strategic operations such as promoting the delights of Morocco widely to the rest of the world and by opening up key regional airports to cheap flight operators, pushed tourism growth up significantly. In the first nine months of the year tourism traffic grew by 9% compared to the previous year and even more significantly the income from tourism was up 26% suggesting those who are coming are more affluent than before and more willing to spend more money on holiday villa rental for example which bodes well for an investor’s yields.
By the end of 2006 six and a half million travellers will have visited Morocco which is a significant increase on the previous years figures and by 2010 the government are determine to have at least ten million visitors entering the country annually. Naturally enough more tourists means more potential to rent out well located and facilitated properties such as in the coastal resorts from Aglou Plage to Saidia or in the ski resort of Oukaimeden or even in cities such as Tangiers or Marrakech.
An alternative that will exist for an investor in 2007 and for a limited window only will be buying multiple units off plan and flipping back to rookie investors attracted to the market by the greater promotion in the press and through other media of Morocco as a great place to begin building an investment portfolio.
For those seeking the best long term capital appreciation some of the older, more traditional properties are exceptional for growth prospects. But beware – older riads and the like could come with all sorts of property title issues attached. Most older properties do not have title deeds that are legally recognized by the land registry department and as a result, those buying such property stock usually have to enter into a lengthy period of paperwork to secure their property stock – get a good lawyer on board before even making an offer to purchase. All the paperwork hassle can be well worth the trouble for well located properties with character, charm and potential….but for anything else forget it for the time being.
The government in Marrakech will begin a lengthy period of legalizing all property title from 2007 onwards with other towns and cities likely to follow suit. This means that the process to buy older properties in Marrakech will become streamlined and those who can move quickly, snap up run down renovation treats and restore them to their former glory will reap significant financial rewards – but such an investment approach is not for the faint-hearted because the process is not cheap and such work has to be supervised in person if the desired results are to be achieved.
In conclusion - Morocco offers an investor a wealth of opportunity. Basically an investor needs to consider his preferred investment approach and target market and then seek stock with room for growth or prospects for good yields accordingly. The likes of Savills and Colliers have moved into the market in 2006 with Hamptons International following suit in 2007 suggesting that property in Morocco is about to become very big business indeed.
Source Amberlamb
Morocco’s Property Market Boosted by Spanish FDI
Despite the facts that Spain and Morocco are only separated by nine miles of sea and Spain actually has a couple of enclaves on the Moroccan mainland, the Spanish and Moroccan economies, countries, governments and people have not been closely aligned in recent years. Now a softening of relations between the two nations is resulting in Morocco’s property market being boosted substantially by Spanish foreign direct investment.
Morocco’s property market has suddenly become big news as various multi million dollar property development projects, which are mainly backed or financed by GCC based companies, are getting underway across the country and attracting international investor and buyer interest and the Spanish are aware of the potential that they could access in Morocco.
Conversely and at the same time it has become apparent to both the public and private sector in Spain that the wealth of local Spanish opportunity for development and profit has already been substantially exploited and for the best chances of sustainable profit they will have to look elsewhere. These factors mean that Morocco has suddenly come into the scope of the Spanish.
At the moment Spain lags well behind France in terms of the FDI (foreign direct investment) that it ploughs into Morocco annually, according to Spain’s economy and trade adviser in Rabat the Spanish have plans to turn this around and become one of the largest direct investors in Morocco over the coming years.
Their planned period of increased investment ties in perfectly with the planned expansion of the Moroccan tourism industry which is on target to expand by four million between now and 2010. As the numbers of tourists attracted to the country increases so the demand for accommodation increases and the number of hotel and resort developments in the planning stages or underway in Morocco are testament to this fact.
One of the first Spanish construction firms to announce their direct commitment to Moroccan foreign direct investment is Fadesa; earlier this year Fadesa revealed their detailed plans for a three hundred million Euro tourism and residential property development in Marrakech and they are just the first in on the trend. Already other developers and investors have shown their firm commitment to a range of property and business based projects in Morocco such as the expansion of the port in Rabat and the creation of a free trade zone in Tangier and this expansion of interest and commitment from the Spanish in Morocco bodes well for a long term future partnership.
Source amberlamb
Morocco’s property market has suddenly become big news as various multi million dollar property development projects, which are mainly backed or financed by GCC based companies, are getting underway across the country and attracting international investor and buyer interest and the Spanish are aware of the potential that they could access in Morocco.
Conversely and at the same time it has become apparent to both the public and private sector in Spain that the wealth of local Spanish opportunity for development and profit has already been substantially exploited and for the best chances of sustainable profit they will have to look elsewhere. These factors mean that Morocco has suddenly come into the scope of the Spanish.
At the moment Spain lags well behind France in terms of the FDI (foreign direct investment) that it ploughs into Morocco annually, according to Spain’s economy and trade adviser in Rabat the Spanish have plans to turn this around and become one of the largest direct investors in Morocco over the coming years.
Their planned period of increased investment ties in perfectly with the planned expansion of the Moroccan tourism industry which is on target to expand by four million between now and 2010. As the numbers of tourists attracted to the country increases so the demand for accommodation increases and the number of hotel and resort developments in the planning stages or underway in Morocco are testament to this fact.
One of the first Spanish construction firms to announce their direct commitment to Moroccan foreign direct investment is Fadesa; earlier this year Fadesa revealed their detailed plans for a three hundred million Euro tourism and residential property development in Marrakech and they are just the first in on the trend. Already other developers and investors have shown their firm commitment to a range of property and business based projects in Morocco such as the expansion of the port in Rabat and the creation of a free trade zone in Tangier and this expansion of interest and commitment from the Spanish in Morocco bodes well for a long term future partnership.
Source amberlamb
Morocco Property Buying Process
There are many complexities to the property buying process in Morocco that an investor needs to be aware of before they even consider entering the market place.
But because of the desirability of property for sale in Morocco an investor should not be deterred from securing their ideal piece of real estate just because purchasing it can take many months and a great deal of paperwork!
The key to successfully navigating the real estate purchase process in Morocco is seeking the assistance of a recommended real estate agent or simsaar. These people have a local working knowledge of the property market in the particular part of Morocco in which they work and they are often able to shield the buyer from paying over the market price by understanding the true value of properties for sale.
As with many emerging markets property investors who broadcast the fact that they are in the market for real estate will often find that the places they’re offered for sale suddenly go up in price – with the help of a good simsaar the foreign buyer will pay the same as a local buyer in Morocco. A simsaar will usually charge two and a half percent of the property’s purchase price in fees and some charge a daily rate which can be deducted from this fee. The amount of time and money they can save an investor means that they are well worth their commission.
However, because these agents often speak little English or French it is usually necessary to have a translator as well and a cautious approach should be taken when finding a translator, real estate agent and solicitor in Morocco. The Moroccan people are keen to attract foreign investment and the majority of professionals an investor will deal with will be happy to genuinely assist – but as the saying goes, ‘buyer beware’ when employing anyone to assist with the buying process in any country in the world!
It’s highly likely that an investor will have a great deal of choice in Morocco particularly if they’re interested in older properties and those in need of renovation. It’s a good idea to take a camera and a notepad when examining properties because after a few days it’s easy to forget which pieces of real estate had which features! Once an ideal property has been found it’s usual to make an offer to buy and to negotiate on the asking price. Once an offer has been accepted a deposit of around 10% can be paid. The deposit or arbon should secure the property and remove it from the market place. But unfortunately the reality is that it’s wise to close the sale at the time the price is agreed upon otherwise if the vendor is offered more money before the sale is closed they may well take it and return the investor’s deposit to them.
The problem with closing the sale at this point is the fact that the vendor will require a certain amount of time to vacate the property. It’s usual therefore to close the sale, pay about 30% of the purchase price to help the vendor buy a new property, give the vendors a fixed period of between one and three months to vacate and hold back paying taxes, fees and the complete purchase price until the vendor has physically vacated the property.
There is one small problem with this approach – by officially closing the sale the taxes should be due within 30 days. BUT if you pay the taxes the sale really is closed and the buyer can refuse to move out which in the worst case scenario results in a five year legal battle to have them evicted. So what most buyers do is hold back on paying the taxes, incur a small fine but save themselves the trouble of having deeds transferred into their name and running the risk of having sitting tenants!
This may sound confusing but with the help of a decent lawyer all of this is transparent to the property purchaser. Those buying brand new or off plan property in Morocco of course avoid all of these issues.
Having got slightly ahead of myself in discussing how to proceed to closing the sale on investment property in Morocco it’s important to highlight the fact that no deposit should be paid on a property until the investor’s solicitor can determine whether or not the property’s title deeds are in order. This can take a little time but the wait is worth it because there is no central land registry in Morocco and furthermore, properties are often inherited by multiple parties and all parties have to officially give consent for a sale to take place. All of this paperwork has to be in place before a sale can be closed and a buyer should have the legality of the potential sale confirmed before handing over any money - again, with new properties in Morocco the entire process of determining who has the right to sell etc., is much simpler.
An investor looking at property in Morocco should budget an additional 7 or 8% on top of the purchase price for fees and taxes. As stated the real estate agent will charge about 2.5%, the notaire or public notary will charge 1% to sort out title deeds on older properties - a process that can take up to 2 years after the sale has completed but which will result in the property being worth more in the long run as all subsequent buyers will avoid having to repeat the process – and finally there’s also tax of about 4.5% of the purchase price on property for sale in Morocco.
Source Amberlamb
But because of the desirability of property for sale in Morocco an investor should not be deterred from securing their ideal piece of real estate just because purchasing it can take many months and a great deal of paperwork!
The key to successfully navigating the real estate purchase process in Morocco is seeking the assistance of a recommended real estate agent or simsaar. These people have a local working knowledge of the property market in the particular part of Morocco in which they work and they are often able to shield the buyer from paying over the market price by understanding the true value of properties for sale.
As with many emerging markets property investors who broadcast the fact that they are in the market for real estate will often find that the places they’re offered for sale suddenly go up in price – with the help of a good simsaar the foreign buyer will pay the same as a local buyer in Morocco. A simsaar will usually charge two and a half percent of the property’s purchase price in fees and some charge a daily rate which can be deducted from this fee. The amount of time and money they can save an investor means that they are well worth their commission.
However, because these agents often speak little English or French it is usually necessary to have a translator as well and a cautious approach should be taken when finding a translator, real estate agent and solicitor in Morocco. The Moroccan people are keen to attract foreign investment and the majority of professionals an investor will deal with will be happy to genuinely assist – but as the saying goes, ‘buyer beware’ when employing anyone to assist with the buying process in any country in the world!
It’s highly likely that an investor will have a great deal of choice in Morocco particularly if they’re interested in older properties and those in need of renovation. It’s a good idea to take a camera and a notepad when examining properties because after a few days it’s easy to forget which pieces of real estate had which features! Once an ideal property has been found it’s usual to make an offer to buy and to negotiate on the asking price. Once an offer has been accepted a deposit of around 10% can be paid. The deposit or arbon should secure the property and remove it from the market place. But unfortunately the reality is that it’s wise to close the sale at the time the price is agreed upon otherwise if the vendor is offered more money before the sale is closed they may well take it and return the investor’s deposit to them.
The problem with closing the sale at this point is the fact that the vendor will require a certain amount of time to vacate the property. It’s usual therefore to close the sale, pay about 30% of the purchase price to help the vendor buy a new property, give the vendors a fixed period of between one and three months to vacate and hold back paying taxes, fees and the complete purchase price until the vendor has physically vacated the property.
There is one small problem with this approach – by officially closing the sale the taxes should be due within 30 days. BUT if you pay the taxes the sale really is closed and the buyer can refuse to move out which in the worst case scenario results in a five year legal battle to have them evicted. So what most buyers do is hold back on paying the taxes, incur a small fine but save themselves the trouble of having deeds transferred into their name and running the risk of having sitting tenants!
This may sound confusing but with the help of a decent lawyer all of this is transparent to the property purchaser. Those buying brand new or off plan property in Morocco of course avoid all of these issues.
Having got slightly ahead of myself in discussing how to proceed to closing the sale on investment property in Morocco it’s important to highlight the fact that no deposit should be paid on a property until the investor’s solicitor can determine whether or not the property’s title deeds are in order. This can take a little time but the wait is worth it because there is no central land registry in Morocco and furthermore, properties are often inherited by multiple parties and all parties have to officially give consent for a sale to take place. All of this paperwork has to be in place before a sale can be closed and a buyer should have the legality of the potential sale confirmed before handing over any money - again, with new properties in Morocco the entire process of determining who has the right to sell etc., is much simpler.
An investor looking at property in Morocco should budget an additional 7 or 8% on top of the purchase price for fees and taxes. As stated the real estate agent will charge about 2.5%, the notaire or public notary will charge 1% to sort out title deeds on older properties - a process that can take up to 2 years after the sale has completed but which will result in the property being worth more in the long run as all subsequent buyers will avoid having to repeat the process – and finally there’s also tax of about 4.5% of the purchase price on property for sale in Morocco.
Source Amberlamb
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