[Na Fianna]

Originally Posted by MoroccoInvestor

Hi All,

I bought two apartments in Tanginer City Apartments development back in May 2007 from Siroco Estates and put down a deposit of £32000 pounds. So far I have had a bad experience with them.

We were told these would be ready end of Aug'07. August came and went and no word, so i contacted them and I was told they would now be ready end of Oct'07. This came and went, and then i was told they would be ready Jan'08. It's nearly middle of Jan'08 and still no word on completion

I would be very interested in hearing from other investors on their experience and would like to form a action group to either get our deposits back or get some answers on when these will be completed. I am planning on visiting the development site end of Jan’08 and have asked to meet with both the Siroco estate and the developer (Urbamed S.A.R.L.) representative. I will update this thread if i get them to agree (i doubt very much).

From my own experience I would say to anyone thinking of buying off plan abroad is “think again” ! You have no guarantee when the development will be completed and the contract will not stipulate it. Once your money is in the hands of the foreign companies you have no control and the agents/solicitors/developers will wash their hands of you.

Anyone wanting to contact me can do so by emailing me via this forum.

Agents: Siroco Estates
Solicitors: Law & Taxes, S.L.
Developers: Urbamed S.A.R.L.

Hi

I am afraid Siroco Estates can take advantage of the law in Morocco to force investors into a corner. It appears I have lost €3506 reservation deposit because Siroco Estates will not commit to any form of conflict resolution in regard to legal concerns raised by my solicitor. I have been told that I did not forward the outstanding 30% within a 14 days of receipt of the contract and as such I forfeited all rights to the property because I was unwilling to enter into a legally binding document that my solicitor could not determine good title on. Don't mean to scare anyone else but I am all in favour of forming an action group because I was mislead from day one and the agents that I contact to purchase appear to have all but washed there hands of me. What’s worse is that they recommended the solicitor that informed me of the irregularities figure that one out.