Buying in Morocco

[debseason]

Originally Posted by Tangier

Hi i live in tangier i have just seen your email so i am asking did you get the Solicitor that you are looking for i use one he is good he speaks english and he can give you advice.

Please let me know if you need his contact..

Tangier

I haven't still found anyone yet, but looking. Can you give me details of your solicitor? Many thanks.

[wakkaday]

can you please send me details of the lawyer too

thanks

[debseason]

Originally Posted by wakkaday

can you please send me details of the lawyer too

thanks

I am about to get a new lawyer, so will forward details after next weekend when I have them too. My last one didn't get me anywhere in the end, but I have better connections with someone who invests regularly in Morocco. So as soon as I have his name, will forward to you.

[S S Northcote]

Dear all,
Has anyone purchased a property at the Colina Smir development near Tetouan?
Did you receive an invitation to their meeting of 13th June 2009? This is to elect members of syndicate and discuss annual service charges etc...
Please let me know
X

[LAL SINGH]

Originally Posted by Nick Malandrinos

Hi, I am looking for a mortgage to purchase 70% of a property in Tangier, I have already paid 30% deposit. Can you recommend a Broker or Bank to contact. I have been told so far that a re-mortgage is not possible at the moment in Morocco, is this fact.
Ultimately I want to re-mortgage the property and use the finance to purchase another property abroad!
Regards
Nick

Hi Nick,

The remortgage is not possible. Also you can not loan money from a Moroccan Bank and send the funds outside Morocco. This is just the Moroccan ways of doing business.

[LAL SINGH]

Originally Posted by Tangier

If i was you, i think it would be best to hold on to your money. the property market i been told is going to drop by 30%????. that is a big drop it may even go down by 50%. I dont think that i would buy offplan at this time as a number of off plan in tangier have come to a holt. or even get a independant builder to build.

If you do buy and come to not like it- it's going to take a long time to sell any property in this market or even longer in Morocco.

I think it would be better to look at renting a property for the short time look at the market.........

Hi,
Just an update. In November 2008 I read that the 'chef of immobiliere' predicted that there would be a 40% slump in the Moroccan Property Market. Buyers please be patient or keep hold of your savings until the slump is over.

[LAL SINGH]

Originally Posted by Sunnyshores

I'm in 2 minds about whether they're "silly prices".

Initially, yes, very silly - for a mostly unproven tourist destination, at prices that only Europeans can afford and lets face it in a country that doesnt even have the infrastructure for tourism yet. Secondly, this is the entry price, prices in other emerging markets have risen to these levels gradually after several years, alongside the local populations wealth.

But, then on more thought, why shouldnt supposedly quite luxurious and well planned tourist accomodation in (almost!) Europe cost £100k. Its the effect of globalisation, a 2 bed appartment on the beach catering for European tourists costs pretty much the same everywhere. Bring into account the uber-rich Arabs and then even Saidia and Al Houara at up 3 times this price could be realistic.

On balance though, I do think as these are mostly tourist developments (not residential) and there are few tourists at present, paying such an inflated prices and hoping for anything other than a longterm profit is a bit ambitious.

Yes I understand there are silly prices in Morocco and the country does not really have the tourist, transport, communication and the national health infrastructure. Morocco is all talk. More like the kings vision of 2010 is to put every tourist out of his/her pocket!!!

As I understand you can find a decent appartment in Gueliz, Marrakech for 11,000 to 12,000 dirhams a square metre. On average an appartment is approx 80 square metres. Plus also include 5% on top for the land registry and notaire fees. There is your sum!!! You save now!

[LAL SINGH]

Originally Posted by lurcher21

You can still get thrown in amongst the wolves over there even if you DO speak the lingo (fluently in our case as we are an Anglo/Moroccan couple) Just accept that corruption is rife - you will not get anything done as it should be done, even at Government departments (especially at Government departments) without paying bribes to everyone from the highest to the lowest official. Even the doorman! Well, you can still get things done but you will wait forever - and they know damn well you are pushed for time so sit around with your dossier on the desk and do nothing. This is a fact - and it is high time prospective purchasers were given all of the relevant information before making the decision to purchase. Our sale completed in March 2008 and we are still waiting to get paid in full! In my opinion Morocco is NOT a place for UK buyers to invest in property. They are too used to everything being done in the UK on the straight and narrow, when involved in matters of property transactions. Morocco is a million miles away from 'straight and narrow'. They see a foreigner over there and the only thing on their mind is rich pickings. In fact - after 30 years of spending a fair bit of time over there I realy do think things are getting worse - not better - as a few years ago the bribes they were asking for were a pittance, but now they have got really greedy. As for renting - BE VERY CAREFUL!!!!!!!!! I personally know a Moroccan lady who is still trying to get a tenant out of her apartment after THREE years of unpaid rent. She is Moroccan (the owner) It is a minefield and you just cannot trust anyone to handle your letting for you while you are abroad. Be warned!

HI,

I have been in Morocco in and out for 3 Years and can understand how rife the corruption is in the government departments. I had problems with my tenants too. Finally I managed to make a mutual agreement for the tenant to vacate.

As I understand in Morocco is that if you dont make the right tenancy agreement then you have to pay the tenant all the rent back to vacate from your property by the Moroccan Law. Most people prefer to rent appartments through estate agents.

The problem with the people there is that they like to capitalise on every opportunity they can have on a foreign investor. In morocco there is no regard for society and every one there is for themselves. For example when people board the bus in Morocco, everyone tries to push through the que. Why do they do that when everyone will eventually board the bus.

Also if you have a problem with water bills, telephone bills and etc the customer service is just zero.

Finally the moroccan dirham currency is not recognised outside Morocco. There are control restrictions and taxation to convert the currency for exportation. 20% tax to export money from a goods industry and 10% tax to export money from a service industry!

Why do investors bother to bring money in Morocco. Its just a trap! As an investor do you realise that the hospital and medical bills are expensive (I once paid 2000 dirhams in a clinic to have xrays and injection to kill the pain)? Do you realise the Moroccan mobile meditel and Maroc telecom is more expensive in tariff than England? Do you realise you have to pay garbage tax on your property? Do you realise you cant buy a car in Morocco until you have a Moroccan residence card? Do you realise that when you go to shop in the souk there are no set prices displayed and that you have to bargain all the time? Do you realise that to marry a moroccan you need to make a dosier of approx 13 documents of yourself plus your fiancee, and you need to seek approval from the judge for marriage? Do you realise that you cant deposit dirham into your bank account until you have a moroccan residence card? Do you realise that for any minor fault the moroccan police will ask you for bribes? Do you realise that you can go to jail for giving a bank cheque from an account with insufficient funds? Do you realise that Morocco has big problems with prostitution, peadophilia and child labour? Do you realise that the minimum wage in Morocco if you happen to be bankrupt and work is approx 1550 dirhams? Do you realise that in August the temperatures are extreme of approx 45 degrees? Do you realise that electric bills are more expensive in touristic areas than local areas? Do you realise that even to use a public toilet you need to tip the waiter? Do you realise that speaking a foreign language will get you in trouble to buy your produce from the souks as they will inflate the prices? Do you realise that shopping for clothes or food is more expensive on average in Morocco than in England? Do you realise alot of Moroccan migrants make there lives more economical to live in Spain, France, Netherlands, Belgium and etc than in Morocco?

My advice is to save your money in England and invest in England!