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Buying a Property in Morocco

Property in Morocco: Investment potential

The building boom in Morocco has been compared to that of Spain 15 years ago. Thanks to a government aim to increase tourism to the country to ten million by 2010, resorts have fast been springing up along the country’s coastline. Backed by King Mohammed VI, many of these developments boast hotels, golf courses, restaurants and, of course, villas and apartments.

And it is the support of the King which has turned Morocco's property market into such an attractive proposition. Many ‘emerging’ markets simply lack the basic infrastructure needed to support a burgeoning property market, but King Mohammed’s £2.2 billion contribution will ensure that all necessary facilities and amenities are in place. Put simply, this means that if these ambitious tourism targets are met, Morocco could well be the next holiday hotspot – a move which could only mean good things for Morocco in terms of both capital growth and rental returns.

Health and education

It is essential that you take out private health insurance before travelling to Morocco, as not only does the health service leave something to be desired, it tends to be a case of payment guaranteeing treatment. It is also wise to ensure that you are covered by air-ambulance, as traditional ambulance services can be unreliable. There is an abundance of chemists however, and rules on prescription medicine tend to be relaxed, meaning that you can probably just order your medication over the counter. You will also need vaccinations before you enter the country – consult you GP for the definitive list.

There are currently seven international schools in Morocco, all of which operate the American syllabus. Despite this, both Arabic and French will take up a large proportion of the curriculum. International schools take children from the age of three, and offer a wide range of facilities. As a result they don’t come cheap – you could be paying up to £9,000 per year for your child to attend.

Transportation to and within Morocco

There is a wide range of charter airlines that fly into Morocco, especially during the summer season. British Airways also operates daily flights into the country, as does national carrier Royal Air Maroc, while Ryanair flies to Fez and Marrakech and easyJet has recently launched flights to Marrakech from London Gatwick.

Once in Morocco there is a range of internal flights available, but be aware that these can be expensive. If you prefer to drive, there is a wide choice of car hire firms in all of the major destinations. It is also possible to drive your own car into Morocco, via the ferry from either France or Spain. It is important to take care when driving as not only are Moroccan roads extremely dangerous, there is a strict fixed penalty system in place for a wide range of common violations.

The train network in Morocco has a great reputation however, with high-speed, air-conditioned services frequently operating at very reasonable prices. Despite this, if you are planning on travelling south, be aware that the network ceases in Marrakech.

And finally…

It is not essential for estate agents to be registered in Morocco, and therefore you should tread extremely carefully. Do not hand over your deposit, or any funds at all for that matter, to your agent – your notaire will have an escrow account specifically for this purpose.

It is also important that you do not under-declare the value of your new home or property. This can be common practice in Morocco, as under-declaring saves the buyer purchasing taxes and the seller capital gains tax. However, this can be rather short sighted, as it is more often than not cheaper to pay the extra purchasing taxes at the outset as opposed to capital gains tax on a profit that you haven’t actually made in a few years time.

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More pages

Page 1: Why Buy Property in Morocco?
Page 2: Property Financing
Page 3: Property in Morocco: Investment potential

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