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Buying a Property in Morocco

Why Buy Property in Morocco?

Despite being only a three-hour flight from the UK, Morocco is a world apart. From the ancient cities of Tangier, Marrakech, Fez and Casablanca to the sprawling arid desert, Morocco certainly provides something different for today’s overseas property buyer.

Bustling towns and cities provide some of the liveliest markets on the planet, while the sandy white coastline offers rest and relaxation set to rival some of the world’s most popular beach destinations. Morocco benefits from having coasts on both the Atlantic and the Mediterranean, giving visitors the choice of beach locations. It is even possible to ski on the snow-capped Atlas mountains, proving that Morocco really is one of the most diverse locations around.

The choice of property in Morocco is just as varied, with new-build apartments, townhouses and villas competing with traditional riads and dars. It is this mixture of old and new which makes property in Morocco unique – thanks to clever planning and design, old architecture is complimented by its modern counterparts. But the real icing on the cake is the country’s property prices, as no matter what type of home you go for, it simply won’t break the bank.

Popular property buying locations

If you are after a city home, the choice tends to be between Fez and Marrakech. Fez was Morocco’s first Islamic city, and today these roots are still clearly visible. The city obtained UNESCO World Heritage site status in 1981, and the funding received enabled the old medina to be fully restored.

Meanwhile, Marrakech has the advantage of an established tourist and property market – it was here that the trend for riad restoration took off. However, as a result, property prices in the city can be higher than elsewhere in the country. Despite this, land has always been available in Marrakech, meaning that there is a wide range of modern villas with slightly more reasonable price tags situated on the outskirts of the city.

Property on Morocco’s coastline is also proving increasingly popular, and the resort of Mediterranea Saidia is a prime example. Home to huge inward investment, this coastal town will soon be home to five golf courses, an 850-berth marina, a wide range of bars and restaurants, no less than ten four- and five-star hotels and beach clubs. This part of the northern coastline is attracting considerable government investment under the ‘Plan Azul’ to attract tourists in huge amounts to Morocco in the next few years. A new airport is being built to provide improved access to the area, and high-end shopping has been attracted to take up retail opportunities.

The process of buying property in Morocco

Once you have decided that you want to buy a home or property in Morocco, it is important to choose a notaire. The notaire plays a big role in the Moroccan property buying process, and so life will simply be easier if you have one arranged from the outset. At this stage it is also advisable to engage an independent solicitor to check over all documents and deal with any issues for you.

When you have found a property that you like, you should put in a verbal offer. When this has been accepted you will need to sign a preliminary contract, which is legally binding, and pay a deposit which will range from ten per cent for a resale home, to 40 per cent for an off-plan property.

Your notaire will then obtain the title deeds of the property. While this is relatively straightforward for a new-build home, it has been known to take up to a year for resale homes, as every member of the vendor’s family needs to agree to the sale.

Around four weeks before completion you will receive a draft of the final contract which must be signed and returned to the notaire. The signing of the final contract itself must happen in front of the notaire, although if you are unable to travel to Morocco, you are able to sign over power of attorney for someone to sign on your behalf. When the final contract is signed the remainder of the balance is due, including any fees and taxes.

Moroccan property: Legal Issues

Although you do not legally require a solicitor in order to buy a Moroccan property, it is highly reccommended, as the notaire will not provide you with independent legal advice. You should also have all three contracts translated into English by a professional firm, therefore ensuring that both you and your lawyer are fully aware of what you are signing. It is also advisable to inspect your new home before you sign the final contract, to double check that it is still in the same state as when you agreed to the sale. Many new-builds are now being offered with building guarantees for the quality of the finish and construction.

Properties without the correct title deeds are commonplace in Morocco but, despite what you might hear, it is imperative that you do not purchase a property without the correct documentation. If you are not in possession of the title deeds, you do not officially own the property – regardless of how much you paid.

More pages

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

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