Morocco Property Investment - A New Overseas Investment Property Hot Spot
A number of factors have come together to make Moroccan property investment a fantastic opportunity for overseas property investors.
If you want great capital growth and an opportunity for significant income from the buy to “let market” then Morocco can offer you great risk to reward
If you are considering overseas property investment you should think of morocco property as an investment first.
Here are the reasons why:
Investment property in Morocco at present is offering annual capital gains of up 35%.
This capital growth is expected to continue, as tourism and cheaper flights make morocco more popular.
Morocco is already a popular tourist destination and the government is allocating 10 billion euros to increase tourism by several million visitors per annum.
Of course, as tourism grows so does demand rental properties.
You can not only make great annual capital gains with low risk ,but supplement this with a significant income from the “buy to let” sector.
If you are looking for cheap property for sale that has excellent capital growth potential then Morocco offers you outstanding risk to reward.
This market is still growing and capital growth looks set to continue for years to come.
Morocco Lifestyle
With its geographical location, just south of Spain it is seeing an increasing number of tourists and investors from Europe and other overseas locations.
Morocco is a country of stunning beauty, but also has the infrastructure to attract an ever growing number of tourists which include:
• Pristine clean sandy beaches and crystal clear seas.
* The stunning Atlas Mountains and the Sahara desert.
• A wealth of recreational facilities including: Fishing, scuba diving, golf, tennis hiking, Camel treks and a wealth of historic Moorish culture.
* Up-market tourist developments, that bring with them excellent cuisine, shopping facilities and improvements in infrastructure.
• A wide variety of languages are spoken and Spanish, English, Italian and French are common.
• It has a perfect location for other destinations to explore such as southern Spain, which is under an hour away.
• A great climate that includes, both hot summers and warm winters making.
The economic and political climate
Of course, all the above advantages of lifestyle are bringing more people to morocco than ever before.
This mass influx is being encouraged by huge investment to improve the facilities and infrastructure and makes Moroccan property investment attractive to buyers seeking both capital growth and rental income.
• Property prices are cheap and are up to 60% less than other similar Mediterranean resorts.
* Capital gains in property can be up 35% in many locations.
• Morocco has a very Low cost of living. For example, Morocco is far cheaper than its near neighbor Spain and provides a luxury lifestyle at affordable cost.
• Morocco has a booming property rental market with occupancy of up to nearly 90% in the peak summer months.
• Taxes are cheap. For example, tax on any capital gains is a maximum of 20% and in many cases can be nothing at all finally, there is no inheritance tax to pay finally, there is no annual property tax for 5 years.
• Finance is available and up to 70% mortgages are available to overseas investors.
For any property investor the major criteria for buying are:
• Affordable property prices with significant capital growth potential.
• Low taxation and flexible finance facilities.
• A stable economic and political climate that will foster growth.
Add in a buoyant “buy to let” market and it is no wonder Moroccan property investment is growing in popularity and the trend looks set to continue.
Discover more about investing in property in morocco and you may be glad you did.
http://ezinearticles.com/?Morocco-Property-Investment—A-New-Overseas-Investment-Property-Hot-Spot&id=544729
Property Investment Spotlight Tangier Morrocco
Morocco has been compared to that of Spain 15 years ago so buyers are eager to get in on the action. The Morrocan government aims to increase tourism to the country to ten million by 2010. When you visit Morocco you will find building work and brand new resorts along the country’s coastline.
The support of the King which has turned Morocco 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 the property market in terms of both capital growth and rental returns Tangier is very convenient to the UK and visitors are able to be there with two and a half hours. The area is also a resort town that is situated on the Mediterranean Sea. Tangier is Morocco’s most cosmopolitan city and in 2008 a new tunnel will link Gibraltar and Tangier.
Tangier sees a large number of tourists, as the city is very accessible to the European mainland. The city is the second largest industrial center in Morocco. The area features numerous industries including chemicals, textiles, mechanicals, metallurgical and naval. Despite the large number of industry, the city mainly relies on its tourism. Property in Tangier for seaside resorts has been increasingly popular for foreign investors. There are also numerous real estate and construction companies that are investing in tourism as well. Tourism industries vary from beautiful sandy beaches and waterfront resorts to golf clubs, water-skiing, sailing, scuba diving, camel treks and more. The climate is Mediterranean with hot summers and mild winters. The area is very cultural with English, French, Spanish and Arabic widely spoken.
Property in Morocco is highly desirable, however, there are many complexities and one should look for the expertise of a recommended real estate agent or legal representative. Real estate agents are not registered and with this comes some the chances of being ripped off. It is important to choose a recommended notaire who plays a big role in the Moroccan buying process. Property in Tangiers and Morocco are increasingly popular due to the low cost of living coupled with the no annual property tax for the first five years. There is also a 0% inheritance tax to family that will allow you to keep your Moroccan investment in the family for many years to come. Another great feature is that the rental property occupancy rates reach to 85% during the peak season in most years.
http://ezinearticles.com/?Property-Investment-Spotlight-Tangier-Morrocco&id=441666
Property in Morocco - Guide to Buying
Property in Morocco
In the 21st century, Morocco is the country on the African continent that is experiencing one of the fastest growing and fastest paced real estate markets in the region. There are a number of reasons why this is the case, chief amongst them is the fact that Morocco has enjoyed relative stability for an extended period of time. In addition, the climate in many parts of the country is very appealing to people from many different countries around the world.
With the brisk business that is being conducted in the Moroccan real estate market, many foreign nationals have invested in the country’s real estate. Foreign nationals have been found to be investing in commercial real estate as well as in vacation properties. Further, some foreign nationals — particular those from France — have invested in second homes in Morocco. (France has a long association with Morocco, the Kingdom of Morocco having once been a French colony.
Investment Property in Morocco
As references, foreign nationals have been active investors in the Moroccan real estate market. Foreign nationals can be found holding all types of real estate in the Kingdom, including commercial, industrial and residential properties of different varieties (including vacation real estate).
On balance, investments in Moroccan real estate has proven to be a sound and solid investment. The value of real estate in Morocco has increased steadily over time. There has not been an overheating of the market in Morocco as has been experienced in some countries around the world. When a market overheats, the end result usually tends to be a collapse of the real estate market at least to some degree .
Residential Property in Morocco
Some foreign nationals have taken to purchasing single family residences in Morocco. The majority of these foreign nationals that do purchase single family dwellings are from France — again, because of the historical association between the Republic of France and the Kingdom of Morocco.
There has been a noticeable up tick in the past decade in the number of non-French foreign nationals who have taken to purchasing single family residences in that country. Primarily, these foreigners are buying these single family properties for holiday purposes. These second residences are being bought because many people have learned how lovely the climate is in many parts of Morocco .
Residential Real Estate - Apartments in Morocco
The Moroccan government has taken some pretty aggressive steps in attracting foreign commercial interested into the country. In this regard, the trade in apartments in the commercial centers of the country has been brisk since the turn of the century. More often than not, foreign nationals that have been found investing in this type of real estate are doing so because they need more long term residences in country while they are involved in some sort of commerce based project.
Some foreign nationals have taken to developing apartment buildings and complexes which they are then in turn leasing to other foreign nationals who find themselves in Morocco for extended stays due to business related obligations. This has proven to be a fairly lucrative venture for many of these foreign nationals. Again, the French have been leading the way in this type of investment and development. However, other foreign nationals are becoming more involved in this type of development and ownership as the country continues to work at brining more foreign business, investment and capital into the Kingdom.
There are also a growing number of foreign nationals who have invested in apartment complexes and buildings in hopes of attracting some of the tourist trade that ventures into the Kingdom annually. Many visitors intend to stay in country for an extended period of time on holiday, making an apartment a very attractive housing option while visiting Morocco .
Holiday Property in Moroccan Holiday Resorts
During the couple of decades, a growing number of people have taken to spending holidays in the Kingdom of Morocco. Indeed, the government of the country has made a concerted effort to attract tourists to the country. Attracting tourists has become a primary concern of the government since the dawn of the 21st century.
With this in mind, there has been a significant demand for vacation real estate in the Kingdom. Many foreign nationals are buying real estate for vacation purposes in different regions of the country. In this regard, a majority of these foreign nationals are purchasing this type of real estate for their own usage. Foreign nationals for an array of different countries have taken to spending extended vacations within the Kingdom of Morocco.
In addition to purchasing vacation real estate of a foreign national’s personal use for holiday travel, some foreign nationals have come to understand that there is money to be made through the ownership of real estate that can be used for holiday and vacation purposes. Thus, a significant number of foreign nationals have purchased vacation real estate throughout the Kingdom which they, in turn, are leasing and renting to other people for use during holiday stays in the country. For some foreign nationals, this type of investment has proven very lucrative, particularly in light of the concerted effort that the government of the Kingdom is making to attract visitors and tourists to the country .
Specific Steps to Buying a Property in Morocco
Over the course of the past decade, the government of Morocco has worked to attract more foreign investment in the country, including efforts to encourage more foreign nationals to purchase and invest in property in the Kingdom of Morocco. To this end, the government of Morocco has taken pains to simplify the process through which foreign nationals can purchase and take possession of property in the Kingdom. In short, the government is committed to encouraging an infusion of foreign investment and capital into the Kingdom. Naturally, a more liberal course of foreign ownership of real estate plays a vital role in enhancing the overall activity of foreign investors in the economy of Morocco.
In Morocco, as in many nations around the globe in this day and age, the first step in purchasing property in the Kingdom of Morocco is the making of a verbal offer by the potential buyer to the seller. More often than not, the oral indication of intent to purchase of conveyed from the potential buyer to the seller through an agent. Agents do play pivotal roles in the buying and selling of real estate in Morocco. Indeed, it is a rare real estate transaction that does not involve the services of a real estate agent.
If the seller accepts the offer, or propounds a counteroffer that ends up being accepted in turn by the potential buyer, a preliminary contract is drafted. Normally, in Morocco, this document is the handiwork of a lawyer. There are standard forms that can be utilized for this purpose. However, most foreign nationals indicate that they feel more comfortable having an individual and specific agreement drafted by a qualified lawyer.
Following the execution of this preliminary agreement, the buyer is involved in obtaining financing for the real estate purchase. The seller is occupied working to make certain that there are no encumbrances on the property that might impair the ability of the seller to convey the property to the buyer when the real estate transaction moves to conclusion.
At the point in time that this initial contract is executed, the buyer is obliged to put a deposit on the real estate. Generally the deposit is in the amount of upwards to 30% of the total purchase price of the real estate that is the subject of the transactions. In some instances, a buyer will have up to thirty days from the date that the initial contract is signed to post the deposit required by the terms and conditions of that agreement. The balance will be do at the time that the final agreement is executed between the parties to the sale.
There are some mortgage lenders doing business in the Kingdom that cater specifically to foreign nationals that are interested in buying real estate in the country. By using such a mortgage lender, many foreign nationals have found completing the real estate purchase process in Morocco to be an easier process overall.
In order to consummate the sale, it is necessary for a foreign national to open a bank account within the Kingdom of Morocco.
Ultimately, the parties to the real estate transaction will execute a final contract that will result in the conveyance of the real estate from the buyer to the seller. At this time, the property is registered with the government of the Kingdom and the buyer becomes the owner of record of the real estate in question.
Generally speaking, the registration process can be consummated in a pretty short amount of time. In most instances, this phase of the property buying process normally can be wrapped up and concluded within a matter of days
Property Abroad always recommends using a Solicitor or Lawyer.
http://ezinearticles.com/?Property-in-Morocco—Guide-to-Buying-Property-in-Morocco&id=329497
Property in Morocco - Guide to Buying Property in Morocco
In the 21st century, Morocco is the country on the African continent that is experiencing one of the fastest growing and fastest paced real estate markets in the region. There are a number of reasons why this is the case, chief amongst them is the fact that Morocco has enjoyed relative stability for an extended period of time. In addition, the climate in many parts of the country is very appealing to people from many different countries around the world.
With the brisk business that is being conducted in the Moroccan real estate market, many foreign nationals have invested in the country’s real estate. Foreign nationals have been found to be investing in commercial real estate as well as in vacation properties. Further, some foreign nationals — particular those from France — have invested in second homes in Morocco. (France has a long association with Morocco, the Kingdom of Morocco having once been a French colony.
Investment Property in Morocco
As references, foreign nationals have been active investors in the Moroccan real estate market. Foreign nationals can be found holding all types of real estate in the Kingdom, including commercial, industrial and residential properties of different varieties (including vacation real estate).
On balance, investments in Moroccan real estate has proven to be a sound and solid investment. The value of real estate in Morocco has increased steadily over time. There has not been an overheating of the market in Morocco as has been experienced in some countries around the world. When a market overheats, the end result usually tends to be a collapse of the real estate market at least to some degree .
Residential Property in Morocco
Some foreign nationals have taken to purchasing single family residences in Morocco. The majority of these foreign nationals that do purchase single family dwellings are from France — again, because of the historical association between the Republic of France and the Kingdom of Morocco.
There has been a noticeable up tick in the past decade in the number of non-French foreign nationals who have taken to purchasing single family residences in that country. Primarily, these foreigners are buying these single family properties for holiday purposes. These second residences are being bought because many people have learned how lovely the climate is in many parts of Morocco .
Residential Real Estate - Apartments in Morocco
The Moroccan government has taken some pretty aggressive steps in attracting foreign commercial interested into the country. In this regard, the trade in apartments in the commercial centers of the country has been brisk since the turn of the century. More often than not, foreign nationals that have been found investing in this type of real estate are doing so because they need more long term residences in country while they are involved in some sort of commerce based project.
Some foreign nationals have taken to developing apartment buildings and complexes which they are then in turn leasing to other foreign nationals who find themselves in Morocco for extended stays due to business related obligations. This has proven to be a fairly lucrative venture for many of these foreign nationals. Again, the French have been leading the way in this type of investment and development. However, other foreign nationals are becoming more involved in this type of development and ownership as the country continues to work at brining more foreign business, investment and capital into the Kingdom.
There are also a growing number of foreign nationals who have invested in apartment complexes and buildings in hopes of attracting some of the tourist trade that ventures into the Kingdom annually. Many visitors intend to stay in country for an extended period of time on holiday, making an apartment a very attractive housing option while visiting Morocco .
Holiday Property in Moroccan Holiday Resorts
During the couple of decades, a growing number of people have taken to spending holidays in the Kingdom of Morocco. Indeed, the government of the country has made a concerted effort to attract tourists to the country. Attracting tourists has become a primary concern of the government since the dawn of the 21st century.
With this in mind, there has been a significant demand for vacation real estate in the Kingdom. Many foreign nationals are buying real estate for vacation purposes in different regions of the country. In this regard, a majority of these foreign nationals are purchasing this type of real estate for their own usage. Foreign nationals for an array of different countries have taken to spending extended vacations within the Kingdom of Morocco.
In addition to purchasing vacation real estate of a foreign national’s personal use for holiday travel, some foreign nationals have come to understand that there is money to be made through the ownership of real estate that can be used for holiday and vacation purposes. Thus, a significant number of foreign nationals have purchased vacation real estate throughout the Kingdom which they, in turn, are leasing and renting to other people for use during holiday stays in the country. For some foreign nationals, this type of investment has proven very lucrative, particularly in light of the concerted effort that the government of the Kingdom is making to attract visitors and tourists to the country .
Specific Steps to Buying a Property in Morocco
Over the course of the past decade, the government of Morocco has worked to attract more foreign investment in the country, including efforts to encourage more foreign nationals to purchase and invest in property in the Kingdom of Morocco. To this end, the government of Morocco has taken pains to simplify the process through which foreign nationals can purchase and take possession of property in the Kingdom. In short, the government is committed to encouraging an infusion of foreign investment and capital into the Kingdom. Naturally, a more liberal course of foreign ownership of real estate plays a vital role in enhancing the overall activity of foreign investors in the economy of Morocco.
In Morocco, as in many nations around the globe in this day and age, the first step in purchasing property in the Kingdom of Morocco is the making of a verbal offer by the potential buyer to the seller. More often than not, the oral indication of intent to purchase of conveyed from the potential buyer to the seller through an agent. Agents do play pivotal roles in the buying and selling of real estate in Morocco. Indeed, it is a rare real estate transaction that does not involve the services of a real estate agent.
If the seller accepts the offer, or propounds a counteroffer that ends up being accepted in turn by the potential buyer, a preliminary contract is drafted. Normally, in Morocco, this document is the handiwork of a lawyer. There are standard forms that can be utilized for this purpose. However, most foreign nationals indicate that they feel more comfortable having an individual and specific agreement drafted by a qualified lawyer.
Following the execution of this preliminary agreement, the buyer is involved in obtaining financing for the real estate purchase. The seller is occupied working to make certain that there are no encumbrances on the property that might impair the ability of the seller to convey the property to the buyer when the real estate transaction moves to conclusion.
At the point in time that this initial contract is executed, the buyer is obliged to put a deposit on the real estate. Generally the deposit is in the amount of upwards to 30% of the total purchase price of the real estate that is the subject of the transactions. In some instances, a buyer will have up to thirty days from the date that the initial contract is signed to post the deposit required by the terms and conditions of that agreement. The balance will be do at the time that the final agreement is executed between the parties to the sale.
There are some mortgage lenders doing business in the Kingdom that cater specifically to foreign nationals that are interested in buying real estate in the country. By using such a mortgage lender, many foreign nationals have found completing the real estate purchase process in Morocco to be an easier process overall.
In order to consummate the sale, it is necessary for a foreign national to open a bank account within the Kingdom of Morocco.
Ultimately, the parties to the real estate transaction will execute a final contract that will result in the conveyance of the real estate from the buyer to the seller. At this time, the property is registered with the government of the Kingdom and the buyer becomes the owner of record of the real estate in question.
Generally speaking, the registration process can be consummated in a pretty short amount of time. In most instances, this phase of the property buying process normally can be wrapped up and concluded within a matter of days
Property Abroad always recommends using a Solicitor or Lawyer.
http://ezinearticles.com/?Property-in-Morocco—Guide-to-Buying-Property-in-Morocco&id=329497
Morocco Property Investment - A New Overseas Investment Property Hot Spot
A number of factors have come together to make Moroccan property investment a fantastic opportunity for overseas property investors. If you want great capital growth and an opportunity for significant income from the buy to “let market” then Morocco can offer you great risk to reward If you are considering overseas property investment you should think of morocco property as an investment first. Here are the reasons why: Investment property in Morocco at present is offering annual capital gains of up 35%. This capital growth is expected to continue, as tourism and cheaper flights make morocco more popular. Morocco is already a popular tourist destination and the government is allocating 10 billion euros to increase tourism by several million visitors per annum. Of course, as tourism grows so does demand rental properties. You can not only make great annual capital gains with low risk ,but supplement this with a significant income from the “buy to let” sector. If you are looking for cheap property for sale that has excellent capital growth potential then Morocco offers you outstanding risk to reward. This market is still growing and capital growth looks set to continue for years to come. Morocco Lifestyle With its geographical location, just south of Spain it is seeing an increasing number of tourists and investors from Europe and other overseas locations. Morocco is a country of stunning beauty, but also has the infrastructure to attract an ever growing number of tourists which include: • Pristine clean sandy beaches and crystal clear seas. * The stunning Atlas Mountains and the Sahara desert. • A wealth of recreational facilities including: Fishing, scuba diving, golf, tennis hiking, Camel treks and a wealth of historic Moorish culture. * Up-market tourist developments, that bring with them excellent cuisine, shopping facilities and improvements in infrastructure. • A wide variety of languages are spoken and Spanish, English, Italian and French are common. • It has a perfect location for other destinations to explore such as southern Spain, which is under an hour away. • A great climate that includes, both hot summers and warm winters making. The economic and political climate Of course, all the above advantages of lifestyle are bringing more people to morocco than ever before. This mass influx is being encouraged by huge investment to improve the facilities and infrastructure and makes Moroccan property investment attractive to buyers seeking both capital growth and rental income. • Property prices are cheap and are up to 60% less than other similar Mediterranean resorts. * Capital gains in property can be up 35% in many locations. • Morocco has a very Low cost of living. For example, Morocco is far cheaper than its near neighbor Spain and provides a luxury lifestyle at affordable cost. • Morocco has a booming property rental market with occupancy of up to nearly 90% in the peak summer months. • Taxes are cheap. For example, tax on any capital gains is a maximum of 20% and in many cases can be nothing at all finally, there is no inheritance tax to pay finally, there is no annual property tax for 5 years. • Finance is available and up to 70% mortgages are available to overseas investors. For any property investor the major criteria for buying are: • Affordable property prices with significant capital growth potential. • Low taxation and flexible finance facilities. • A stable economic and political climate that will foster growth. Add in a buoyant “buy to let” market and it is no wonder Moroccan property investment is growing in popularity and the trend looks set to continue. Discover more about investing in property in morocco and you may be glad you did.
Vision for Investment to Property in Morocco
The Kingdom Morocco, the gateway to Europe from North Africa, offers a mystical and exotic culture coupled with a warm Mediterranean climate in the north and a diverse array of natural resources including unspoiled golden beaches along its vast Mediterranean and Atlantic coastlines, the dramatic Atlas & Rif mountain ranges and the Sahara desert in the south which separates Morocco from the rest of the African continent.
Nowadays Morocco is already making a name for itself as a new property in Morocco investment hotspot. Morocco´s luxurious property developments are generally accepted to be of the highest standards available and very competitive prices allow Marrakech property to boast top quality property in 5 star luxury resorts for a fraction of the price of far less caliber property elsewhere. As well as the cultural cities of Marrakech, Casablanca, Fes and Tangiers, Morocco offers an abundance of pristine coastline along both the Atlantic and Mediterranean Sea which is attracting buyers looking for a quieter and more beach orientated way of life.
On January 10th 2001 at the National Meeting on Tourism in Marrakech King Mohamed VI announced the launch of a new tourism policy for Morocco. He had recognised that the country had been underachieving in the tourism sector; it’s unbeatable combination of climate, culture and stunning natural scenery should have placed it at the forefront of world travel destinations. The King announced a new sustainable, integrated tourism policy known as “Vision 2010″. Vision 2010 was translated into a framework agreement between the government and the country’s leading sector players, with a set of key objectives, including increasing the number of visitors by 15% each year to reach 10 million visitors by 2010.
The Plan Azur is a key component of this endeavor. It provides for six new generation coastal resorts, meant to realize the kingdom’s obvious beach tourism potential, while firmly positioning Morocco as a destination combining world-class holidays with cultural, fitness and eco-tourism, for an “intelligent seaside tourism” offer. The locations of the six new resorts were chosen to balance the country’s development, long focused on the Casablanca - Rabat axis.
One of the most significant moves to increase tourism is the decision to operate the “Open Skies policy” which makes Morocco far easier for airlines to offer services into Tetouan property. The promotion of competition among airlines will, in turn, bring down the cost of air travel to Morocco and make travelling to Morocco an easier option for potential tourists worldwide.
So far, the plan has succeeded beyond expectation. Morocco welcomed 6.5 million visitors in 2006, compared to 2.2 million in 2001. And with major political, economic and social agreements in place with Europe and America, the foundations are well and truly laid for even greater success. If you are serious about investing in Morocco then its essential that you firstly fully research the area, your tax and finance options and appoint quality legal representation. As with all emerging property markets its the early investors who take advantage of the best prices the very beginning of the new market.
Tangiers property currently offers investors excellent prospects and a perfect vehicle to invest in early to generate good rental yields and excellent capital appreciation returns over a longer period.
Property in Morocco - Guide to Buying Property in Morocco
Overview In the 21st century, Morocco is the country on the African continent that is experiencing one of the fastest growing and fastest paced real estate markets in the region. There are a number of reasons why this is the case, chief amongst them is the fact that Morocco has enjoyed relative stability for an extended period of time. In addition, the climate in many parts of the country is very appealing to people from many different countries around the world. With the brisk business that is being conducted in the Moroccan real estate market, many foreign nationals have invested in the country’s real estate. Foreign nationals have been found to be investing in commercial real estate as well as in vacation properties. Further, some foreign nationals — particular those from France — have invested in second homes in Morocco. (France has a long association with Morocco, the Kingdom of Morocco having once been a French colony. Investment Property in Morocco As references, foreign nationals have been active investors in the Moroccan real estate market. Foreign nationals can be found holding all types of real estate in the Kingdom, including commercial, industrial and residential properties of different varieties (including vacation real estate). On balance, investments in Moroccan real estate has proven to be a sound and solid investment. The value of real estate in Morocco has increased steadily over time. There has not been an overheating of the market in Morocco as has been experienced in some countries around the world. When a market overheats, the end result usually tends to be a collapse of the real estate market at least to some degree. Residential Property in Morocco Some foreign nationals have taken to purchasing single family residences in Morocco. The majority of these foreign nationals that do purchase single family dwellings are from France — again, because of the historical association between the Republic of France and the Kingdom of Morocco. There has been a noticeable up tick in the past decade in the number of non-French foreign nationals who have taken to purchasing single family residences in that country. Primarily, these foreigners are buying these single family properties for holiday purposes. These second residences are being bought because many people have learned how lovely the climate is in many parts of Morocco . Residential Real Estate - Apartments in Morocco The Moroccan government has taken some pretty aggressive steps in attracting foreign commercial interested into the country. In this regard, the trade in apartments in the commercial centers of the country has been brisk since the turn of the century. More often than not, foreign nationals that have been found investing in this type of real estate are doing so because they need more long term residences in country while they are involved in some sort of commerce based project. Some foreign nationals have taken to developing apartment buildings and complexes which they are then in turn leasing to other foreign nationals who find themselves in Morocco for extended stays due to business related obligations. This has proven to be a fairly lucrative venture for many of these foreign nationals. Again, the French have been leading the way in this type of investment and development. However, other foreign nationals are becoming more involved in this type of development and ownership as the country continues to work at brining more foreign business, investment and capital into the Kingdom. There are also a growing number of foreign nationals who have invested in apartment complexes and buildings in hopes of attracting some of the tourist trade that ventures into the Kingdom annually. Many visitors intend to stay in country for an extended period of time on holiday, making an apartment a very attractive housing option while visiting Morocco . Holiday Property in Moroccan Holiday Resorts During the couple of decades, a growing number of people have taken to spending holidays in the Kingdom of Morocco. Indeed, the government of the country has made a concerted effort to attract tourists to the country. Attracting tourists has become a primary concern of the government since the dawn of the 21st century. With this in mind, there has been a significant demand for vacation real estate in the Kingdom. Many foreign nationals are buying real estate for vacation purposes in different regions of the country. In this regard, a majority of these foreign nationals are purchasing this type of real estate for their own usage. Foreign nationals for an array of different countries have taken to spending extended vacations within the Kingdom of Morocco. In addition to purchasing vacation real estate of a foreign national’s personal use for holiday travel, some foreign nationals have come to understand that there is money to be made through the ownership of real estate that can be used for holiday and vacation purposes. Thus, a significant number of foreign nationals have purchased vacation real estate throughout the Kingdom which they, in turn, are leasing and renting to other people for use during holiday stays in the country. For some foreign nationals, this type of investment has proven very lucrative, particularly in light of the concerted effort that the government of the Kingdom is making to attract visitors and tourists to the country . Specific Steps to Buying a Property in Morocco Over the course of the past decade, the government of Morocco has worked to attract more foreign investment in the country, including efforts to encourage more foreign nationals to purchase and invest in property in the Kingdom of Morocco. To this end, the government of Morocco has taken pains to simplify the process through which foreign nationals can purchase and take possession of property in the Kingdom. In short, the government is committed to encouraging an infusion of foreign investment and capital into the Kingdom. Naturally, a more liberal course of foreign ownership of real estate plays a vital role in enhancing the overall activity of foreign investors in the economy of Morocco. In Morocco, as in many nations around the globe in this day and age, the first step in purchasing property in the Kingdom of Morocco is the making of a verbal offer by the potential buyer to the seller. More often than not, the oral indication of intent to purchase of conveyed from the potential buyer to the seller through an agent. Agents do play pivotal roles in the buying and selling of real estate in Morocco. Indeed, it is a rare real estate transaction that does not involve the services of a real estate agent. If the seller accepts the offer, or propounds a counteroffer that ends up being accepted in turn by the potential buyer, a preliminary contract is drafted. Normally, in Morocco, this document is the handiwork of a lawyer. There are standard forms that can be utilized for this purpose. However, most foreign nationals indicate that they feel more comfortable having an individual and specific agreement drafted by a qualified lawyer. Following the execution of this preliminary agreement, the buyer is involved in obtaining financing for the real estate purchase. The seller is occupied working to make certain that there are no encumbrances on the property that might impair the ability of the seller to convey the property to the buyer when the real estate transaction moves to conclusion. At the point in time that this initial contract is executed, the buyer is obliged to put a deposit on the real estate. Generally the deposit is in the amount of upwards to 30% of the total purchase price of the real estate that is the subject of the transactions. In some instances, a buyer will have up to thirty days from the date that the initial contract is signed to post the deposit required by the terms and conditions of that agreement. The balance will be do at the time that the final agreement is executed between the parties to the sale. There are some mortgage lenders doing business in the Kingdom that cater specifically to foreign nationals that are interested in buying real estate in the country. By using such a mortgage lender, many foreign nationals have found completing the real estate purchase process in Morocco to be an easier process overall. In order to consummate the sale, it is necessary for a foreign national to open a bank account within the Kingdom of Morocco. Ultimately, the parties to the real estate transaction will execute a final contract that will result in the conveyance of the real estate from the buyer to the seller. At this time, the property is registered with the government of the Kingdom and the buyer becomes the owner of record of the real estate in question. Generally speaking, the registration process can be consummated in a pretty short amount of time. In most instances, this phase of the property buying process normally can be wrapped up and concluded within a matter of days Property Abroad always recommends using a Solicitor or Lawyer.
Property Investment Spotlight Tangier Morrocco
Morocco has been compared to that of Spain 15 years ago so buyers are eager to get in on the action. The Morrocan government aims to increase tourism to the country to ten million by 2010. When you visit Morocco you will find building work and brand new resorts along the country’s coastline. The support of the King which has turned Morocco 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 the property market in terms of both capital growth and rental returns Tangier is very convenient to the UK and visitors are able to be there with two and a half hours. The area is also a resort town that is situated on the Mediterranean Sea. Tangier is Morocco’s most cosmopolitan city and in 2008 a new tunnel will link Gibraltar and Tangier. Tangier sees a large number of tourists, as the city is very accessible to the European mainland. The city is the second largest industrial center in Morocco. The area features numerous industries including chemicals, textiles, mechanicals, metallurgical and naval. Despite the large number of industry, the city mainly relies on its tourism. Property in Tangier for seaside resorts has been increasingly popular for foreign investors. There are also numerous real estate and construction companies that are investing in tourism as well. Tourism industries vary from beautiful sandy beaches and waterfront resorts to golf clubs, water-skiing, sailing, scuba diving, camel treks and more. The climate is Mediterranean with hot summers and mild winters. The area is very cultural with English, French, Spanish and Arabic widely spoken. Property in Morocco is highly desirable, however, there are many complexities and one should look for the expertise of a recommended real estate agent or legal representative. Real estate agents are not registered and with this comes some the chances of being ripped off. It is important to choose a recommended notaire who plays a big role in the Moroccan buying process. Property in Tangiers and Morocco are increasingly popular due to the low cost of living coupled with the no annual property tax for the first five years. There is also a 0% inheritance tax to family that will allow you to keep your Moroccan investment in the family for many years to come. Another great feature is that the rental property occupancy rates reach to 85% during the peak season in most years.