A Buyers Guide To Purchasing Property In Morocco
Morocco is at a prime location, being just 15km from Spain
, and less than 3 hours flight from Great Britain, Morocco property is now becoming a major force in the world real estate market.
Considering that property in Morocco is at a third of the price to comparative real estate markets in Spain and Dubai, with annual capital gains of over 30% per year. Morocco is becoming an investors favorite among those seeking to purchase overseas property.
The Morocco real estate market is well setup for foreign investors, with the purchase process very much like buying any property in Europe. With an established real estate agent guiding you through the entire process of buying property in Morocco, which will include the following points:
The buying process:
A real estate agency in Morocco, much like its European counterpart will charge 2.5% of the total property price for guiding through the entire process of successfully purchasing property in Morocco.
Once you have found the property of your choice, it will be inspected by a local architect or in the case of land a surveyor. This ensures that the property meets acceptable living conditions and with current housing regulations. An inspection costs anywhere from 50 to 100 Euros
A 30% deposit will secure the property in your name; a lesser deposit does not, and can be then sold to a higher bidder (if this is the case the full deposit will be re funded)
Once the contract has been signed at the Notary office (by yourself or the attorney) It would be wise to change the locks of the property since many agents etc still have the original keys to the property. If the property will not be occupied for some time it is imperative that you arrange with your real estate agent to secure a safe keeper until the property is once occupied again.
Mortgages
Mortgages are now very easily obtainable for foreigners who can get at least a 50% Mortgage on the total value of the property.
The Notary, Title and Deeds
The Notary is responsible for all of the paper work between the buyer and the seller of the property in question. The Notary undertakes the process of checking that the property does indeed hold the necessary Title and deeds (if it is land it will require building permission) and that there are no debts due or in discrepancies. If the property does not hold a title like some old properties have old paperwork confirming ownership but do indeed require a modern title in order to allow mortgages and to sell on the property in future.
Tax System
The tax system in Morocco is very much like in France. After the first 5 years capitals gains received from renting property is charged at 15%. If the property is your permanent place of residence a 75% discount is given.
by: Ahmed Yermak
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