Morocco is a beautiful North African nation which is one of the best tourist destinations in the region. What makes Morocco so unique is that while it is very easily accessible to people from European nations and is just a 2-hour flight away from London or Paris, Morocco is a different world altogether, one where life moves at a much more leisurely pace.
The cities of Morocco, Tangier, Marrakech, Fez and Casablanca are as lovely as they have always been, offering a unique blend of culture and history, and even more alluring because of the modern, first rate infrastructure - which is what foreign property investors look for.
Morocco has busy, bustling markets, a very friendly local population and some of the world’s best beaches. The beaches in Morocco are very diverse because Morocco has both the Mediterranean coast as well as the Atlantic coast. Skiing can also be done in winter at the Atlas Mountains, which offers another great possibility.
There is a variety of choices available to foreign investors looking to buy property in Morocco. There are modern apartments, townhouses, villas as well as the very traditional riads and dars. But even the traditional buildings have modern amenities, so buying one shouldn’t pose much of a problem.
If you are looking to buy property in Morocco, your choice should be between Fez and Marrakech, which are both lovely cities with their unique strengths. Fez is a historical marvel and was declared as a UNESCO World Heritage site in 1981. Marrakech is more modern and has a very good property market. In fact property prices in Marrakech are the highest in Morocco.
But the great thing about buying property in Morocco is just how cheap even the costliest properties in the country are. It is possible to buy the most luxurious villa in Morocco for a fraction of the cost involved in buying an apartment in London or Paris. A little money can buy you a lavish lifestyle in Morocco, which is not available anywhere else in the world.
Foreigners can buy property in Morocco, as long as they don’t buy agricultural land. Foreign property investors should ideally open an account in a Moroccan bank before buying property here, which makes the currency conversion a lot easier.
Always work with a real estate agent while buying property here, as he would understand of the various rules and regulations of the Moroccan property market. Equally, it is important to hire a qualified lawyer, who has a lot of experience working with foreign investors buying property in Morocco.
A deposit of 10% of the purchase price has to be paid once you have identified a house that you wish to buy. You should pay the full amount only after the seller has handed over the official papers of the property and all the formalities have been completed.
The property buying process in Morocco is very similar to what we have in Spain and France. A notary will be involved, who notarizes the sales deed after signatures from both parties to the transaction. Once the notarized deed has been obtained, the property buyer should get the property listed in the land registry.
Cost of Buying Property in Morocco
While buying property in Morocco, you should allocate 6% of the property price for the extra expenses that you will have to pay. These expenses include 2.5% on the estate agency fees, 2.5% on the registration tax, 0.5% notary tax and other minor administrative expenses such as annual local taxes. On selling your property, you are liable to pay a capital gains tax of 20% on the profit made on the sale. Contact us today to buy an overseas property.