Home Property in Morocco
How to buy a house in Morocco?
Here you will find the detailed information about real estate purchasing in Morocco:
- the right way to choose the property and to effect the deal;
- property taxes and duties that should be paid;
- everything about home loans in Morocco;
- home property management and renting;
- rental, commercial properties and related investment properties.
Real estate for sale
Most recent offers from house owners in Morocco and from real estate agencies. Advertisements with the fixed price and auctions are listed here.
You can leave a comment and give advice to other visitors planning to buy a home in Morocco.
The expensive by African standards, but available in comparison with Western Europe, the market of real estate in Morocco always attracted not only stars, but also ordinary buyers of real estate. It is no wonder. The real estate of this country located in historical area Maghreb is famous for the whole world for high quality.
In Morocco, unlike most of other countries in the Middle East, a long time was encouraged the acquisition of local real estate by foreigners. Except a ban on purchase of agricultural sectors, there weren’t other bans for foreign buyers.
According to Knight Frank agency, increase in prices for the Moroccan real estate from 2003 to 2008 reached 35–40%. In crisis the market fell in the opposite direction and as a result prices came down to 20–25%.
Crisis forced the government to develop programs for involvement of buyers to the sphere of real estate. To return home the Moroccans living abroad or, at least, to involve them in acquisition of real estate in Morocco, it is created the program according to which upon purchase of housing priced up to $100 thousand they receive the 100% credit for 25 years.
The authorities began to develop tourist infrastructure for involvement of foreign buyers, heavily invest it, despite crisis. In particular, there are under construction new and modernized already existing roads, the airports and seaports. For example, between two key cities of the country, Tangier and Casablanca, construction of the high-speed railroad was begun in April, 2009.
Where and how much to buy?
The region for purchase of a real estate object should be chosen proceeding from the purchase purpose. For example, Rabat – the capital of Morocco and the industrial center of the country can be interesting for business opening. Its suburb, Sale, is well-known for the film festival. However, the greatest income from rent will be brought in the housing located in coastal areas of Morocco. For example, in Casablanca as it is the famous resort and the largest city of the country. Here, as well as in the capital, business is hive of activity.
Marrakech – the third largest settlement of the country is also interesting for purchase of real estate. It is famous for the gardens and parks, however is far from the coast. Fes located in internal regions of the country is considered as the capital of crafts.
The prices in Morocco are rather low. In Marrakech, for example, for 62 thousand or Euros it is possible to get apartments of 43 sq.m. in a complex under construction, which commissioning is planned for 2010. There is a pool in its territory, and apartments have Jacuzzi and kitchen furniture. Double apartments in Tetuan – in several kilometers from the Mediterranean coast – in a complex with a panoramic view and surrounded by national parks will cost 115 thousand Euros. In Fes single apartments in a complex under construction with the pool are soled for 38 thousand Euros. The object will be placed in ten minutes of a driving from the international airport and about fifteen-minutes of driving from golf club.
How to buy?
There are no problems in process of transaction registration. For purchase it is necessary to open the account in one of banks of Morocco from which it is possible to pay the transaction after converting into local currency.
It is recommended for foreigners who purchase the real estate to address to agency, and also use the lawyer. Besides that the expert will help to understand legal details of procedure, he also acts as the translator as far as not all local realtors speak English, and obviously none of them speak Russian.
After participants of the transaction come to consent concerning the price, the buyer usually brings a deposit. However, unlike the European countries, it doesn't mean at all that the object will be right there removed from sale and no other buyer will be able to get it. Therefore it is better to pay all sums at any one time. Certainly, the agreement of sale and purchase is signed at the same time. The agreement of purchase is signed by both sides and is recorded by a notary.
Very possibly that at the time of house sale there will still live an owner or his renter. In advance it’s agreed when the housing is vacated. However up to this point the new owner can't move in it.
The routine finishes up by state registration in the Land register where the new owner receives the copy of the certificate for transaction registration.
The accompanying expenses which buyer pays will make:
– the fee of the realtor – 2,5% of transaction amount;
– notary services – 0,5%;
– the stamp duty – 1–1,5%;
– payment in the Land register – 1%;
– lawyer services – 1–5%.
Total amount of expenses with all official payments is 8,6–13,5% of transaction amount. archived version