Country Guide: Morocco
Why buy property in Morocco?
Morocco is known around the world as a nation of contrasts. Ancient cities, like the magnificent Tangier, Fez and Casablanca, offer unique departures from the vast deserts in between.
Vibrant cities, not least Marrakech, boast some of the most colourful and bustling markets anywhere in the world, while Morocco's breathtaking coastline offers pristine sands for ultimate relaxation.
While it may be only a three-hour flight from the UK, Morocco is described by most of its British visitors as being worlds apart from anything they have ever experienced before.
On top of all this, the country's architecture is characterised by a stunning balance of old and new, with an accessible market ensuring that most properties won't break the bank.
What's Morocco's property market like?
Morocco's ongoing building boom has been compared to that enjoyed by Spain a decade or so ago. As the country's government seeks to boost tourism traffic, sprawling resorts continually appear along the picturesque coastline.
While many of the world's 'emerging' markets lack the basic infrastructure to support foreign investment on a large scale, Morocco's King Mohammed VI has allocated more than £2.2 billion to ensure that all necessities are in place.
If the country is successful in its aim to massively increase tourism, Morocco could well become a major holiday hotspot in the near future – and that can only be good news for potential returns on property investment.
Popular areas in Morocco in which to invest
For those in search of a city home, Fez and Marrakech are by far the most popular locations for British property investment.
While the latter has the benefit of an established tourist market, Fez was Morocco's first Islamic city.It is therefore filled with spectacular relics from an eventful past.
In addition, Fez was granted Unesco World Heritage site status in the 1980s, with funding received allowing the city's ancient medina to be fully restored.
Coastal properties in Morocco have also proved increasingly popular in recent times, with the resort of Mediterranean Saidia a particular favourite among Brits.
The property-buying process in Morocco
Once you have found your dream property in Morocco, you should put in a verbal offer. If this is accepted, you will need to sign a legally binding preliminary contract and pay a deposit.
Deposits typically range from around ten per cent for resale homes, to as much as 40 per cent of the sale price for an off-plan property. Once this is in place, your solicitor, or notaire, will obtain the title deeds.
About a month before completion, you will receive a draft of the final agreement. The final contract must be signed in front of your notaire, then the remainder of the balance, including all fees and taxes, will be due.
