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Buying a property in Morocco? be careful!!

 
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tazmaniandevil



Joined: 23 Feb 2009
Posts: 116
Location: Ghazoua,Essaouira,Morocco

PostPosted: Sun Mar 22, 2009 7:40 pm    Post subject: Buying a property in Morocco? be careful!! Reply with quote

Hi,

Several friends have advised me that their renovation costs are spirraling for work on their RIADS in Morocco. Times are changing, and the locals are well aware of European costs. Get a contract drawn up by a local solicitor, and preferably a site manager, or a local friend. Purchase prices have more than doubled in the last year. Follow your wallet, not your heart, and do not be afraid to barter for prices. There are also many "agents" responding to posts on African forums, be discreet with your information, contact details etc.

So happy hunting, most Moroccans are the friendliest, most honest people on the planet!

Please hope that greed does not spoil a wonderful country.

warmest regards always
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mpprh



Joined: 14 Jun 2005
Posts: 889
Location: Languedoc, France

PostPosted: Sun Mar 22, 2009 9:19 pm    Post subject: Reply with quote

Be very careful !

When I was critical about Morocco here, I got a severe b******ing from someone with a rental there.

Peter
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John & Yasmine FATIHA



Joined: 09 Mar 2009
Posts: 228
Location: Rabat / Salé, Morocco

PostPosted: Mon Mar 23, 2009 12:07 am    Post subject: Reply with quote

mpprh wrote:
Be very careful !

When I was critical about Morocco here, I got a severe b******ing from someone with a rental there.

Peter


I am sorry Peter, but.....
Maybe you should read your former quotes again.......
Terrorism is in ALL countries, not only in Morocco.
Have you EVER visited Morocco??
You are in France, and might be English......I think you should know about what I mean by: "Terrorism is in ALL countries"
And about the Moroccan Market, it is / was just a matter of time, what goes up must go down!
And about the first post: Never, never and Never (again) In your lifetime go around yourself asking for quotes at Moroccan people.....They know Europeans, and think they are LOADED....
sent a local (preferably family........)
If not, you are going to be F*&%^ (the f-word, you might know it.....)
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mpprh



Joined: 14 Jun 2005
Posts: 889
Location: Languedoc, France

PostPosted: Mon Mar 23, 2009 9:12 am    Post subject: Reply with quote

Morroco is one of the 40+ countries I've visited.

Having been required to compile a detailled strategic review of future opportunities for a multinational company, I would not buy in Morocco.

Peter
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John & Yasmine FATIHA



Joined: 09 Mar 2009
Posts: 228
Location: Rabat / Salé, Morocco

PostPosted: Mon Mar 23, 2009 7:37 pm    Post subject: Reply with quote

Okay, this indicates you might know what your talking about.....
I am an Architectural Ingenieur (Dutch) and own a Designstudio and a Real Estate Broker in NL.
I am visiting Morocco 3 to 5 times a year from 1997, and have special interests in the Real Estate Market in Morocco also.
I understate that the Moroccan market is at his peak now, and the balloon will soon explode.......
The question is only, where will the market bottom out?
But, as I recall.......we have this problem worldwide at this moment..... Embarassed
But, I also state there are STILL interesting oppertunities in Morocco!, and people who dare can make good money in Morocco....
It is a beautiful country, and a too strong negative attitude towards Morocco is not justified.....
And the "terrorist" theme mentioned last time was just a little bit "over the hill" is you'll ask me Rolling Eyes
Lots of "real estate investors" are really not knowing what the h*ll they are doing.....Shocked ....and do not concern to do back-ground checks etc...Shocked in EVERY foreign country in the world this would litteraly collapse in your face, so does it in Morocco.....
By the way, the multinational company, did you mean "Obelisk"?
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mpprh



Joined: 14 Jun 2005
Posts: 889
Location: Languedoc, France

PostPosted: Mon Mar 23, 2009 8:10 pm    Post subject: Reply with quote

I don't understand why you are so sensitive about this.

I investigated the country for a possible corporate investment, and advised we did not go forward.

More recently, I was in Morocco and considered buying investment property privately. Again, I decided against it. In fact it is very accessible to me - I have low cost flights to Nador, Tangier, Fez, Marakesh, and Agadir with a ferry to Tangiers all within a couple of hours from home - so it would make sense. It is a very attractive country to visit.

You obviously made your own checks and came to a different conclusion. I have no problem with that.


Peter
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John & Yasmine FATIHA



Joined: 09 Mar 2009
Posts: 228
Location: Rabat / Salé, Morocco

PostPosted: Mon Mar 23, 2009 10:04 pm    Post subject: Reply with quote

ehhhhmmmmmm, sorry Peter I don't think I am sensitive about it, in fact, if you read my post well I say I understate what you mentioned.
The only thing I say, it's foreseeable, but you mention it also.
By the way, in fact I have other reasons for buying my property.
Not only for the sheer fact I have made a superb deal ......(as claimed before 70% increase in value if I sell now......)
Also, my wife is Moroccan and we just decided we should buy a second home in Morocco several years ago........
returning to reason 1, we had a splendid opportunity in 2007, so we did it........

To be honoust, if I had to consider now (in 2009) I would not be so sure if I would make the same decisions again.......(knowing prices rocketted sky-high...)
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tazmaniandevil



Joined: 23 Feb 2009
Posts: 116
Location: Ghazoua,Essaouira,Morocco

PostPosted: Tue Mar 24, 2009 9:43 am    Post subject: Second purchase Reply with quote

Thanks for the heated debate, and just to clarify my initial post, I would highly recommend purchasing property or land in Morocco. In fact we are considering another house in our local village of Ghazoua, or in Tiznit where my cousin and husband live. We were lucky to buy in 2007, and find a wonderful LOCAL builder,and caretaker, and the value of our house has more than trebled. It is indeed our second HOME.

Costs are increasing worlwide, and the "credit crunch" has seen a big increase in internet scams, I still get several per day, even on my holiday-rental site! The same with any project,in any country, stick to your budget, speaking from personal experience we wanted everything from day one! and overspent. Now we plan and budget further purchases, and building works, very carefully.

Ending on a positive note, we have just bought our friend and concierge a scooter and netbook for all his dedicated advice,help, work,and friendship over the past few years. Our house guests just love him, and so do we.

My partner met one of our friends in Essaouira yesterday, with her Moroccan builder, and amicably agreed a new budget for her renovations and refurbishment. Its good to talk. So every one is happy.

warmest regards,

Martyn
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camel



Joined: 07 Apr 2008
Posts: 367

PostPosted: Thu Jul 30, 2009 8:23 pm    Post subject: subject Reply with quote

Lovely Country & people but only for holidays, corruption,
inefficiency, simple things cannot be done, banks over charging . This is the only country that I know where they charge you VAT on the interest rate. So if you have a mortgage for 15 years you will be paying VAT on the interest for that period.

When you sell the property, the tax man will not believe your selling price & calculate your tax on the price that he thinks is the price that you have sold it for whilst interest is accruing at his price on the outstanding tax.

Not a country until you are a multinational and can bribe your way round, legal system does not work.
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tazmaniandevil



Joined: 23 Feb 2009
Posts: 116
Location: Ghazoua,Essaouira,Morocco

PostPosted: Tue Aug 04, 2009 1:44 pm    Post subject: What is your interest in Morocco??? Reply with quote

Hi Camel,

I would dearly like to know your interest in Morocco, and a little more about yourself via your personal profile, if you would update it.
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mpprh



Joined: 14 Jun 2005
Posts: 889
Location: Languedoc, France

PostPosted: Tue Aug 04, 2009 9:13 pm    Post subject: Re: subject Reply with quote

camel wrote:
Lovely Country & people but only for holidays, corruption,
inefficiency, simple things cannot be done, banks over charging . This is the only country that I know where they charge you VAT on the interest rate. So if you have a mortgage for 15 years you will be paying VAT on the interest for that period.

When you sell the property, the tax man will not believe your selling price & calculate your tax on the price that he thinks is the price that you have sold it for whilst interest is accruing at his price on the outstanding tax.

Not a country until you are a multinational and can bribe your way round, legal system does not work.


Careful !

Peter
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tazmaniandevil



Joined: 23 Feb 2009
Posts: 116
Location: Ghazoua,Essaouira,Morocco

PostPosted: Tue Aug 04, 2009 9:39 pm    Post subject: "Fire away" Reply with quote

I am not comfortable receiving a private message from "Camel" stating" fire away" with your questions.

A copy of his message is available on request.
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paolo



Joined: 17 Jun 2004
Posts: 3956
Location: Provence, France

PostPosted: Wed Aug 05, 2009 7:13 am    Post subject: Re: "Fire away" Reply with quote

tazmaniandevil wrote:
I am not comfortable receiving a private message from "Camel" stating" fire away" with your questions.

A copy of his message is available on request.

'Fire away' is not a hostile phrase, it means 'go ahead'. Private messages are private and you shouldn't offer to make them publicly available without the sender's permission.
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