Paul Staines, director of Saffron Villas speaks with Adam Samuel of Nubricks.com to give us his insider information to buy property in Morocco, the full interview is available for download only on nubricks.com.
Morocco. A land of the living culture, classically beautiful coastlines and the contrast of traditional villages and bustling cities. It is just 9 miles away from Spain by sea, you can use in a new way of life and certainly a new world full of possibilities for real estate investors.
Paul Staines has no less than three off-plan apartments in the town of Saidia, the Playa Vista development in Tangiers and at Sunset Beach, south of Casablanca. You can also expect a director to buy one of his company's properties, but to buy three… he clearly knows that we will not.
In 2001 Morocco's new king Mohammed VI announced the "Azure plan and Vision 2010" which intends to tourist flows into the country of 2 million to 10 million within 10 years through the development of major tourism property development projects. Since 2001, the market has grown by around 50-75% with the first new properties will be launched 2 years and with new developers moving into the market, including local companies and developers from Dubai and Europe.
The average price of property currently in Morocco is £ 100000 to £ 125000, but the market offers for the budget £ 50000 as well as luxury multi-million pound properties. There are many types of property in the Azure Plan, including apartments and villas. If you want an original property outside the Azure's plan then riad in the historic Medina, but they can be problematic with title deeds!
Paul called in the podcast "There is a risk when buying outside the plan Azure Resort, use your due diligence and research the developers well. There are a number of large and established developers who are outside the plan, it is the smaller and less well-known developers and agents that you really have to do your research. "
The purchase of a new build property in Morocco, however, is straight forward and similar to European countries, a reservation contract must be signed and the title deeds, signed at the local notary, will be handed over on completion and full payment. One issue to be aware of is that the country is a relatively new market and as such do not have bank guarantees, so that choosing the right developer with a good track record is crucial. Mortgages are easy to reach is subject to state loans of up to 70% are very common and interest rates are between 5.5% to 6.5%.
Buying in Morocco does not have to be either the taxation; taxes for the completion of approximately 5% for the stamp tax, land registration and notary fees. Capital gains tax is 20% on the profits more than £ 60000 €, and after 5 years, goes down to 10% and after 10 years there has been no capital gains tax as it evaluates to 0%. If you plan to rent your property once it is finished, then there is no rental tax for 5 years, and there is no inheritance tax, if your property to a family member.
Morocco, how successful tourist sites before her, more and more accessible, which is good for visitors and investors alike. Ferries are of Gibraltar and Algeciras in southern Spain, but for the majority, and in the sky for the 3 hour direct flight from the United Kingdom is most popular. The open-skies agreement from Morocco from the beginning of this year is also the country up to the low-cost airlines. News, which is also a good omen in the case for Moroccan property investments is the confirmation that the Swiss engineering firm Lombardi has the contract to design the railway tunnel between Europe and Africa running under the Strait of Gibraltar. Like the Channel Tunnel between England and France, the tunnel's degree enables a continuous rail link between the north of Scotland and in Africa.
If you are still not convinced about buying in Morocco, then a visit to sample the local cuisine will help change your mind, it was attracting top-notch celebrity guests such as Kate Moss and P Diddy as far back as 2003. Moroccan cuisine is reputation as one of the top kitchens from all over the world, including the famous couscous, Mechoui, Pastilla, steaming Tagines, pastries and the national drink, mint tea. The climate varies from region to region, the coast has a very mild climate in the humid summer and in winter, average temperature of 16 ° C to 26 ° C; inland ports is much warmer in the summer of up to 33 ° C.
Despite a common belief that it is a claim to speak either Arabic, the native language, or French is spoken in most regions; English is widespread, especially in big cities and tourist areas.
So what about the future of Morocco? Saffron Villas offers the following tips and tricks… Marrakech is gaining in popularity and will see an increase in property development to meet the demand. This city is a wonderful blend of tradition and modernity, but retains its charm, Ski-1 hour and 30 minutes and currently has 3 golf courses with 7 recently received planning permission.
Taghazout place will be available for purchase options during the year 2007, is the sentence to be extremely popular. It is located in the region of Agadir, where it is clean, clear session coast of the Atlantic Ocean, ideal for water sports enthusiasts.
The growth rate and strength of the housing market in Morocco makes it financially attractive. The tourist market has grown from 2 million to 5 million visitors today and it is expected that up to 10 million by the end of the decade and, of course, these visitors will have places to stay. Overall, Morocco should be on your wish list list of places to visit, if not a potential for real estate investments.
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