Real estate in Morocco is definitely in a boom phase. It is truly amazing. I have visited Morocco since the early 1990s. When I first started my journey, it felt as if time had stopped.
If someone would have told me 15 years ago what is happening in Morocco’s real estate market now, I would never have believed them.
Seriously thinking about investing in real estate in Morocco a few years ago. Yes, it is believed that film stars and well-known musicians have been shopping for real estate in Morocco and Riyadh, and Villas for many years.
But until recently it was introduced only to the privileged who could handle high risk and could not mass-market to resell and buy real estate in Morocco with equity development. With the security of getting the investment back.
Real Estate Boom in Morocco
The new real estate in Morocco’s boom began in its true and real form only two years ago. I still remember visiting one of the Spanish developers with a good friend from Morocco and offering them real estate in Morocco.
The company we traveled to in Morocco and at that time offered to sell about 300 homes per month internationally in Spain. When I told them that real estate in Morocco is a new and upcoming boom and they should get into it, they replied Who’s going to buy in Morocco?
This company had a sales team and knew buying a property in the European market in Spain, but when we approached them with real estate in Morocco they were very intimidated and they mentioned that they were advertising real estate in Morocco. Did not want to spend much money or time.
After several meetings and coming to an agreed commission contract on Moroccan real estate, this “famous” company agreed to try and sell real estate in Morocco. This all happened in February of 2005.
Selling real estate in Morocco was almost completely unheard of, except that a large Spanish developer started a project with the government of Morocco, developing a real estate in Morocco project in the northern part of Morocco.
We were all pleasantly surprised that more than 50 properties were sold within two months, this was the beginning of my experience selling real estate in Morocco.
Within the next six months, 500 or so other properties of Moroccan real estate were sold through the company I was then operating in Morocco.
Morocco Real Estate Sales
I have noticed that Moroccan real estate has seen huge changes in a short period, with real estate prices in Morocco increasing every three months or less. With working with real estate in Morocco, I have seen prices rise by about 80% in the last year.
What is the future? I am not sure, but in the next year or three years, the stage has been set that real estate in Morocco is in turmoil and is gaining momentum. I think the right time for success is coming and real estate in Morocco is now at the right time and can get huge returns for property investment as long as things remain today.
So in a nutshell, I think the real estate in Morocco is now the same as it was in Spain 6 or 7 years ago when people made a very good profit by buying and selling.
Almost anything to buy real estate in Morocco is, of course, bound to go up, some locations will probably be better than others, but usually, all the real estate in Morocco is currently going up.
Our website is facing a large flow of new interests in real estate in Morocco month-to-month and we are not seeing any decrease in real estate sales in Morocco any time soon.
So if you are thinking about it, then do a lot of thinking and work, this is the right time and the right market. This is the new emerging wave and market of real estate in Morocco.
Property purchase process in Morocco
Ownership of foreign real estate is permitted in Morocco, although foreigners cannot purchase agricultural land. It is best to open a Moroccan bank account that converts foreign currency to Durham used for transactions, and easy repatriation of funds in the future.
It is best to work with a real estate agent, and a lawyer is also helpful in understanding the legal language and procedures, which are usually done in the local language.
The agent, also known as “similar”, does not usually speak English. English-speaking lawyers also come in handy when working with identical.
It is normal to pay the deposit after the purchase price is agreed upon. However, it is not a guarantee that the seller removes the house from the market, so it is safe to give the amount immediately rather than paying the full amount.
Occasional houses being sold are still occupied. The buyer has to wait for the owner to exit or turn the key.
The procurement process is otherwise similar in France and Spain, with notarial acting for both parties. The signed sale deeds of the contracting parties should be notarized. The sale deed must be registered with the concerned registration office. The buyer then applies for registration of the registered deed for the registration of the land.
Morocco uses Moroccan Dirham (MAD). Exchange rate as of 14 November 2007: US $ 1 = MAD 7.9023. The property is valued at US $ 250,000 approximately MAD 1,975,000 (1,975,575).
Due to the complex nature of Morocco’s property registration and ownership system, the buyer should appoint an attorney to represent it. The legal fee is negotiable, ranging from 1% to 5% of the value of the property plus 10% VAT.
The 6% registration fee applies to the acquisition of buildings by individuals or legal entities. A 6% registration fee is also levied on the acquisition of undeveloped land to build houses and premises.
Notary fees are approximately 0.50% to 1% of the value of the property.
Stamp duty is about 1% of the value of the property.
Due to the complex nature of Morocco’s property registration and ownership system, the buyer should appoint an attorney to represent it. Legal fees are negotiable, from 1% to 5% of the property
Land Registry Fee:
Apart from registration, the sale deed is also listed in the registry of the land. The land registry fee is 1%.
Real Estate Agent Fee:
A real estate agent or similar usually takes 2.5% of the purchase price as a commission.