Advice on buying Morocco Property

You have found a Morocco property you wish to purchase in Morocco what next?

Buying Morocco Property - Costs of Purchasing Property in Morocco

Morocco Property Buyer's Guide explains the legal fees, legal procedures, purchase taxes and mortgage procedure.
Purchasing Morocco property.

There are numerous tourist developments planned for construction on both of Morocco's Atlantic and Mediterranean coasts over the next 5 years.

These Morocco properties will include apartments, villas, townhouses, golf course's and 5 star hotels.

With Morocco's close proximity with Europe and with major investments also planned for new roads and high speed train's, the future for Morocco is assured as a destination for international tourism.

Any investor can purchase a Morocco property and purchasers from the EU are particularly welcome.

As a prospective property purchaser you will have to have a bank account with a Moroccan bank to handle your transfer of funds, and should you require a mortgage to assist with Morocco property purchase, mortgages are available in Morocco offering up to 70% of the Morocco property purchase price, with Morocco bank interest rates between 5.5% -7%.

Having found your property in Morocco you can secure the Morocco property with a reservation fee of £3000 this will ensure that the property purchase price is fixed for you.

When entering into the purchase contract a deposit between 15% to 40% will be required depending on the developer, and sometimes an interim payment will be required during the course of construction. Your property agent will be on hand to explain everything to you, and help you find a solicitor in Morocco to guide you through the Morocco legal process.

There are purchase costs involved with property purchase in Morocco of 5%-6% these are:
Stamp Duty 2.5%
Legal Fees 1.1%
Notary Fess 0.5%
Land registry 1.5%-2%

Apart from electricity and water charges, you can expect to pay a nominal community charge in the region of 60 euros per month ensuring the upkeep of your property.

Many property purchasers want to take advantage of the Morocco tourist boom by renting out their property.
There are no restrictions on this in Morocco and there are no taxes payable on rental income achieved in Morocco during the first 5 years.

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These guidelines are meant for guidance only and describe a straightforward purchase scenario. However this information is not meant to replace proper legal advice, which we always insist you take.

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