Introduction -
It is no wonder that Morocco is currently riding high on the radars of shrewd
property investors, although Morocco has for a long time been very fashionable
with the rich and famous, investors of more modest means have never really been
that interested. However, property prices are now on the move and led by the
French who have historically been more keen on the country, investors put off by
the soaring cost of a holiday or second homes in places like Spain are
considering Morocco as a viable alternative with a host of very attractive
features. Located less than three hours flying time from central Europe, the
kingdom is located on the African continent and is experiencing one of the
fastest growing and fastest paced property markets in the region. Morocco
property ranks as a top emerging market and is viewed by many as having great
potential in terms of investment return, returns which are set to soar as the
infrastructure of the country increases at an unprecedented rate.
AssetSure are
able to help arrange insurance for your Morocco
holiday home
or second home, whether it remains unoccupied or you plan to use it as a holiday
let for long term rental purposes.
The Holiday Home Market in Morocco - the standard of new developments is high and this coupled with what can only be
described as bargain prices and an unbelievably low cost of living is making
Morocco appear pretty irresistible to many investors and
holiday home seekers.
Much has changed in recent years and the bulk of the credit has to be given to
the Moroccan government who have been tireless in promoting tourism and by 2010
they hope to attract some 10 million visitors a year to the country. This
support designed to attract interest in the resort areas coupled with sustained
political and economic stability has really been given a boost by the government
of Morocco taking the trouble to simplify the process through which foreign
nationals can purchase and take possession of property in the Kingdom.
Of course, the fact that 10 million visitors a year are expected to descend on
this Kingdom has not been lost on investors and there would seem to be plenty of
opportunity in the near future for holiday home rental especially as many of the
new and off-plan properties in Morocco form part of projects aimed at the
exclusive, luxury market and offer outstanding features and facilities.
Why Buy a Holiday Home in Morocco? - of course property purchased in Morocco is no different from anywhere else in
the world and as with any other country Morocco can experience a variety of
weather related incidents, insurance should thus be purchased to protect an
investment. What surprises most people is that holiday home insurance for both
own use and short or long term rental is available for purchase from the United
Kingdom. The range of perils on offer should be fairly similar to those on offer
from a standard buildings and insurance policy and should be extended to include
property owners liability cover if you intend to let the property. Sometimes,
rules and regulations relating to holiday lets can be fairly complicated and
thus a local solicitors opinion should be sought who can provide advice on this
matter. This topic can usually be broached at the same time as the property
purchase
How to Buy Moroccan Property - in common with many other countries, the first step towards property purchase is
to make an offer to the current owner or property developer.
If the seller accepts the offer, a preliminary contract is drafted and of course
this document is best handled by a solicitor. There are standard forms that can
be used. but these off the shelf documents are not favoured by foreign investors
who in the main recognise the importance of seeking the services of a qualified
professional to handle all the paperwork.
Following the execution of this preliminary agreement, the buyer has to put in
place his finances for the purchase and the seller has to make sure that there
are no encumbrances on the property that might impair the ability of the seller
to convey the property to the buyer on completion of the deal. When the initial
contract is executed, it is usual to come up with a deposit and up to 30% is
fairly typical.
In some instances, a buyer will have up to thirty days from the date that the
initial contract is signed to pay the deposit, the balance will be paid at the
time that the final agreement is executed between the parties. You will need to
open a bank account in the kingdom and in most cases deals can be completed in
quite a short space of time.
So if you are seeking an holiday home insurance quote for a property in places
like Tangiers, Olu Deniz, Aghâdir, ad-Dâr-al-Baydâ or Marrâkush, why not see
if we can help. In addition, Assetsure provide overseas property
insurance and holiday home insurance for other countries including Australia,
Austria, Belgium, Bulgaria, Brazil, Canada, Cape Verde, Chile, Croatia,
Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Greece, Egypt, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania,
Liechtenstein, Luxembourg, Malta, Monaco, Montenegro, Morocco, Netherlands,
New Zealand, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, South
Africa, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates,
United Kingdom (UK) and Venezuela.
