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. The main holiday home areas are: Agadir, Al Hoceima, Assa Zag, Azilal, Ben Slimane, Beni Mellal, Boulemane, Casablanca, Chaouen, El Jadida, El Kelaa Des Sraghna, Er Rachidia, Es Smara, Essaouira, Fes, Fez, Figuig, Guelmim, Ifrane, Kenitra, Khemisset, Khenifra, Khouribga, Laayoune, Larache, Marrakech, Meknes, Nador, Ouarzazate, Oujda, Rabat Sale, Settat, Sidi Kacem, Tan Tan, Tanger, Taounate, Taroudannt, Tata, Taza, Tetouan and Tiznit
