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In the 21st century, Morocco is the country on the African
continent that is experiencing one of the fastest growing
and fastest paced real estate markets in the region.
There are a number of reasons why this is the case,
chief amongst them is the fact that Morocco has enjoyed
relative stability for an extended period of time. In
addition, the climate in many parts of the country is
very appealing to people from many different countries
around the world.
With the brisk business that is being conducted in the
Moroccan real estate market, many foreign nationals
have invested in the country's real estate. Foreign
nationals have been found to be investing in commercial
real estate as well as in vacation properties. Further,
some foreign nationals -- particular those from France
-- have invested in property in Morocco. (France
has a long association with Morocco, the Kingdom of
Morocco having once been a French colony.
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Investment Property in Morocco |
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As references, foreign nationals have been active investors
in the Moroccan real estate market. Foreign nationals can
be found holding all types of real estate in the Kingdom,
including commercial, industrial and residential properties
of different varieties (including vacation real estate).
On balance, investments in Moroccan real estate has proven
to be a sound and solid investment. The value of real estate
in Morocco has increased steadily over time. There has not
been an overheating of the market in Morocco as has been experienced
in some countries around the world. When a market overheats,
the end result usually tends to be a collapse of the real
estate market at least to some degree .
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Residential Property in Morocco |
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Some foreign nationals have taken to purchasing single family
homes in Morocco. The majority of these foreign nationals
that do purchase single family dwellings are from France --
again, because of the historical association between the Republic
of France and the Kingdom of Morocco.
There has been a noticeable up tick in the past decade in
the number of non-French foreign nationals who have taken
to purchasing single family residences in that country. Primarily,
these foreigners are buying these single family properties
for holiday purposes. These second residences are being bought
because many people have learned how lovely the climate is
in many parts of Morocco .
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Residential Real Estate - Apartments in Morocco |
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The Moroccan government has taken some pretty aggressive steps
in attracting foreign commercial interested into the country.
In this regard, the trade in apartments in the commercial
centers of the country has been brisk since the turn of the
century. More often than not, foreign nationals that have
been found investing in this type of real estate are doing
so because they need more long term residences in country
while they are involved in some sort of commerce based project.
Some foreign nationals have taken to developing apartment
buildings and complexes which they are then in turn leasing
to other foreign nationals who find themselves in Morocco
for extended stays due to business related obligations. This
has proven to be a fairly lucrative venture for many of these
foreign nationals. Again, the French have been leading the
way in this type of investment and development. However, other
foreign nationals are becoming more involved in this type
of development and ownership as the country continues to work
at brining more foreign business, investment and capital into
the Kingdom.
There are also a growing number of foreign nationals who have
invested in apartment complexes and buildings in hopes of
attracting some of the tourist trade that ventures into the
Kingdom annually. Many visitors intend to stay in country
for an extended period of time on holiday, making an apartment
a very attractive housing option while visiting Morocco .
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Holiday Property in Moroccan Holiday Resorts |
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During the couple of decades, a growing number of people have
taken to spending holidays in the Kingdom of Morocco. Indeed,
the government of the country has made a concerted effort
to attract tourists to the country. Attracting tourists has
become a primary concern of the government since the dawn
of the 21st century.
With this in mind, there has been a significant demand for
vacation real estate in the Kingdom. Many foreign nationals
are buying real estate for vacation purposes in different
regions of the country. In this regard, a majority of these
foreign nationals are purchasing this type of real estate
for their own usage. Foreign nationals for an array of different
countries have taken to spending extended holidays in Morocco.
In addition to property for sale in Morocco for a foreign
national's personal use for holiday travel, some foreign nationals
have come to understand that there is money to be made through
the ownership of real estate that can be used for holiday
and vacation purposes. Thus, a significant number of foreign
nationals have purchased vacation real estate throughout the
Kingdom which they, in turn, are leasing and renting to other
people for use during holiday stays in the country. For some
foreign nationals, this type of investment has proven very
lucrative, particularly in light of the concerted effort that
the government of the Kingdom is making to attract visitors
and tourists to the country . |
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Specific Steps to Buying a Property in Morocco |
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| Overview |
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Over the course of the past decade, the government of Morocco
has worked to attract more foreign investment in the country,
including efforts to encourage more foreign nationals to purchase
and invest in property in the Kingdom of Morocco. To this
end, the government of Morocco has taken pains to simplify
the process through which foreign nationals can purchase and
take possession of property in the Kingdom. In short, the
government is committed to encouraging an infusion of foreign
investment and capital into the Kingdom. Naturally, a more
liberal course of foreign ownership of real estate plays a
vital role in enhancing the overall activity of foreign investors
in the economy of Morocco.
In Morocco, as in many nations around the globe in this day
and age, the first step to buy property in Morocco is the making of a verbal offer by the potential
buyer to the seller. More often than not, the oral indication
of intent to purchase of conveyed from the potential buyer
to the seller through an agent. Agents do play pivotal roles
in the buying and selling of Morocco property. Indeed,
it is a rare real estate transaction that does not involve
the services of a real estate agent.
If the seller accepts the offer, or propounds a counteroffer
that ends up being accepted in turn by the potential buyer,
a preliminary contract is drafted. Normally, in Morocco, this
document is the handiwork of a lawyer. There are standard
forms that can be utilized for this purpose. However, most
foreign nationals indicate that they feel more comfortable
having an individual and specific agreement drafted by a qualified
lawyer.
Following the execution of this preliminary agreement, the
buyer is involved in obtaining financing for the real estate
purchase. The seller is occupied working to make certain that
there are no encumbrances on the property that might impair
the ability of the seller to convey the property to the buyer
when the real estate transaction moves to conclusion.
At the point in time that this initial contract is executed,
the buyer is obliged to put a deposit on the real estate.
Generally the deposit is in the amount of upwards to 30% of
the total purchase price of the real estate that is the subject
of the transactions. In some instances, a buyer will have
up to thirty days from the date that the initial contract
is signed to post the deposit required by the terms and conditions
of that agreement. The balance will be do at the time that
the final agreement is executed between the parties to the
sale.
There are some mortgage lenders doing business in the Kingdom
that cater specifically to foreign nationals that are interested
in buying real estate in the country. By using such a mortgage
lender, many foreign nationals have found completing the real
estate purchase process in Morocco to be an easier process
overall.
In order to consummate the sale, it is necessary for a foreign
national to open a bank account within the Kingdom of Morocco.
Ultimately, the parties to the real estate transaction will
execute a final contract that will result in the conveyance
of the real estate from the buyer to the seller. At this time,
the property is registered with the government of the Kingdom
and the buyer becomes the owner of record of the real estate
in question.
Generally speaking, the registration process can be consummated
in a pretty short amount of time. In most instances, this
phase of the property buying process normally can be wrapped
up and concluded within a matter of days
Property Abroad always recommends using a Solicitor
or Lawyer
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Further Information
on Morocco |
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MOROCCO
