Frequently Asked Questions About Morocco and Buying Property in Morocco
How do I get to Morocco?
A number of airlines, including the budget ones, fly directly from the UK to Morocco with travel time about 15 mins longer that it would take you to travel to the Costa del Sol in Spain. It couldn't be easier!
Marrakech has daily direct flights from the UK. Please consult us for prices for viewing trips.
(For the Tangiers, Smir resorts, there are also ferries across from Spain if that is more convenient for you.)
Are Morocco properties freehold?
Most properties purchased off plan in the new resorts are freehold. .
How do I buy my chosen property:
You would put down a reservation fee of approx. £2.500 to hold a specific property.
Then, after contract and depending on the development, you would either pay 20% or 30%, and then no more until completion, at which time you would pay whatever difference is left after you know how much mortgage you will be getting
Or
You would pay 20% deposit and then stage payments up to a certain amount during the build, and also according to your mortgage arrangements
Can I get a mortgage for part of the purchase price?
Yes, normally 60% to 70% . We have agreements with several Moroccan banks. You would also need to open an account with a local bank.
What Other Costs are involved.?
Moroccan VAT should be included in the declared purchase price. You would need to add approx. 6% of the purchase price at completion to cover such items asstamp duty, notary fees and land registry.
Will I understand the purchase contract?
Contracts in Morocco are usually established in French. We have French speaking staff in Destination Sun Homes who can give you an overview. However,we recommend that you use a solicitor familiar with Moroccan property law to guide you through the conveyancing and answer your further questions on the legalities, advantages and obligations of owning property in Morocco. We can recommend you a solicitor or you can obtain a list of names from the Embassy.
ONCE I HAVE MOVED IN:
Running Costs:
If you buy a property within a development, you will normally have to reckon on a maintenanc cost of about £40 a month. You would then have to pay your utilities.
Rental Programmes
Many buyers will want to offset their running costs and mortgage payments, whilst at the same time having an occasional holiday home that they can enjoy on a frequent basis.
Please enquire about the rental programmes available. These obviously differ with each development. |
