Where should I buy in the first place?
Geographically, Morocco is characterised by a rugged mountainous interior, large tracts of desert and a lengthy coastline along the Atlantic Ocean and the Mediterranean Sea. Often known as Africa’s gateway to Europe, Morocco’s history is steeped in Arabic and Berber cultures, with African, Spanish and French influences. The larger cities such as Rabat, Marrakech, Tangier, Casablanca—are economic hubs where tourism and commerce drive the engines of growth. Long popular with tourists from Europe and the Gulf, Morocco’s old palaces, beautiful mosques, medieval fortresses and city walls are well-preserved sights to behold.
Rabat is the capital city of Morocco and its second largest city with an urban population of approximately 580,000, with a metropolitan population of over 1.2 million. The city is located on the Atlantic Ocean at the mouth of Bouregreg River. On the facing shore of the river lies Salé, the city’s main commuter town. Rabat, Temara, and Salé form a conurbation of over 1.8 million people. Tourism and the presence of all foreign embassies in Morocco serve to make Rabat one of the most important cities in the country. Some of the best projects in the city include La Marina Morocco and Rabat Square. La Marina Morocco is a diverse, mixed-used development consisting of residential complexes, hotel, leisure areas, shops and art galleries adjacent to the Bouregreg River. Rabat Square, the newest residential project in Rabat, is located in Dar Es Salam, which is widely regarded as the best upscale neighbourhood in the city. With its lush greenery, clean streets coupled with the low-density housing, it’s not hard to understand why this is a highly sought-after location for property investors.
Tangier is Morocco’s second most important industrial centre after Casablanca. Located in North Morocco, Tangier is currently undergoing rapid development and modernisation. Key developments undergoing construction include new tourism projects along the bay, a modern business district called Tangier City Center, a new airport terminal, and a new football stadium. Tangier’s economy is also set to benefit greatly from the new Tanger-Med port. An undersea tunnel that will link Spain’s Tarifa, the southernmost tip of Spain, with Morocco’s city of Tangier is currently being planned. With its amazing climate and strategic location just across the Straits of Gibraltar, Tangier is one of the most popular summer vacation spots in Morocco. Hotel rooms, car rentals, and fine dining restaurants are often fully booked during the peak season. Suffice to say, the demand for luxury apartments, especially by the waterfront, is extremely high.
Agadir – In Berber, the word Agadir means, “wall enclosing a fortress or town.”
No one can deny that Agadir is a mixture between modernity and traditionalism. Agadir is being considered as one of the best touristic destinations in Morocco if not the whole continent of Africa for numerous reasons. It certainly does meet everyone’s needs, starting with those who want to enjoy sunbathing on the golden sand beach, enjoy oil massages and relax in a fancy five star hotel, and for those looking for a low budget motel, want to enjoy sightseeing in the city and make some charming local friends.
One can’t talk about Agadir without mentioning its amazing weather. The weather in Agadir compared to other Moroccan cities is sunny all year round, warm during winter and autumn, and cool during spring and summer. In addition, any newcomer enjoys breathing in the fresh ocean air coming from the Atlantic Ocean.
Concerning the linguistic diversity, the vast majority of residents in Agadir, speak Arabic and Tamazight. Being bilingual in Agadir is a necessity, in order to communicate with the huge amount of tourists from all over the world who visit the city every year. Moreover, most sellers, waiters in restaurants, and taxi drivers speak many languages. Despite the fact that the majority of the population in Agadir is Berber, there are Arabs and a minority of foreigners from France, Germany, Spain…etc, who have chosen to settle in Agadir, because the housing and rental properties are reasonably priced. Consequently, the locals are used to foreigners and friendly with them.
Marrakech is truly the city of entertainment in Morocco. In the center of Marrakech is a square, Djemaa el Fna, which is the operating point for entertainers such as acrobats, drummers, dancers, pipe musicians, comedians and storytellers. There’s plenty of choice for meals, including the Djemaa el Fna food stalls, many inexpensive cafe-restaurants and a number of up-market palace-restaurants that offer Morocco’s traditional cuisine at its very best.
Marrakech is Morocco’s second largest city and its population continues to rise. It has a prosperous industrial area and is the most significant market and organizational centre of Southern Morocco. Marrakech does not have many historical monuments and buildings; its beauty lies in the atmosphere and the spectacular location. Marrakech, with the outstanding peaks of the Atlas expanding behind the city, has very warm humid summers and shimmering white snowy winters. Marrakech is are well-known for their warmth and sociability, their humour and honesty.
Casablanca, known as the white city is the largest city in North Africa and is the economic and financial capital of Morocco. With a population of more than 4 million inhabitants, Casablanca is undoubtedly the biggest economic contributor in terms of household final consumption and of value creation. In fact, it stands out with its business center, its port and its university center which happen to be the most important ones in the Kingdom. Casablanca is also a go-to destination for business and leisure tourism thanks to its developed urban planning, its coastal climate and its strategic location, one must admit that it has the golden touch.
Once you have decided to go ahead with the purchase of a Moroccan property, it is always recommended to engage the services of a licensed notary in Morocco.
You should ensure that the notary checks the following:
- Who is the legal owner of the property, do they have the right to sell.
- Check the identity of the seller to prove they are whom they say they are.
- Check that the details of the property are correct, e.g. size and construction details etc.
through a reputable real estate developer like Eagle Hills. Buyers will enjoy a peace of mind that their property will be delivered in good condition and that they will be immersed in a lifestyle above and beyond their expectations.
There are many banks that could provide mortgage loans such as Banque Populaire du Maroc, Groupe Crédit Agricole du Maroc, BMCI, BMCE. Mortgages are typically available to foreigners, with loan quantum ranging between 50 – 70% of the total purchase price, subject to the respective bank’s lending policy and the buyer’s credit standing. It is also recommended to seek independent financial advice before making any decisions to take out any mortgage loans or credit.
Taxes and Fees
Set aside up to 12% of the purchase price to cover service fees, charges and taxes. In addition, if you are buying through a broker, the broker usually charges a fee of approximately 3-5% of the purchase price. With some good bargaining skills, you may just be able to negotiate the fees down to between 2-3%. Taxes are subject to change and for up to date information, you should contact either the Office de Change or the Direction General des Impots or the Administration des Douanes et Impots Indirect for the latest information.
As a non-resident, you are able to stay up to 90 days at a time on a tourist visa depending on the passport that you are carrying. There are no current requirements to obtain a residency visa in order to be able to purchase a property. If you intend to stay longer,
This information is provided as a general guide and is based upon information that may be subject to change at any time with little or no notice. Buyers are recommended to seek professional legal and financial advice before purchasing any properties.
What do you think? Are there any other recommendations that you would like to add? Please share your thoughts, questions and comments below.