Why choose Marrakech real estate?
Marrakech is a unique location; the buildings, the souks, the entertainment, the mountains, the food - the whole place is one big exotic adventure.
Marrakech is an established market and has been observing very good capital appreciation each year. The Marrakech real estate rental market is solid and already well established; this offers a low risk investment for potential buyers.
Marrakech real estate is high quality and is good value for money with prices 50% - 70% less than northern Europe; and with low cost of living, a luxury lifestyle can be enjoyed for very little.
This amazing city is easily accessible to the whole of Northern Europe (and indeed the world), with the new open skies agreement with Europe now in place, low cost flights are operating to the area. Today, there are over 100 direct flights every week between London and Marrakech, and with only a three and a half hour flight time, Marrakech is now competing alongside the high earning European city break sector including Prague, Barcelona & Rome.
Marrakech has been identified as the one of the primary regions for investment as part of the 2010 plan and will become the year round golfing capital of Europe. Contact us, the local Marrakech estate agents, to take advantage of the outstanding opportunities this majestic city has to offer.
Why choose Marrakech Property?
We are the leading real estate agents in Marrakech and rather than cover many areas we have chosen to specialise in just one - Marrakech. Our experience of this exotic city and the Marrakech real estate market spans many years. We have built up a detailed knowledge of this city and nobody knows it better. With offices in the UK, Spain and a local team in Marrakech we really do have it covered!
How do I get to Marrakech?
Marrakech is well served with are good links from most European capitals and flight times are only about three and a half hours.
Carriers include Easyjet, Ryan Air, Royal Air Maroc (RAM), British Airways, Iberia, KLM, Lufthansa and Swissair. Within Morocco there is an extensive network of domestic flights, a reliable train service and coaches between all the major cities, and journey times are relatively short. Most importantly there's no jet lag as Marrakech is just one hour behind London, making it a great weekend location too.
What is Marrakech like?
The former Moroccan capital Marrakech is virtually unchanged since the Middle Ages. It has earned several nicknames over the years from the 'Jewel of the South' to 'The Rose City'. The first symbolises its importance as the centre of Morocco dating back to the times when it was a trading and resting place on the crossroads of ancient caravan routes from Timbuktu and the second due to the red clay soil that has formed the raw material for the salmon pink properties that still characterize the Marrakech cityscape.
Djema el Fna Square is the true heart of Marrakech, easily the most exotic and exciting marketplace in the world. Its mysterious labyrinth medina encompasses Sultans palaces and ornate mansions of rich merchants.
Later in the day, Moroccans and tourists alike gather in Djema el Fna to observe the daily spectacle. Storytellers and musicians perform for the crowds and the aroma of fish and meat cooked in earthenware pots fills the air. Marrakech is so intoxicating it can be tempting to stay forever.
Why invest in Marrakech real estate?
Marrakech is the perfect place to invest and there are many reasons for this. The Marrakech real estate market is booming with realistic growth of about 15% plus a year. With Marrakech property prices still more than 50% plus below its European equivalent, there is still considerable growth in the Marrakech real estate market. The process of buying and owning a property in Marrakech is safe and straightforward with a notary supervisory registration similar to France and Spain. Interestingly buying costs are 50% less than buying a property in Spain.
There are advantageous tax concessions and low property taxes. Morocco is serious about tourism, and has embarked on a national tourism strategy that aims to increase the number of foreign visitors from 2.2 million currently to 10 million by 2010. Under Vision 2010, the Moroccan government has guaranteed to provide the necessary infrastructure to connect coastal resorts with the rest of the country and Europe by constructing 1,000 km of new roads, increasing internal and international flights, and developing new regional airports.
What is the economy like in Morocco?
Morocco is an economically healthy country. Annual growth is a stable 6.8% and its major industries are mining, textiles, tourism and leather goods. Tourism has grown by more than 18% over the last year, giving it the fourth largest number of foreign visitors in the whole of Africa after South Africa, Tunisia and Egypt.
Morocco is heavily investing in the country's infrastructure. The forecasted increase in tourist numbers is from 2.2 million in 2005 to 10 million in 2010. This is further strengthening the Moroccan economy and making it an extremely attractive place to invest in Marrakech real estate.
What is the Capital Gains Tax situation in Morocco?
Capital Gains Tax (TPI) is 20% of the profit, with a minimum of 3% of the sale price. There is a double tax treaty between the UK and Morocco to ensure that this is not paid in both countries. Morocco real estate sold after more than 10 years ownership are fully exempt from TPI. Marrakech Properties sold after more than 5 years ownership but less than 10 years are subject to TPI of 10% of any capital gain over 1 million DRh (about €90,000). Retirees are particularly enticed by the fact that tax exemption is an attractive 80%, provided that their pension is still being transferred from England.
What is the weather like in Morocco?
With about 320 days of sunshine a year and average temperature in summer of 35°C and in winter of 22C, this is a year round sun location. The hottest months of the year are July, August and September, but there is no humidity so temperatures are generally bearable. Winter can see rain and cool evenings.
What fees can be expected on top of the purchase price of a Morocco property?
You should budget for about 5% over the Morocco property purchase price to cover:
- Stamp duty
- Legal fees
- Notary fees
- Land registry
- Dispatch fees
- Misc (certificates) 2.5%
- 1.1%
- 0.5%
- 1.5 to 2%
- About 500 DRh or €30
- About 500 DRh or €30
How do we view Marrakech properties in the area?
The best way to visit the area is with us on a discovery trip. Being the local Marrakech estate agents, our trips are second to none in this industry. We offer a bespoke viewing experience where you will have our total focus. Equally if you prefer to travel by yourself we can provide the support you need when searching for the right Marrakech property.
During our trips you will be under NO PRESSURE to buy what so ever. We firmly believe that the area and the product sell themselves. As you already know, we are a professional family business with Marrakech real estate interests and a friendly, impartial, all encompassing service. Our colleagues in the area are not working on a commission basis!
All we ask for is a confirmation of available funds, a general knowledge of the area and definite requirements.
Can I reserve a property?
YES. Many of our clients choose to put down a refundable deposit to fix the price of a Marrakech property and take it off the market until they can visit the area to view it. These refundable deposits are not offered by every Marrakech real estate developer, but are usually 2000, giving you 30 days to view and decide whether or not to buy. This puts you under NO OBLIGATION.
What are the average service charges for developments?
Costs will vary between sites. As an example a luxury apartment with 5 star services may have service changes of around €90 per month, including utility, maintenance and management charges. Villas will vary greatly depending on the size of the community.
Are mortgages available on property in Morocco?
YES, mortgages are available on some developments for around 60% of the property value. We are able to arrange independent mortgages to finance your Marrakech real estate. Some International Banks including BMCE Bank and Societe Generale both operate in Morocco and are prepared to provide mortgages for Marrakech real estate, they are liable to the usual screening process you would have in the UK.
Can Moroccan Properties advise on us finding a Moroccan lawyer?
YES. Contact us for a list of our recommended local and UK based specialist Moroccan lawyers.
Is our money protected?
YES. The property developers we deal with in Marrakech provide bank guarantees or the Moroccan equivalent of VEFA. These are in place to insure your stage payments if buying off plan and any interest that you would have earned from the money.
Is it necessary to open a Morrocan bank account?
YES. You will need to open a bank account in Morocco. We are able to do this for you. We will supply all the relevant forms and translations.
What is the situation with land and property in Marrakech?
The price of land has trebled over the past five years fuelled by the political stability speared by King Mohammed VI. The property system is similar to that of the UK leasehold and freehold. Retirees are particularly enticed by the fact that tax exemption is an attractive 80%, provided that their pension is still being transferred from England.
What if I want to re-sell prior to the scheduled completion?
You can sell on to a 3rd party (once the initial 15% has been paid) via a transfer contract drawn up by your solicitor. Marrakech Properties will of course gladly act as your estate agent.