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Siroco Estates FREE E-Books RRP £12.95 Morocco

HOT Property for sale in Morocco and Spain

We have a selection of 'HOT' Properties for sale in Morocco and Spain which can be great value for holiday lettings or investments.

Apartment in Asilah

From 135,399 €

This luxurious development is situated at the entrance to the quaint fishing village of Asilah. For.... more...

Apartment in Tourist zone

From 105,922 €

Apartment for sale in Tourist zone, Tangier

350 Exclusive apartments with captivating views across the bay of Tangier. Strategically located at.... more...

Apartment in City centre

From 155,000 €

Apartment for sale in City centre, Tangier

This appartment is located in the cosmoplitan residential area of the city of tangier, it is close.... more...

Moroccan FAQs

Who can purchase?

Any investor, overseas or resident, can purchase in Morocco.

Are Morocco properties freehold?

All properties that Siroco promotes are 100% free hold .

What is the Plan Azur?

In 2001, the Moroccan government presented Vision 2010 as Morocco's national tourism strategy (Azur Program).

The main objectives of Plan Azur were to attract five times as many visitors in 2010 as in 2002 and to create 600,000 new jobs in the tourist sector.

In conjunction with the Plan Azur, the Moroccan government has announced:

The creation of 6 new coastal mega-resorts

New Motorways to be built or upgraded

New Regional Airports to be either built or upgraded

Increase and de-regulate incoming flights from all over Europe (Open Skies Agreement)

A possible tunnel link between Tangier and Spain

Where are the six Plan Azur Resorts going to be located?

1. Saidia (Mediterranean coast)
2. Larache (south of Tangier on the Atlantic coast)
3. El Jadida (south of Casablanca)
4. Essaouira
5. Añadir
6. Plage Blanche

Is it possible to get a mortgage as a non-resident in Morocco?

Yes, Moroccan banks sometimes lend up to 100% but 60% of the property value is standard. Click on The Morrocan mortgage alliance for further details.

Are you free to choose your mortgage and bank?

Yes, but some of the Developers we work with have negotiated favorable terms for our clients with some of the leading banks in Morocco.

Do I need a bank account in Morocco?

Yes, we can arrange that for you with the local branches of the major Moroccan banks. You only need to have a bank account in place in time for title deeds and completion of purchase.

Why do I need a bank account in Morocco?

Mainly for convenience and to easily facilitate payment of community fees after you take possession of your property.

How do I transfer money to Morocco?

You can use your own bank or a currency-exchange broker such as global currency exchange network

How do I reserve a property?

Most of the Developers we work with ask for a Reservation Deposit in order to hold your chosen property, fix the price and take it off the market. We can facilitate this for you via a bank transfer or credit card payment.

Reservation Deposits typically range from € 1,000.00 to € 6,000.00. We can even take your deposit on a refundable basis allowing you time to visit the site and make a definate decision on your property of choice. We will only pass your deposit on to the Developer after you have confirmed your desire to purchase the property.

What is the typical payment structure for new off plan developments in Morocco?

On exchange of contracts, 40% of the purchase price is payable (less the initial holding deposit).

The outstanding balance of 60% is due either by mortgage or cash to complete your purchase.

What are the purchasing costs?

You should budget for about 5 to 6% over the purchase price to cover:

Stamp duty: 2.5%
Legal Fees: 1.1%
Notary fees: 0.5%
Land Registry: 1.5% to 2%
Dispatch fees: approx €30, Misc. Certificates: €30

Do I need a solicitor?

Moroccan law works in a very similar way to the French notary system. The legalities of an off plan purchse are generally minimal and covered as part of our agency fees.

Resale property in Morocco is a different story however. We will introduce to a local specialist.

Is it possible to rent the property out?

Yes, definitely. All owners are tax-exempt on any rental income for the 1st five years in Morocco. Most resorts will have on-site Property and Rental Management offices for clients to utilize.

Are there ongoing costs besides water and electricity?

We estimate community charges of approximately €65/monthly for apartments.

What do I need to know about taxes in Morocco?

Both the UK and the USA have double tax treaties with Morocco which ensures that Capital Gains Tax (TPI) is not paid in both countries. In Morocco, TPI is 20% of the profit with a minimum of 3% of the sales price. If you sell your property after 10 years of ownership, you are fully exempt from TPI.

Owners who sell their property after five years but within ten years are subject to TPI of 10% of any capital gain over 1 million DRh (€65,000). There is no inheritance tax as long as the property stays within the family (however, it is advisable to seek professional tax advice as individual circumstances and company purchases of property can alter your tax liabilities).

What if I want to sell my property before completion?

You can sell your property to a third party once the initial 40% installment has been paid.

A transfer/administration fee of between € 500 and € 5,000 is typically charged by the Developer. The legal side of selling on your investment is simple and can be facilitated by your solicitor.

Who can tell me more about Moroccan culture, history and economics?

Review our extensive lifestyle section for more information regarding Morocco and its way of life.

Also you can visit:
Moroccan Embassy,
49 Queens Gate Gardens,
London SW7 5NE,
Tel: 020 7581 5001, www.morocco.embassyhomepage.com

Other than the 6 Plan Azur resorts, are there other resorts or developments that have been specifically sanctioned by the King or the Government?

Actually, yes there are other high-profile property developments now being marketed or soon to be marketed that have been given the go-ahead with the King's blessing. Emaar & Dubai Holdings, both of the United Arab Emirates, will each be developing a number of luxurious mixed-use resorts in the near future. The King of Morocco was pivotal in encouraging both of the companies record breaking investments in Morocco.

Samanah Country Club is an upscale development near Marrakesh that features a Nicklaus design private golf course as well as a shopping arcade and upscale environment in which the King assisted in land rights for the French Developer.

For any questions you have that are not answered above please contact us