PROPERTY IN MOROCCO – REAL ESTATE IN MOROCCO

Real Estate in Morocco is set to boom due to increasing interest in the Country, in recent years Morocco has started to attract tourists from all over the world some of which have already seen the potential of property in Morocco, at present Moroccan property costs considerably less than in many European Countries, in 1999 the King of Morocco laid down his plans for the future of Morocco, apart from improved infrastructure and airports, Morocco aims to increase tourism by creating a total of six new resorts five of which will be in coastal regions, these improvements alone will attract many more visitors and increase interest in real estate in Morocco.

Property in Morocco is incredibly spacious and luxurious and is built to a high specification, prices for a two or three bedroom apartment are around 150,000 €, while a three bedroom villa will cost around 245,000 €, these prices will increase quite significantly when foreigners start investing in real estate in Morocco, the rental potential of this Moroccan property is almost guaranteed as an increase in tourism is realized, real estate in Morocco offers luxury at affordable prices in sumptuous surroundings,

Property in Morocco varies from traditional to modern, a Riad is a traditional Moroccan property with an interior garden with five or six rooms which can only be accessed via the garden, normally built on one level although it is possible to find a Riad that has two levels, Riads can be found in the old cities, this type of Moroccan property was built in such a way as to protect the women inside from prying eyes, the gardens in this type of property in Morocco are arranged round a patio area and planted with orange trees, the focal point of the garden is a fountain in the centre with paved areas leading to each room, many Moroccans left the riads to live in the modern cities, in recent years many riads have been restored and are now restaurants or guest houses, some are private residences, the interior of this style of Moroccan property is very decorative and luxurious.

Estate agents selling real estate in Morocco can arrange inspection visits, they will select property to be viewed based on the buyers requirements, the agent will accompany viewers to each Moroccan property in the hope of a sale, the process of buying property in Morocco is very similar to France and Spain, if purchasing through an estate agent buyers need to allow around 7% of the cost of the Moroccan property for legal fees, once a price has been agreed, a deposit is payable on the property in Morocco, the buyer and seller have to agree on a time scale usually between 2 and 3 months for the vendor to find another property in Morocco, however if the vendor is offered more money the deposit is refundable, the balance should only be paid once the Moroccan property is empty and the keys have been handed over.