How to Negotiate a Property Deal in Morocco?
Morocco is turning into a property investor’s Shangri-la with its amazing tourist potential, growing economy and emerging property market. As the prices are rising steadily, this is the right moment to invest in the Moroccan real estate.
Despite its attraction, Moroccan real estate scene is not without booby traps. Overseas investors who are searching for a good deal must proceed with caution so that they do not fall in these traps. These simple procedures are helpful in this regard. Not only do these take away some of the drudgery out of property hunting, they are also helpful in finding the right property along with the best mortgage deal.
Employ a well-recommended real estate agent. This is one of the first steps to be taken while planning to invest in Moroccan property. However, the stress should be on ‘well-recommended’, as there are many tricksters waiting for their preys. The other aspects to seek in an agent are knowledge of local laws and governmental policies regarding property purchase by foreign nationals. They also need to be fluent in the local language and English.
Agents can narrow down the search based on the conditions given. They are also well informed about the best locations that are safe and earn maximum returns for the money invested.
A lawyer and a surveyor are essential. A lawyer is important to validate the title deed and other relevant documents’ veracity. These need to be cleared up before making the payment. A surveyor can help in assessing the worth of the earmarked property. This is useful while negotiating the price, especially if buying older ones.
Opt for Older property. To make a great deal, it is recommended to go in for older property known locally as riad and rebuild it according to one’s tastes and requirements. This will not only bring down the investment amount, but also raise the profit percentage from the investment. As renovation is already planned, any defects in the building can be rectified during this.
Buy an under-construction property. Many a property developer sells off properties before completion. The reasons for this are many – shortage of funds, good offers, etc. Again, if restructuring is being planned, this makes sense, as it reduces the cost of the property. Depending on the desperation of the developer and other offers received for the property, it is possible to make a kill in such a situation.
Study the rates of properties close by. This helps in forming a basis for negotiations with the developer. Again, it depends on the condition of the property and the facilities provided in it. Considering all these factors, a reasonable figure may be arrived at to start the negotiations.
Location is most important. Moroccan government has identified many areas for developmental projects. These are the areas to search for properties to buy, as they will be well equipped to meet the needs of tourists. A developed area is bound to attract more tourists and hence high returns are assured.
Filed Under: Real Estate Tips
