Morocco is gaining popularity as the favored tourist destination of tourists worldwide. In this context, it is worth considering whether it is a wise decision to invest in holiday property in Morocco.
Morocco witnessing large-scale revamp
The governmental backing is one of the positive signs of the real estate investment scene in Morocco. The local government with the full support of King Mohammed has planned Vision 2010 to raise the potential of Morocco as a tourist destination. The entire infrastructure of the country is being rebuilt and renovated to confirm to international standards.
The transport system of Morocco is undergoing extensive changes with new airports, railway stations, motorways and port coming up. This is expected to reduce the time and cost of travel to and within the country. A tunnel connecting the country with Spain is also in the pipeline to attract European tourists.
Why is Moroccan property coveted?
All these infrastructure upgradation work is expected to bring in more tourists to this picturesque country. The goal of Vision 2010 is to reach 10 million tourists this year. With more tourists arriving in this tiny country, more accommodation facilities of international standard are required to lodge them.
The Moroccan government is looking for foreign investment to make this possible. To this extent, policy changes have been effected to make the tourist areas International Free Trade Zones.
Already some of the big names in the construction world have entered the arena and started activities here. Many housing projects, villas, apartments and holiday homes are coming up along the coastline. The government is encouraging foreign nationals to buy these as holiday property by giving them tax waivers and other benefits.
Morocco’s banks are chipping in with easy mortgage loans to overseas investors to buy these properties. With the backing of a local real estate agent and an astute lawyer, there is no way it can go wrong.
Be wary of swindlers
As in all over the world, there are bad elements in Morocco as well. Hence, it is better to play safe by being cautious of fraudsters and tricksters, while on this endeavor. The best method to avoid getting cheated is to find an honest and trustworthy real estate agent to help you find the right location and property.
Once the property is identified, enroll the services of a good lawyer to scrutinize the title deed and verify its authenticity. Service of a property surveyor is recommended to understand the condition of the property. If things are clear at this stage, the only thing left to do is to approach a reputed bank to arrange for the mortgage. Banks process the mortgage application only after 30% of property value is transferred to a local bank account.
Those who have already tested the waters endorse the amazing opportunity waiting to be exploited. Don’t hesitate! Just go ahead and invest in the Moroccan holiday real estate to enjoy its dual benefits – a great holiday home and high-return investment.
Filed Under: Real Estate Tips