Tips on Buying an Apartment in Morocco
The real estate market of Morocco is witnessing an unprecedented boom, especially for foreign nationals. The governmental support, together with the country’s natural beauty and unique location, makes it the most lucrative deal.
Mystery unfolded
Be it holiday property or one for residential purpose, Morocco is the most sought-after destination by people worldwide, especially Europeans. For those from Europe, Morocco is as good as a neighboring country, though lying in the African continent. Morocco’s proximity to Europe also has influenced its socio-economic setup. All these make people from the Western hemisphere feel at home in Morocco.
However, the most attractive feature of the Moroccan real estate is its affordability. With property prices going out of bounds in European countries, Morocco is a good alternative. The Moroccan government is planning extensive infrastructure development to make Morocco a modern country with facilities on par with Western countries.
Government is inviting foreign nationals to buy property in the country either for holidaying or for settling down here. To this purpose, Moroccan banks are offering easy mortgage loans to overseas customers. Even ‘bridge loan’ is available to buy property in Morocco until property sales in home country is settled.
Here are a few tips on buying an apartment in Morocco.
- Location is the most important. Though Morocco real estate is booming, not all locations have the same value. To get maximum returns from the purchase, it is important to choose the right location.
Though most overseas investors prefer beachfront property for their obvious advantage as a holiday-cum-residential property, there are stunning new properties being developed inland as well. However, beachfront properties have the extra edge, as qualify as vacation property as well.
- Deal through a real estate agent. Even though government has implemented various laws to make property investment by foreigners safe and foolproof, it is recommended to engage a real estate agent to help you find the right property and right location. The essential qualities to look for in a real estate agent is honesty, experience in similar deals and in-depth knowledge about local laws governing property purchase. Also recommended is the ability to speak local language and English.
- Engage a lawyer. The purpose is to ensure that the title deed of the selected property is clear. This simple act can save a lot of trouble later. A lawyer is also helpful in drawing up the necessary documents.
- Take the help of a surveyor to understand the condition of the property. Whether buying new or resale properties, it is advisable to engage a surveyor to check the condition of the property and the facilities provided in it.
- Open a local bank account. This is necessary for mortgage loans. With all the documents ready, the application will be processed in no time.
Moroccan government has made it mandatory that the purchase be supervised by a notary to avoid fraudulent practices. By hiring a reputed and experienced notary, the purchase will go through easy and fast.
Filed Under: Real Estate Tips
