We've entered into an exclusive partnership with Re/Max Morocco to help you buy property in Morocco.
Are you looking to buy an appartment, house, land or investment property in Morocco? We can help.
We have simplified the whole process of buying property in Morocco, from finding the property to the paperwork, securing a mortgage and the closing process. We have done that by partnering with Remax Morocco. You can now expect the prompt and professional service you expect from realtors in the U.S. To start the process, simply fill out this form, and we'll do the rest.
The Wafin Team
Morocco Property Frequently Asked Questions
Can I buy a property in Morocco "off plan"?
Yes you can. As a matter of fact, buying property off plan has several advantages. Read our article on buying propery off plan at the bottom of the FAQs.
Is it possible to get a mortgage to help finance your Morocco Property purchase?
Yes it is possible to obtain mortgages on Moroccan properties. 60% - 70% is relatively standard but it depends on your personal situation. The going rate could be anywhere from 5.5 to 7%. Moroccan Citizens and Moroccan Residing overseas can get 100% Financing , some banks will even finance closing costs.
Do I need to open a bank account in Morocco?
Yes as a buyer you will need to have a Moroccan bank account but only in time for the completion of the purchase. We will ensure that you are instructed of exactly what is required from you at all stages of the purchase.
What is the procedure to reserve a Moroccan property?
It varies from a builder to builder. You can reserve your property in Morocco with just USD 4,000. This reservation fee holds the property for you and freezes the price.
What is the payment structure for Moroccan Property?
The exact payment structure on property in morocco varies from development to development and from developer to developer. In general there is a deposit required of between 10% and 40%, sometimes an interim payment and then the remainder on completion. Please contact us for more information on the morocco property you are interest in.
What are the additional required purchasing costs?
Generally in Morocco around 5% - 6% is required in addition to the property purchase price to secure your property. These fees are broken down further in the example below:
Stamp duty: 2.5%
Legal Fees: 1.1%
Notary fees: 0.5%
Land Registry: 1.5% to 2%
Do I need a Real Estate Agent?
Very recommended. Wafin.com has an affiliate real estate agent in Morocco who has lived in the U.S. for 10 years, and has been practicing real estate brokerage in Morocco for over two years. He knows the Moroccan market very well and has the professionalism and work ethics that Moroccan Americans expect.
Is it possible to rent the property in Morocco out?
Of course. The reason many people invest in property in Morocco is to operate a "Buy to Rent" strategy and aim to generate a good solid rental income while the value of their property appreciates. New buyers are exempt from property rental tax for the first 5 years. Morocco has a solid rental market with occupancy around 85% in the high season and expected to rise as Vision 2010 matures.
Are there ongoing costs besides water and electricity associated with a property purchase in Morocco?
As with most countries there are additional community fees but these are not usually expected to exceed $50 per month.
What is the tax situation for a property purchase in Morocco?
Morocco offers some favorable tax options to overseas property investors. Our real estate agent will explain the tax structure in Morocco to you.
Is it possible to sell a Moroccan property prior to completion?
Yes. Most developments have this written in your contracts. But this is a point that can vary from project to project so it is important to ask about this if this is an important part of your investment strategy. In most cases it is possible without any problems, sometimes there maybe an administration charge to action this option.
Buying Off Plan Properties
Buying off plan simply means purchasing a property from architects' drawings, as opposed to a finished building. Typically these drawings are presented in the form of a sales brochure from the developer. Planning permission will have been granted, but the building work will not have been completed.
This is usually the most cost effective way of purchasing a property. To a developer, time is money. Developers want to sell their product quickly and will therefore price their product accordingly. The quicker they can finance and build their development, the quicker they can take their profit and start the process all over again. This is one of the main reasons property investors buy off plan. Below are some other reasons why you should seriously consider off plan property as an investment:
- You more often than not, buy under market value regardless of the market.
- You do not have to tie up all your money in one go, allowing you to free up money for other investments.
- It takes a lot less time and effort on your part.
- Most of your research is carried out for you.
- Developers purchase their building materials in bulk, therefore passing the savings on to you.
- You can resell before, during or after construction.
- The investor avoids paying any resale premiums.
- Past experiences suggest your property will usually appreciate in value during the construction phase.
- If your property is part of a large master planned development there will usually be a substantial increase in property values upon completion of the whole development, especially if you get in early. e.g. Phase One.
- Low maintenance costs and a builder's construction warranty, saving you considerable money over the long term.
- Portfolio diversification.
- Easier and cheaper to customise the property during the construction phase.
- Greater choice of property available.
- Some payment structures allow you to pay affordable installments, thus avoiding the need to arrange a mortgage.