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purchasing a vacation home in Marrakech

Discussion forum for expats moving to or living in Morocco.

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purchasing a vacation home in Marrakech

Post Posted: Sun Nov 27, 2005 4:47 am

hello all,I am new to the expat forum and hava a few questions about real estate in morocco.After renting in marrakech for years during the winter months ,I have decided I would like to purchase a flat in the hivernage or gueliz districts,or possibly a small dar in ksour or mouassine in the medina.Could someone please explain the purchasing process to me.What is required of a foreigner to purchase a home in Marrakech,what are taxes like and lastly can someone reccomend a immobiliere?...thank you all....

 

arabesqueny
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Re: purchasing a vacation home in Marrakech

Post Posted: Mon Nov 28, 2005 12:08 am

I used Maitre Chraibi (woman), located in Guilez (call information 160 for the number). All closings are handled by reputable "notaries." Perhaps she could recommend finding a real estate person.

You have to pay 10 percent of the purchase price down to put the house under contract. There is often a "real" price and a "declared" price.

Closing costs are high. Real estate is not too liquid here, be sure you really want to be here a long time.

Topaz/Marrakesh

 

Topaz/Morocco
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Re: purchasing a vacation home in Marrakech

Post Posted: Mon Nov 28, 2005 2:17 am

thank you Topaz..Without a doubt I am ready to purchase.I hae spent 4-5 months a year in marrakech for the past 6 yrs and would eventually like to live in marrakech most of the year

 

arabesqueny
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Re: purchasing a vacation home in Marrakech

Post Posted: Mon Nov 28, 2005 9:54 pm

I have just lived here in Marrakech for a year, but have bought a small place on the outskirts of marrakech near Targa. Prices are higher each month..
I am sure that others would be able to advise you better than me, but do make sure that you have a notarised letter from your bank saying that you brought the money for the house in. (if you are not getting a mortgage here).Otherwise you might not be able to take your money out again from Morocco if you want to. It took me many visits to the bank BMCE to get them to do this.

 

sofia
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Re: purchasing a vacation home in Marrakech

Post Posted: Tue Nov 29, 2005 2:02 am

Thank you Sofia,it does seem the prices in marrakech have gone through the roof..I have read a few posts here about people obtaining a mortgage in morocco.It was my original intention to purchase a place without mortgage assistance,but maybe I shouod consider otherwise.I f you or anyone else has any info re mortgages in marrakech I would really apreciate it....thanks,John

 

arabesqueny
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