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One of my partners went to Morocco and forced a meeting with the developers and our Lawyer did not turn up (twice). He even went to court and was told that we had to sue the agent in the UK and the developers in Spain (their head office). I understand that Spanish firms have exported a lot of their unscrupulous practices to Morocco and unfortunately the Moroccan government do not know how to deal with it or are unwilling to do so. This has been going on for some years now and the apartments were supposed to be ready at the end of last year. Guess what, the work has been halted due to the recession. In the same period our other investments in India have doubled. For me, Morocco was an expensive lesson well learnt. Any developer urgent cash advance who is selling off plan in the current economic climate is going to be unstable.
Even if they are solvent, why finish a development where a low percentage of the flats have been sold?
These companies are in this for the profit, and will be prepared to engage in court cases if they turn out cheaper than completing an unsaleable project.
Despite all this, Morocco still has excellent potential.
But being a property investor is more complicated than signing a contract for an off plan apartment, and then assuming Western standards, ethics and legal recourse. If you want to do business in Morocco, it is lowest personal loan interest rates necessary to have a compatriot as one can rely on and have the right contacts. I myself have gone through a lot but now I have the right people around me... I have been in Morocco in and out for 3 Years and can understand how rife the corruption is in the government departments.
Finally I managed to make a mutual agreement for the tenant to vacate. As I understand in personal loans for bad credit in pa Morocco is that if you dont make the right tenancy agreement then you have to pay the tenant all the rent back to vacate from your property by the Moroccan Law. Most people prefer to rent appartments through estate agents. The problem with the people there is that they like to capitalise on every cash advance urgent cash advance no credit check direct lender opportunity they can have on a foreign investor. In morocco there is no regard for society and every one there is for themselves. For example when people board the bus in Morocco, everyone tries to push through the que. Why do they do that when everyone will eventually board the bus. Finally the moroccan dirham currency is not recognised outside Morocco. There are control restrictions and taxation to convert the currency for exportation. As an investor do you realise that the hospital and medical bills are expensive (I once paid 2000 dirhams in a clinic to have xrays and injection to kill the pain)? Do you realise the Moroccan mobile meditel and Maroc telecom is more expensive in tariff than England?
Do you realise that electric bills are more expensive in touristic areas than local areas? Do you realise that even to use a public toilet you need to tip the waiter? Do you realise that speaking a foreign language will get you in trouble to buy your produce from the souks as they will inflate the prices? Do you realise that shopping for clothes or food is more expensive on average in Morocco than in England? Do you realise alot of Moroccan migrants make there lives more economical to live in Spain, France, Netherlands, Belgium and etc than in Morocco?
Got a apartment due for completion in May 2010 in Bella Vista, Cabo Negro. Google Secret Morocco and you will find online payroll loan my website! Just enquiring how off plan property in Tetouan urgent cash advance is panning out. With the build of a link to connect to Spain, Tetouan was said to be a potential hot bed for investing in Morocco. With moroccan living, we can install a furniture package within the month at the lowest price on the market. Moroccan government has signed Open Skies agreement with EU to allow European airlines to operate at Moroccan airports without restrictions. Year round sunshine - Hot summers, mild winters, an ideal winter sun destination.
In brief the resort will have 9 major hotels, 3 golf courses, 840 berth marina, huge commercial centre, water park, sporting facilities. Moroccan government has signed Open Skies agreement with EU to allow European airlines to operate at Moroccan airports without restrictions. Year round sunshine - Hot summers, mild winters, an ideal winter sun destination. In brief the resort will have 9 major hotels, 3 golf courses, 840 berth marina, huge commercial centre, water park, sporting facilities.
I would like to understand how the legislation surrounding guest houses in Marrakech works.
If anyone can untangle this one I would be grateful is it is holding up our decision making process until we understand this better. Moroccan government has signed Open Skies agreement with EU to allow European airlines to operate at Moroccan airports without restrictions. Year round sunshine - Hot summers, mild winters, an ideal winter sun destination. I rather put that money towards buying, in England, Spain, South of urgent cash advance Italy, Portugal.
Atleast things dont work around the whim of the King. Ok thanks for the advice it is useful to have an update on the postion in Morocco and how things have worked out over there In comparaison with other Northern African Countries (like Egypt),Morocco has a well regulated buying process and has quickbooks online payroll loan deduction negative asset several tax advantages such as no income taxes for the first three years from completion if you are purchasing off-plan. There are also tax advantages for new businesses, retirees.
It is correct that there are no tax exoneration for the council taxes (unless it is your permanent home) but they are not expensive in comparaison to the UK or Europe. I have been reading the different posts describing an investment in Morrocco as an easy and fast way to make good money whilest I still think Morocco offers great opportunities for investment I think people will have to be prepared to follow a pathway that is not as easy as it is frequently described in the forum. The open skyes policy has really been implemented and over the years there has been an increase in number of direct,low cost flights from Europe.
I normally get a return flight for around 80 euros. Off course anyone could decide to invest in other European countries I doubt it would be cheaper and someties you would fall into the same problems I have encountered in Morocco. I come from the south of Italy and we have seen a lot of British people coming to buy a traditional house in the countryside or in the historical centers of very characteristic small southern Italian villages. At the begining it used to be cheap, especially for those properties in need of restauration but it lasted not even a year until Italians realized that they could make good money out of it.
Five years it has taken me to bring it back to its former glory, restauring old zellije, XIV century old carved wooden balconies and plaster arch which I found condamned into a wall. I did not invest in one of the hundred of thousands of new deelopments few kilometers of the coast of Spain. I know nothing about that, apart from seeing that they all look pretty much the same and seem far away from what a lot of the tourists coming to Morocco are looking for. I see more wealthy Moroccans interested in that sort of European style living than foreigners. On the other hand Fes, like Marrakech is flooded by tourists looking for exoctic, out of time, historical type of holiday and those people who have understood that are actually earning good money and enjoying a good return on investment. Most people that I know, including myself had to move to Morocco not only to follow the purchasing process, but the restauration, the start up and the consolidation. I would doubt of any investment in Morocco advertised as a self-managing money making deal.
I would like to understand how the legislation surrounding guest houses in Marrakech works. I have heard a number of things surrounding 3 and 5 bedroom riads which leads me to believe that nothing under 5 bedrooms can be classed as a guest house and that this legislation came into play recently. As my husband and I are considering buying a riad to renovate in the mdina and then running it as a guest house to cover costs we would like to stay on the right side of the law. We dont want to make a mistake and buy something costly which we cannot recoup any rental from, in which case we will stick to looking for something of a smaller size for family and friends but again we are unclear if we are outside of the law if we take rental from this on a regular basis. If anyone can untangle this one I would be grateful urgent cash advance is it is holding up our decision making process until we understand this better. The truth is that legislation tends to change all the time and not just in general but from town to town. What has been happening in Marrakesh for example is different than Fes, the city where I decided to invest.
When I bought my house there almost six years ago I looked at properties that could be developed into a 4 bedroom guest house which was the minimum you had to have to be able to hope to get a licence to operate as a business.