MOROCCAN PROPERTY BUYER'S GUIDE
Morocco sits just 14 kilometres from the shores of Southern Spain and is easily accessible. Its progressive government is making Morocco a truly viable place in which to own property.
For many, Spain’s comparatively high prices and overcrowded resorts are making exotic Morocco the ideal choice. Property in Morocco remains good value and ripe for investment, with property prices having risen in the past 7 years and then correcting significantly with the recent global recession.
The buying process is much the same as in Spain or France and obtaining expert advice over any possible pitfalls is relatively simple. There are already many French homeowners present, a fact that continues to reassure other European buyers. Property purchase is straightforward and Morocco is well set up to receive overseas buyers.
The Process
Local agents, or Simsaars assist in finding you a property. A good Simsaar will know which properties already have clear ownership that avoids any legal wrangles. A Simsaar will charge 2.5% of the purchase price at completion and many of them work solely for commission. Find a suitable property in the right location and find an architect or structural engineer to take a careful look.
Pay a deposit of approx. 10% of the purchase price. Note: the vendor can still sell to somebody else if they offer more money for the property. They are then obliged to return your deposit in full. However, if you pay a further 20-30% of the purchase price with the 10% deposit you will secure the property as yours.
Wait 6-8 weeks while searches are done on the property.
Sign the purchase contract at the Notary office, in person or appoint a power of attorney. Finally, change the lock! It is likely that a number of people have the key. It’s also strongly recommended to have someone stay in the property at night if you are not there. You can hire a guardian for about 1,000 DH (100) per month, but be certain this is someone you can trust.
The Notary
The Notary performs a similar role to those in France or Spain. They check there are no debts due on the property, that paperwork is in order and in Morocco, unlike France and Spain, the Notary actually creates and signs all the papers. Notaries do not represent either the seller or the buyer so there is never any conflict of interest. Their fees are up to 1% of the total costs.
Mortgages
Mortgages are available in Morocco, but the most an overseas buyer can get is 50% of the valuation price. The purchase can be paid in Euros, US Dollars or Sterling, and needs to be transferred from a foreign account into a Moroccan bank, where the transaction is processed into Dirhams.
Titles & Deeds
Older properties in Morocco often have no deeds as such, but rather historic scrolls which document ownership, often detailing centuries of ownership. You could create an official deed and title by paying an additional fee of 1% to the notary during the transaction process but these can take months or years to be processed.
An official title on a property ensures that banks will allow mortgages and any future re-sale can fetch a higher price with the presence of deeds. New properties tend to have existing deeds and many proactive resale owners have already organised an up to date title so it’s worth checking.
Inheritance Law
Be aware that inheritance laws in Morocco can confuse the process of purchasing property. Each person with a claim to a property must give the go-ahead for a sale. A local Simsaar will deal with all the legalities that may arise from this, but the process can be lengthy.
Tax Considerations
The Moroccan tax system is based on the French model. Any capital gains from rentals are subject to annual Personal Income Tax at 15%, although an owner is exempt from this for the first 3 years of ownership. Property taxes are based on the property’s annual rental value with up to a 75% discount if the property is your permanent home or regular holiday destination.
Family members are exempt from Inheritance Tax, but a buyer must ensure they enlist local, professional expertise to draw up a Moroccan will, which does not revoke their existing one.
Legal Fees
Legal fees should set you back around 5-6%, much less than the 10 to 15% in France and Spain. However, they may rise to 10% if building work needs to be done on the property.
Areas
One of the arrival ports to Morocco is Tangier. It was traditionally a truly cosmopolitan and fashionable haunt in the 1950s to 1970s amongst French and Spanish tourists and residents alike. With its return to Moroccan rule, it has changed vastly into the rather tatty and undesirable port city it is today.
However Tangier will reduce its industrial intake of freight, redirecting it to the new Golden Mediterranean port being built between Tangier and Tetouan.
Meanwhile, the major property areas offering the widest choice of property are located around Tangier, along the Atlantic and the Mediterranean coasts. Tangier is only 35 minutes hydrofoil ride from mainland Spain. It is near to the Atlantic coast resorts and, in time, is predicted to return to its exclusive former status.
New developments are going up along the Atlantic coast, offering good value for money, while infrastructures such as road and rail links are constantly improving.
Inland areas such as Marrakech and Fez are already very cosmopolitan and popular. Properties are high in demand and more expensive than in other areas. Riads (old traditional houses set around a courtyard) are to be found in most cities and still represent realistic prices, whilst some may need some tender, loving care or renovation.
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OVER 5M TOURISTS VISITED MOROCCO UP TO JULY 11
OVER 5M TOURISTS VISITED MOROCCO UP TO JULY 11
Some 5.8 million tourists have visited Morocco up to July 2011, a rise of 3.4% compared to the same period of last year, according to statistics of the Ministry of Tourism.
This upward trend has concerned the Kingdom’s major markets, namely France (+3%), Germany (+13%), the United Kingdom (+9%), Belgium (+14%) and the Netherlands (+9%), said the Ministry, adding that tourist arrivals from Spain have decreased 3%.
The night stays fell 2.4%, except for Agadir where they stabilized in the reporting period.
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Some 5.8 million tourists have visited Morocco up to July 2011, a rise of 3.4% compared to the same period of last year, according to statistics of the Ministry of Tourism.
This upward trend has concerned the Kingdom’s major markets, namely France (+3%), Germany (+13%), the United Kingdom (+9%), Belgium (+14%) and the Netherlands (+9%), said the Ministry, adding that tourist arrivals from Spain have decreased 3%.
The night stays fell 2.4%, except for Agadir where they stabilized in the reporting period.
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RENAULT HAS BIG PLANS IN TANGIER
RENAULT HAS BIG PLANS IN TANGIER
Renault will eventually be able to produce 350,000 low-cost vehicles per year at the plant it is building in Tangiers, in Morocco, an executive at the French carmaker has said recently.
Renault is counting on its low-cost Dacia range to help it conquer fast-growing emerging markets like Brazil and Russia, as it seeks to boost international growth and cut dependence on stagnating European demand.
Renault next year plans to add two more vehicles to the low-cost, or entry level, Dacia range, currently made up of the Logan sedan and estate cars, the small Sandero and the highly-successful new Duster SUV.
A new family minivan and a light commercial vehicle slightly larger than a Renault Kangoo van, both based on the Logan platform and built at the Tangiers site will complete the Dacia range.
''The maximum capacity for Renault's two lines will be 350,000-360,000, like Pitesti,'' Gerard Detourbet, vice president for Renault's entry-level programme, told Reuters, referring to the historic home base of Dacia, its Romanian subsidiary.
''With Pitesti operating at the maximum level, we asked ourselves, should we boost our capacity in Romania or elsewhere? That's how Tangiers came about,'' he said. Renault has set out new production plans, steering three-fifths of a total of 5.7 billion euros to be invested in industrial sites by 2013 to foreign markets as it seeks to cut its dependency on Europe.
The carmaker's long-awaited new strategic plan, which is due to be presented on February 10, will be split into two three-year tranches, Detourbet added.
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Renault will eventually be able to produce 350,000 low-cost vehicles per year at the plant it is building in Tangiers, in Morocco, an executive at the French carmaker has said recently.
Renault is counting on its low-cost Dacia range to help it conquer fast-growing emerging markets like Brazil and Russia, as it seeks to boost international growth and cut dependence on stagnating European demand.
Renault next year plans to add two more vehicles to the low-cost, or entry level, Dacia range, currently made up of the Logan sedan and estate cars, the small Sandero and the highly-successful new Duster SUV.
A new family minivan and a light commercial vehicle slightly larger than a Renault Kangoo van, both based on the Logan platform and built at the Tangiers site will complete the Dacia range.
''The maximum capacity for Renault's two lines will be 350,000-360,000, like Pitesti,'' Gerard Detourbet, vice president for Renault's entry-level programme, told Reuters, referring to the historic home base of Dacia, its Romanian subsidiary.
''With Pitesti operating at the maximum level, we asked ourselves, should we boost our capacity in Romania or elsewhere? That's how Tangiers came about,'' he said. Renault has set out new production plans, steering three-fifths of a total of 5.7 billion euros to be invested in industrial sites by 2013 to foreign markets as it seeks to cut its dependency on Europe.
The carmaker's long-awaited new strategic plan, which is due to be presented on February 10, will be split into two three-year tranches, Detourbet added.
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MOROCCO EXPECTS ECONOMY TO GROW BY 4%
MOROCCO EXPECTS ECONOMY TO GROW BY 4%
Morocco's economy shall grow by 4% in the first quarter of 2011, almost the same performance recorded last year, Morocco's planning and statistics authority (HCP) has said recently.
''In the first quarter of 2011, the economic growth prospects remain favourable as a whole, despite a relatively less buoyant international environment compared to 2010, marked by a moderation of global activity and trade,'' said the HCP in its note on January's economic situation.
This performance is due to the growth of non-agricultural activities that would remain around 4.4% in the 1st quarter of 2011, driven by service sector's momentum.
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Morocco's economy shall grow by 4% in the first quarter of 2011, almost the same performance recorded last year, Morocco's planning and statistics authority (HCP) has said recently.
''In the first quarter of 2011, the economic growth prospects remain favourable as a whole, despite a relatively less buoyant international environment compared to 2010, marked by a moderation of global activity and trade,'' said the HCP in its note on January's economic situation.
This performance is due to the growth of non-agricultural activities that would remain around 4.4% in the 1st quarter of 2011, driven by service sector's momentum.
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TWO CHOICES IN THE MIDDLE EAST: LIBYA AND MOROCCO
TWO CHOICES IN THE MIDDLE EAST: LIBYA AND MOROCCO
You'd be hard pressed to find a greater contrast last week in the Middle East than Libya and Morocco. While great unrest continued in Libya, Morocco was a completely different story. Libyans were fighting for their lives; Moroccans were listening to an unusual speech: Morocco's King Mohammed VI promised sweeping constitutional reforms, including real powers for a popularly elected prime minister instead of a royal appointee, as well as a free judiciary.
In his first speech after uprisings across the Arab world and less than a month after protests in Morocco for more social justice and limits on royal powers, the king Wednesday pledged to draw up a new draft constitution. ''We have decided to undertake a comprehensive constitutional reform,'' King Mohammed said, underlining his ''firm commitment to giving a strong impetus to the dynamic and deep reforms... taking place.''
He outlined seven major steps, including the way the prime minister is chosen. Libya is convulsed in a war that will, absent decisive action by the West, go on for some time. Meanwhile, Morocco will be having a national debate: The Moroccan monarch announced the formation of a commission to work on the constitutional revisions, with proposals to be made to him by June. A referendum will then be held, he said, without giving a date.
The live broadcast was the first time the king has delivered an address to the nation since thousands of people demonstrated in several cities on Feb. 20 demanding political reform and limits on his powers. They were the first protests in the country since the start of the uprisings across the Arab world that toppled the presidents of Tunisia and Egypt this year. There have been other peaceful rallies since then, including in the capital, Rabat, and the country's biggest city, Casablanca, with young activists campaigning for greater democracy using the Facebook social network to call for new demonstrations on March 20.
To put it simply, this is a big deal in Morocco. In the first protest Feb. 20, Moroccans took to the streets to demand more accountability and constitutional reform. Much of their anger was directed at the parliament and the political parties. The king, instead of cracking down, decided to speed up a process of decentralization and deconcentration of power. The idea is to move power and authority out of Rabat and devolve it to local elected bodies.
That will entail challenges for a country where local figures have not had responsibility for governance. The opportunity for graft is real and significant. France and Spain praised the speech. The United Nations and the Obama administration then added their commendations. Last year, Hillary Clinton praised Morocco as a “model to follow” and lawmakers were also boisterous in their praise. Sen. John McCain issued a statement: ''I commend His Majesty King Mohammed VI of Morocco for the plan of constitutional and democratic reform that he laid out in his impressive speech yesterday. This new reform agenda builds on the King's long-standing commitment to lead Morocco to a future of reform and modernization, and it could ensure that the Kingdom of Morocco will continue to stand as a positive example to governments across the Middle East and North Africa. I support the aspirations of the Moroccan people for greater democracy, economic opportunity, and rule of law. In the weeks and months ahead, the United States must be vigilant and tireless in our support for the government and people of Morocco in transforming the King's vision of reform into a reality that improves the lives of all Moroccans. The United States deeply values our strategic partnership with Morocco, and that partnership will only grow deeper and better as it increasingly comes to rest on shared values as well as common goals.''
Sen. Joe Lieberman (I-Conn.) and House Foreign Affairs Committee chairwoman Rep. Ileana Ros-Lehtinen (R-Fla.) were also effusive. So why is Morocco's political ethos so different from its neighbours? Talking with diplomats, Moroccan officials and Middle East experts yields a general consensus: the Moroccan monarchy. For centuries the monarchy has been a symbol of unity in a country with a variety of languages and substantial regional differences. Moreover, as the highest religious authority in the country as well as its ruler, the Moroccan monarchy enjoys a legitimacy and respect that Moammar Gaddafi, Hosni Mubarak and Ben Ali could only dream of.
But it is also true that this particular king has been on a reform path for 20 years. He championed a new family code that granted rights to woman unprecedented in Muslim countries in the region. He has also promoted efforts at economic diversification and a ''human development initiative'' that has been building infrastructure at a furious pace. (A group of journalists who returned from a recent trip describe a country that looks like one giant construction site.) That program focuses on the 600 of the most disadvantaged communities and seeks to make regional capitals (e.g., Marrakech, Tangiers) more attractive and liveable, with modernized roads, medical facilities, and schools as well as new roads, and water and sanitation systems. All of that, the Moroccan government hopes, will prevent Casablanca from becoming a megalopolis like Mexico City or Buenos Aires. The most visible sign of success is the disappearance of squalid shanty towns in many areas, especially in the south.
What can the United States and, more important, Morocco's neighbours, learn from the king's approach? For the United States, this should be a reminder that Morocco is an ally that America can and should work with. To the extent Obama has adopted the ''Freedom Agenda'' as his own, he'd be wise to provide financial, political and technical assistance as Morocco embarks on a challenging process of reform. Aside from money, the conversion to a more democratic system of local rule will require training in everything from urban planning to accounting for hundreds of local officials. As for Congress, this probably isn't the time to decrease aid to the one uber-stable Muslim country in the region.
But most critically, Morocco can serve as an example to others in the region that the best defence against both Islamic radicals and secular revolutions is a modernizing country that provides young people with the opportunity for economic success and political freedom. Those not yet enveloped in the flames of revolution should think hard about the Moroccan example.
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You'd be hard pressed to find a greater contrast last week in the Middle East than Libya and Morocco. While great unrest continued in Libya, Morocco was a completely different story. Libyans were fighting for their lives; Moroccans were listening to an unusual speech: Morocco's King Mohammed VI promised sweeping constitutional reforms, including real powers for a popularly elected prime minister instead of a royal appointee, as well as a free judiciary.
In his first speech after uprisings across the Arab world and less than a month after protests in Morocco for more social justice and limits on royal powers, the king Wednesday pledged to draw up a new draft constitution. ''We have decided to undertake a comprehensive constitutional reform,'' King Mohammed said, underlining his ''firm commitment to giving a strong impetus to the dynamic and deep reforms... taking place.''
He outlined seven major steps, including the way the prime minister is chosen. Libya is convulsed in a war that will, absent decisive action by the West, go on for some time. Meanwhile, Morocco will be having a national debate: The Moroccan monarch announced the formation of a commission to work on the constitutional revisions, with proposals to be made to him by June. A referendum will then be held, he said, without giving a date.
The live broadcast was the first time the king has delivered an address to the nation since thousands of people demonstrated in several cities on Feb. 20 demanding political reform and limits on his powers. They were the first protests in the country since the start of the uprisings across the Arab world that toppled the presidents of Tunisia and Egypt this year. There have been other peaceful rallies since then, including in the capital, Rabat, and the country's biggest city, Casablanca, with young activists campaigning for greater democracy using the Facebook social network to call for new demonstrations on March 20.
To put it simply, this is a big deal in Morocco. In the first protest Feb. 20, Moroccans took to the streets to demand more accountability and constitutional reform. Much of their anger was directed at the parliament and the political parties. The king, instead of cracking down, decided to speed up a process of decentralization and deconcentration of power. The idea is to move power and authority out of Rabat and devolve it to local elected bodies.
That will entail challenges for a country where local figures have not had responsibility for governance. The opportunity for graft is real and significant. France and Spain praised the speech. The United Nations and the Obama administration then added their commendations. Last year, Hillary Clinton praised Morocco as a “model to follow” and lawmakers were also boisterous in their praise. Sen. John McCain issued a statement: ''I commend His Majesty King Mohammed VI of Morocco for the plan of constitutional and democratic reform that he laid out in his impressive speech yesterday. This new reform agenda builds on the King's long-standing commitment to lead Morocco to a future of reform and modernization, and it could ensure that the Kingdom of Morocco will continue to stand as a positive example to governments across the Middle East and North Africa. I support the aspirations of the Moroccan people for greater democracy, economic opportunity, and rule of law. In the weeks and months ahead, the United States must be vigilant and tireless in our support for the government and people of Morocco in transforming the King's vision of reform into a reality that improves the lives of all Moroccans. The United States deeply values our strategic partnership with Morocco, and that partnership will only grow deeper and better as it increasingly comes to rest on shared values as well as common goals.''
Sen. Joe Lieberman (I-Conn.) and House Foreign Affairs Committee chairwoman Rep. Ileana Ros-Lehtinen (R-Fla.) were also effusive. So why is Morocco's political ethos so different from its neighbours? Talking with diplomats, Moroccan officials and Middle East experts yields a general consensus: the Moroccan monarchy. For centuries the monarchy has been a symbol of unity in a country with a variety of languages and substantial regional differences. Moreover, as the highest religious authority in the country as well as its ruler, the Moroccan monarchy enjoys a legitimacy and respect that Moammar Gaddafi, Hosni Mubarak and Ben Ali could only dream of.
But it is also true that this particular king has been on a reform path for 20 years. He championed a new family code that granted rights to woman unprecedented in Muslim countries in the region. He has also promoted efforts at economic diversification and a ''human development initiative'' that has been building infrastructure at a furious pace. (A group of journalists who returned from a recent trip describe a country that looks like one giant construction site.) That program focuses on the 600 of the most disadvantaged communities and seeks to make regional capitals (e.g., Marrakech, Tangiers) more attractive and liveable, with modernized roads, medical facilities, and schools as well as new roads, and water and sanitation systems. All of that, the Moroccan government hopes, will prevent Casablanca from becoming a megalopolis like Mexico City or Buenos Aires. The most visible sign of success is the disappearance of squalid shanty towns in many areas, especially in the south.
What can the United States and, more important, Morocco's neighbours, learn from the king's approach? For the United States, this should be a reminder that Morocco is an ally that America can and should work with. To the extent Obama has adopted the ''Freedom Agenda'' as his own, he'd be wise to provide financial, political and technical assistance as Morocco embarks on a challenging process of reform. Aside from money, the conversion to a more democratic system of local rule will require training in everything from urban planning to accounting for hundreds of local officials. As for Congress, this probably isn't the time to decrease aid to the one uber-stable Muslim country in the region.
But most critically, Morocco can serve as an example to others in the region that the best defence against both Islamic radicals and secular revolutions is a modernizing country that provides young people with the opportunity for economic success and political freedom. Those not yet enveloped in the flames of revolution should think hard about the Moroccan example.
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EU-MOROCCO FTZ FOR INDUSTRIAL PRODUCTS
EU-MOROCCO FTZ FOR INDUSTRIAL PRODUCTS
The EU-Morocco free trade zone (FTZ) for industrial products will become effective as of March 1, 2012, the deadline by which the gradual dismantling of the customs services will come to an end, the European Delegation in Morocco said.
The FTZ will be reinforced in the future through the implementation of the advanced status and the different trade agreements notably the agriculture agreement which was adopted by the European Parliament, the agreement of services’ liberalization which is being negotiated, in addition to a possible free trade agreement that is detailed and comprehensive, the Delegation said Wednesday in a statement.
Moroccan products exported to the EU and exempt from customs duties since 1976 are, however, subject to submitting a certificate of origin, it added.
The products from the Union will have a customs-free access to Morocco, while maintaining the value added tax on imports (around 20%) and the special tax on imports which is 0.25% ad valorem.
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The EU-Morocco free trade zone (FTZ) for industrial products will become effective as of March 1, 2012, the deadline by which the gradual dismantling of the customs services will come to an end, the European Delegation in Morocco said.
The FTZ will be reinforced in the future through the implementation of the advanced status and the different trade agreements notably the agriculture agreement which was adopted by the European Parliament, the agreement of services’ liberalization which is being negotiated, in addition to a possible free trade agreement that is detailed and comprehensive, the Delegation said Wednesday in a statement.
Moroccan products exported to the EU and exempt from customs duties since 1976 are, however, subject to submitting a certificate of origin, it added.
The products from the Union will have a customs-free access to Morocco, while maintaining the value added tax on imports (around 20%) and the special tax on imports which is 0.25% ad valorem.
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Morocco is a country shaded with a variety of colors yet cloaked with the blanket of mystery
Morocco is a country shaded with a variety of colors yet cloaked with the blanket of mystery. It is this charm, the fact that that tourists desire to know more and more about Morocco is what makes this country so attractive.
Even today Morocco proudly upholds its past glories, its traditions and the culture of Morocco, which is reflected in the ancient monuments and structural designs of Morocco.
Hence a trip to this country would surely be incomplete without exploring the exoticarchitecture of Morocco.
The architecture of Morocco consists of more or less the Islamic style of construction. However the designs show signs of being profoundly influenced by Spanish styles of the mid centuries.
It is not very difficult to identify the architecture of Morocco because of its distinctive Islamic style. These facets of Moroccan architecture give us a peak into Morocco’s enchanting past. Some of the typical features of Morocco Architecture are:
* Huge U- shaped arches and lovely domes * Large courtyards, adorned with charming gardens. * Use of geometrical patterns. * Use of bright color schemes * Use of ornamental Islamic calligraphy and fewer pictures. * ornamentation of the exterior of the buildings.
Some of the finest examples of architecture in Morocco are found in Fez and Marrakech. These two cities have some lovely mosques, minarets and palaces. Like the Ali Ben Youssef, El Badi Palace, Koutoubia Minaret and few others in Marrakech and Nejjarine Square, Andalous Mosque, Quarouiyine Mosqueand and many others in Fez.
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