A definitive guide to buying property in Morocco. This guide is broken into four parts for ease of reading.Part One – Taxes and Fees
The following are the costs you should include on top of the purchase price when buying property in Morocco.
Lawyers/Solicitor’s Fee:
Although it is not compulsory to engage a solicitor, if you are not familiar with the procedure you can appoint your own solicitor. Typical costs are around £500-£1000.($1,000-$2,000) Continue reading.
Part Two – Investment Overview
Background
On November 18th 2006, Morocco celebrated the 50th anniversary of its independence. Morocco recovered its political independence from France on March 2, 1956 and on April 7 France officially relinquished its protectorate. Through agreements with Spain in 1956 and 1958, Moroccan control over certain Spanish-ruled areas was restored, though attempts to claim other Spanish colonial possessions were less successful. The internationalized city of Tangier was reintegrated with the signing of the Tangier Protocol on October 29, 1956. Hassan II became King of Morocco on March 3, 1961. The Spanish enclave of Ifni in the south was reintegrated to the country in 1969. Morocco annexed Western Sahara during the 1970s after demanding its reintegration from Spain since independence, but final resolution on the status of the territory remains unresolved. Morocco is a constitutional monarchy, with an elected parliament. The King of Morocco, with vast executive powers, can dissolve government and deploy the military, among other prerogatives. Opposition political parties are legal, and several have been formed recently. Continue reading.
Part Three – Demographics and Economics
Demographics:
Population: 33,241,259 (July 2006 est.)
Age structure:
0-14 years: 31.6 (male 5,343,976; female 5,145,019)
15-64 years: 67.3% (male 10,505,018; female 10,580,599)
65 years and over: 6.7% (male 725,116; female 941,531) (2006 est.)
Population growth rate: 1.55% (2006 est.)
Birth rate: 21.98 births/1,000 population (2002 est.)
Death rate: 5.58 deaths/1,000 population (2002 est.)
Ethnic Groups: Berbers 45% (of which Arabized 24%), Arab 44%, Moors 10%, other 1% Continue reading.
Part Four – Residential Property Market
A leading Emirati real estate development company has added it’s presence to those benefiting from the increasing real estate opportunities in the kingdom. Sorouh real estate announced recently that it had made a “major” investment in a $450m project.
According to Moroccan government statistics, approximately 55% of Morocco’s population, 3 million households,, live in urban areas, and the number is growing year on year. This concentration is resulting in a housing shortage that is proving lucrative for investors . Continue reading.
Morocco is attracting many foreign investors, particularly from France, the UK and the USA. Here are a selection of real estate agents dealing in Moroccan property. This is by no means a complete list and none of these agents are affiliated with I P I. Caveat Emptor.
