Archive for March, 2010

How to practically buy real estate in Morocco

You must have some things to consider in buying things especially if it involves large amount on a foreign environment such as when you are planning to invest your money on real estate in the excellent country of Morocco. You have to be more than just a plain buyer because things can be very disappointing when expectations are not met. In this case, some guidelines will help you choose a property that can make your way to a thriving business to carefully hit your goals as well as expectations as a real estate investor.

Special things about Tangier: tourists need to know

There are two important things that make Tangier worth any tourist’s visit. For one, the city is rich in its historical aspect. Tangier is especially located in the border of Africa making it near Spain and other European countries. The city’s cultural aspect cannot be overlooked as well. It is one of the many cities where Africa and Europe meet and share culture together in one geography. Traces of history as well as civilizations can be found in Tangier. In the metro, Arabian souks are juxtaposed with the stylish and cozy French tea shops making Tangier a good spot for almost any nationality. There are a number of interesting things Tangier has to offer. In this way, it is considered as one of the major real estate spots in Morocco.

Things to remember when buying real estate in Morocco

During the last years, the global economy has had its share of beating and specifically in the real estate investment industry. In nations such as the United States, United Kingdom and Morocco, the pacing of real estate industry has gone too unstable. In most countries, the increasing mortgage rates have greatly crippled the majority of investors and they are slowly avoiding investments on real estates. However, despite this felt global recession caused by higher mortgage rates, people still see the light beyond this economic struggle. For one thing, the rates have decreased and you can be sure that there is a good trade out there. And by doing this, you can actually buy a property with reasonable offer.

Real Estate in Morocco

Take your time in deciding
The very first thing you need to do when planning to buy a real estate property is to set your criteria. You must ask yourself what type of property you want. The options for the category of real estate might include a house and lot, condominium units, or hotel unit and many others. Determining the location of your establishment is also a crucial part in your decision making. If you intend to convert the property into a hotel and resort establishment, you can choose the spot near the beach to make your business accessible to guests. It is strategic to choose a location that is close to malls, churches, and other amenities. Take your time in carefully planning your criteria and make sure you reduce the possible consequences with every decision. Buying is not something done with impulse; you must not rush into closing any deal that you might regret eventually. So, avoid rashness and decide very carefully.

Make an inspection
Once you have set your criteria and made your choice on what type of real estate you want to purchase, the next thing is to set your eyes on your target property. Make sure that you request inspection before you close the transaction. Ask a real estate consultant to go with you so that you will know which aspect of the property you are going to bargain and compromise with your deal. A professional can also help detect which parts of the property have to be amended so that you can talk about those with the seller during your meeting.

Canvass for the right estate
Buying a property can be compared to purchasing cars, computers, and other commodities. When you are planning to buy something, you set standards which are of course your reasons for buying. Make sure that you have at least two options for your purchase. If the first one fails to satisfy your criteria, then you can easily check out the next choice. Canvassing and comparing real estate properties will also help you in deciding whether one is practical and convenient than another which can actually be an advantage.

Know the possible risks
Risks are always a part of making a purchase. The only thing you must do as a buyer is to avoid them or minimize them as much as possible. In this way, you can save yourself from grave consequences such as bankruptcy.

Everything you need to know about Morocco real estate and taxes

As its tourism popularity becomes stable and steady, Morocco is also becoming a secure property investment destination in the world today. The industry of tourism has greatly dawned into a beautiful market since the Azur Plan of King Mohammed in 2010. Through this, the real estate market has become steadily booming with high demand in rental properties year by year. Moreover, Morocco is tourist friendly in a sense that the cost of living in its various cities is low and highly attainable. Hence, everything follows from this stability in the economy. And if you are planning on taking chances in the real estate market of Morocco, you can invest soundly by dispersing as low as fifty percent value in comparison to other European and American destinations.

Taxes in Moroco

Once you purchase a property in Morocco, it is important to be knowledgeable with every detail concerning your real estate business. In this case, you will have to learn about the tax system in the country and of course including tax benefits, gains in tax benefits as well as some other tax information that concerns your property.

Morocco’s general tax system
There are a lot of things that you need to know about the general taxation of Morocco. As an investor, you must equip yourself with relevant information concerning your property since paying of taxes is a responsibility. The registration tax in Morocco is set at 2.5% part of the declared property value which includes the deeds of the land intended to perform construction operations. On the other hand, there is also the so-called rental income tax is the tax investors pay for the rent of their property. Properties that are bought for the purpose of having it rented are exempted in the first three years of operation. The good thing about buying properties intended for rental is that the rental income tax is discounted for up to fifty percent if the property is located with Tangier. In addition to the registration and rental tax, Morocco is also implementing its municipal property tax which involves the exemption of the full tax for the first five years of the property. When the five year ends, the tax to be paid will amount to the 13.5% of the property. On the other hand, 75% is reduced if the property is intended as a residence or holiday home. Capital gains tax and refuse collection taxes are also imposed on real estate property owners. The former amounts to the 20% part of the profit while the latter is only the 10% of the property rental value. However, Morocco has tied up with Britain to form a treaty called the UK-Morocco Treaty which involves the elimination of double taxes for property owners. Generally, the Moroccan tax structure is complicated. In this case, for you to get a full understanding on the specificities of the tax system, it is important to seek guidance from a professional.

Once you have a full and ready knowledge of the tax system of Morocco, you can be sure to have a steady life whether the property that you will buy is to be rented or inhabited.

Choose a licensed real estate agent in Tangier

Purchasing a real property for investment is a wise business move. Real property does not depreciate and it could be profitable depending on what business you intend to venture and its location. You just have to be careful to ensure that everything you have saved or mortgaged from the bank will not go to an unprofitable property by placing your trust on bogus real estate agents.

The advantages of real estate investment in Morocco

Lying just in the borders of the North African continent, Morocco is definitely a haven for investments. Because of its African heritage as well as Western influences, Morocco has been one of the places where tourist influx increases yearly. Officially called as The Kingdom of Morocco, the country has boosted its economy in the past years and is still continuously booming. Through this, the government has been supporting efforts to develop and hone the tourism industry of the country. Due to this reason, a number of investors have been fascinated by the promising capital growth the country has to offer. There are so many reasons why investors risk their money on real estate capitals in Morocco and the advantages of investing in real estate in Morocco are just unlimited.

Things to consider before jumping into an investment deal in Morocco

Morocco greatly offers opportunities for investments for real estate investors and many foreign businessmen and tourists have found this imaginable advantage in the real estate properties. With the constant development and government support, Morocco has become one of the most visited destinations for tourists and investors alike. Not only is Morocco the perfect country to invest in, it is also a good spot to experience a whole blend of European and African heritage ranging from old villas to modern architectures. Morocco has more to offer and if you are considering in investing your money to gain substantial profits, read on some of the following things to know before scouring for the ideal Moroccan property.