Below is a general guide to the buying procedure for a Moroccan property purchase. The process is straightforward but the guide will make you aware of all you need to expect.
The most important factor is to work with an established agent, like ourselves, who can guide you through each step of the process and help help you avoid any pitfalls.
A good agent is essential when you buy a property abroad. We offer a wide selection of carefully selected properties for sale from our database, while the majority are in the form of new developments. These generally offer the best value for money and are more in line with popular demand.
When you have decided on a property in Morocco you will need to make a verbal offer through the agent which will need to be accepted by the vendor. Once an agreement on price is achieved, sale negotiations will proceed.
At this stage a lawyer should be appointed by you to formalise the agreement. With most properties being off-plan there is often little or no room for negotiation at this stage as the price is normally fixed, dependant upon the current phase of construction.
It is wise to appoint a lawyer who is fluent in your language so that you properly understand all the legalities and exactly what is happening. Our agents will gladly recommend you a good lawyer who will carry out all the necessary checks on the property and complete the legal requirements of the sale.
The purchase is a standard procedure, similar to anywhere on the Continent. The buyer will open a Euro account with a bank in Morocco and transfer Sterling or Euros to this account. The Euros will then be converted into Dirhams when paying funds to the vendor.
Reservation Fee - This is required immediately to reserve the unit(s) and freeze the price. The required reservation fee depends on the unit you choose, the developer and the development, but typically is around € 3,000.
Deposit - After 30 days, 30% of the cost of the property is due. This acts as a deposit and is all you are required to pay until completion of the property. 30% is common however various developers and developments require different deposit payment percentages. They may also require interim payments throughout the construction process. You will need to ensure you fully understand exactly what payment structure is in place before committing to a property purchase in Morocco.
Completion - Upon completion, the remaining 70% is payable. Some buyers will look to finance this sum with a mortgage. The balance of 70% may vary depending on the specific payment structure adopted for your development.
Additional Costs - Property buyers in Morocco should expect to pay around 6.5% of the property price. This amount is generated from lawyer fees, notary costs, registration etc. Land sales are subject to a charge of 1% to cover the notaries' fees
Mortgages are available in Morocco. Buyers can borrow up to 70% over 15 years with an interest rate (Feb 06) of around 5.5%.
We recommend visiting our Mortgages in Morocco page for more information.
Alternatively you can email: firstname.lastname@example.org
Understanding your Moroccan tax responsibilities is essential when looking to purchase a property in Morocco. Click here to visit our Morocco Property Tax section to find out more. Alternatively you can email: email@example.com
Get the latest property and investment opportunities direct to your inbox for FREE (you can unsubscribe anytime)
Things you probably didn't know About Morocco
Morocco Profits From Relative Political Stability
Morocco's Bumper Year for Tourism!
Moroccan Govt to Build Affordable Housing Options
Target UK holiday let market in Morocco
Could the Moroccan property market experience a Spanish invasion?
All property news from Morocco
Subscribe to our RSS Feed
Fill out a requirements form and our experts will help you find a great selection of properties for sale in Morocco.
Help me find property in Morocco
Considering a property purchase in Morocco or need to transfer currency to/from Morocco?
Save Thousands in Currency Transfers
When considering a buying property in Morocco, you are well advised to get expert mortgage advice from a mortgage broker.
Get a mortgage quote in Morocco
Owners Direct is one of the UK's leading direct from owner rental websites and the first choice for holiday home owners who want a cost effective and easy way to fully book their properties.
Find out more
If you own or are about to purchase property in Morocco, you get an insurance quote using our online insurance quote form.
Get Insurance in Morocco
Do you have your British assets covered by a will?
Do you have your movable foreign assets covered by a will?
Have you made plans to protect your family in the event of your death?
Get more information on Wills
Everything you need to know about transferring your UK Pension is in our downloadable guide.
Get more information on Pensions
Region de Chaouia-Ouardigha Property
Region de Doukkala-Abda Property
Region de l' Oriental Property
Region de Meknes-Tafilalet Property
Region de Rabat-Sale-Zemmour-Zaer Property
Region de Souss-Massa-Draa Property
Region de Tanger-Tetouan Property
Region de Taza-Al Hoceima-Taounate Property
Region du Grand Casablanca Property
Subscribe to our newsletter and keep up to date with the latest and best investment opportunities around the world!