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home > buying property in morocco Buying Property in Morocco - Property Buyers’ Guide
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.
Buying Property in Morocco: Standard ProceduresReservation 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 buying a property in Morocco. See also our Morocco Property Due Diligence page. 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. MortgagesThere are built in mortgages in place for investors in Moroccan property. It is possible when purchasing a Moroccan property to borrow upto 70% of the value of the Moroccan property for a duration of upto 15 years from a Moroccan bank. The interest rate (Feb 06) is at 5.5%. Tax LiabilityUnderstanding your Moroccan tax responsibilities is essential when looking to purchase a property in Morocco. Visit our Morocco Property Tax section to find out more.
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