Did you know that property prices in Morocco have grown by 1.8% year upon year? After a high in 2017, a gradual slowdown has meant there is a buyers market in the country. This means now is the perfect time for you to find a luxury property.
If you want to buy real estate in Morocco there are a few things you should know. Read on as we discuss the luxury properties for sale in Marrakech.
1. Get a Notary
You must get the help of a local notary. They will execute the sale and be charged with writing up the contract. The notary is obliged by Moroccan law to protect the rights of the buyer and seller.
Before the notary drafts the contract, they will check all papers about the sale and its legality. A check on the true owner of the property to see if they have the right to sell is also their responsibility.
After this, they should verify the identity of the seller to see if they are who they say they are. They will then have to check all property details and correct them for inclusion on the document.
2. Real Estate Fees
Any purchases by individuals or corporate entities are subject to a registration duty of 6%. Other fees can vary depending on the value of the property. Between 1% and 6% of the property value is charged for legal fees.
10% is added for VAT on all purchases. Stamp duty and land registry fees are also 1%. A real estate agent will charge around 2.5% of the purchase price as their fee.
There is a range of banks that will provide mortgage loans to foreigners. Depending on the credit rating of the lender and banks’ own policy they will loan around 50 to 70% of the purchase price. You should shop around and always take independent financial advice.
4. Residency and Visa Requirements
It is easy to apply for a tourist visa. This will allow you to stay for 90 days in the country dependent upon your passport. You do not need any permanent residency to be able to purchase a property.
5. Find a Great Real Estate Agent
The only property non-residents are not allowed to buy in Morocco is agricultural land. While it is fairly straightforward to get a property in Marrakech, it is always advised you enlist the help of a local real estate agent.
Not only do local agents know the laws regarding property, but they also know the market. They may have properties to suggest before they come on the market, or be able to advise on the correct prices.
A good real estate agent will also be able to show you the types of luxury properties available in Marrakech. Click here to see some beautiful high-end properties from Marrakech Sunset and look at the luxury villas for sale.
Finding Luxury Properties for Sale
Now you know how to buy luxury properties for sale, you can start shopping. Get a notary and real estate agent that are locally based. Before long, you will have the perfect home.
If you found this article helpful, we have many more. From property to finance, we can help grow your investments in the coming years.