Estate agents selling property in Morocco are smiling

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ESTATE AGENTS SELLING PROPERTY IN MOROCCO ARE SMILING

Wednesday, 01 Oct 2008

In Marrakech, Morocco properties have renovation projects underway that range from a five-bedroom property for £157,000, to a newly converted 17th century treasure of a riad with a generous nine bedrooms, in close proximity to Djemaa El Fna Square, for an astounding £1.77 million.

Therefore it is no surprise, considering the fortunes spent on property in Morocco, that real estate agents are smiling. However, find a good, reputable lawyer to oversee the purchase of your property. This is because French law applies in Morocco, and purchasing an old property usually involves locating multiple owners and modern title deeds may be required if only Arabic papers are available.

Purchasing accommodation in Morocco can involve contract builders to resurrect your new home, and this involves the nightmarish prospect of taxes and fees that amount to ± 6% of the property's sale price. Add to that the agent’s fee, which is 3 to 5% of the purchase price.

However, the joy of a newly renovated property in Morocco may include some shoddy plumbing, which can sometimes result in cold showers and hot flushing toilets. It is recommended that the new owners oversee everything and remain on site at all times. Renovation stories are rife with mistakes that range from painting over stunning original tiles to domestic pets.

Kate, a retired art teacher from London who owns a house near the Bab Tagazhoute gate, 20 minutes' walk from the city's Djemaa el Fna Square, said, "If we had known how hard the renovation was going to be, we would never have taken it on." She warned potential Morocco property owners who want to renovate that leaving a riad unoccupied is an invitation to others to get up to all sorts, as Kate discovered. "Riads are very private buildings and you must have live-in staff. Otherwise you can return to find your house being used as a brothel, as we did once," she says.