General Information on Morocco
Once you have decided that you want to buy a home in Morocco you should then put in a verbal offer, when this has been accepted you will normally be required to pay a reservation fee in the region of € 3000 euros.
Then once the paperwork is ready you will be required to sign a preliminary contract, which is legally binding, and pay a deposit which will normally be a minimum of 10% of the purchase price, depending on what you are buying it could be up to 40%.
The notaire will then obtain the title deeds of the property.
A few weeks before completion you will receive a draft of the final contract which must be signed and returned to the notaire. The signing of the final contract itself must happen in front of the notaire, although if you are unable to travel to Morocco, you are able to sign over power of attorney for someone to sign on your behalf. When the final contract is signed the remainder of the balance is due, including any fees and taxes.
Although you do not legally require a solicitor in order to buy a Moroccan property, it is highly recommended, as the notaire will not provide you with independent legal advice. You should also have provided, a copy of all contracts in English by a, ensuring that both you and your lawyer are fully aware of what you are signing. It is also advisable to inspect your new home before you sign the final contract, just to double check that it is still in the same state as when you agreed to the sale.
Currency
The currency used in Morocco is the Moroccan Dirham, often abbreviated as Dh.
An easy way to make a general comparison is to divide a Dirham price by 15 to get the amount in UK Pounds. Or alternatively you can average around 10 dh for 1 Euro.
By law you are not allowed to import or export Moroccan Dirhams. You can exchange Travellers cheques and foreign currency at the Bureau de Change at the airport on arrival, at a bank or at your hotel.
Hotels and large shops will accept major credit cards - VISA, Master Card and American Express. Even in the markets when purchasing large items, credit cards may be accepted.
Economy
In recent years Morocco authorities have taken increasing measures to boost foreign investment into the country.
It has embarked on a well publicised national tourism strategy which aims to increase the number of foreign visitors from 2.2 million currently to 10 million by 2010.
To support these aspirations the Moroccan government has guaranteed to provide the necessary infrastructure to connect coastal resorts with the rest of the country and Europe.
Much of this is already in progress by way of the construction of 1,000 kms of new roads and the development of several new regional airports. |
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