If you’re looking to sell property in Morocco, you will no doubt be enthused by the interest shown in Moroccan real estate by rich, high net worth property investors from China, Russia and the Middle East. Morocco offers a great advantage as it is a very stable economy and has the best prospects among all nations in North Africa.
Morocco also has a significant non-residential community, comprising of several well to do Moroccans who have immigrated to Europe, but would like to have a residence back in their home country. Interest in Morocco is also high from wealthy investors from Britain, France and Germany.
As far as the Moroccan property market is concerned, while it was certainly affected by the recent global economic crash, it hasn’t suffered as much as the Spanish or French markets.
This is because the government of Morocco still exercises a tremendous influence on the nation’s economy, as well as on its property market, and took several steps which helped the Moroccan real estate market to absorb the economic shocks from abroad with relative ease.
This has meant that property prices in Morocco were never really depressed at any stage over the past few years, in spite of a recessionary environment elsewhere in the world, especially in Europe. The stability in property rates has also been attributed to the fast growing middle class population in Morocco and improving social indicators.
Also, Morocco is one of the best tourist destinations in the world, with unspoiled beaches, busy, bustling markets, great restaurants and eateries that serve the most delicious North African cuisine. So, the tourist interest in Morocco has always been high, even during the economic recession.
If you’re looking to sell property in Morocco, the capital city of Marrakech offers the best potential to make high profits on the sale. Casablanca and Tangier also offer excellent prospects.
If you’re looking for a rich overseas investor to take your Moroccan property off your hands, then there are a few things to be kept in mind. You must reach out to the potential buyer, rather than him look for you – that’s the only way to sell property in Morocco really quickly.
For this, it is important to hire an international real estate agency which has a lot of connections in Russian, Chinese and perhaps, Middle Eastern property market. It is important to understand that foreign property investors respect their international real estate agent’s judgment quite a lot, so a good word from one goes a long way.
But all of that will prove to be quite worthless if you have not taken excellent care of your Moroccan property. It is important to have renovated the property, to have extensive repainting and plumbing work done. Renovating the kitchen and bathrooms is critical to your prospects of fetching an excellent price for your property.
Equally, it is important to have the property furnished well, and sell the furnishing along with the property. Keep the paperwork nearby as well, and in perfect order.
You will be charged a certain amount of money on the property sale by the Moroccan government. This will include a 10% Notarial tax, and a 20% capital gains tax on the profits made on the sale of the property. There is also a property transfer tax of 3% which you will have to pay.
We hope the information given here is useful to you and helps you sell property in Morocco quickly and efficiently. If you need to sell your overseas property in Morocco contact us today.