There are no restrictions on foreign buyers. The process of purchasing property is very similar to that in France. Freehold property must be registered with the land registry.
 
The standard procedure is similar to Spain. The buyer will open a Euro account with a bank in Morocco and will transfer Sterling or Euros to this account. The Euros will then be converted into Dirhams when paying the seller.
 
Almost all property we currently offer is off-plan and standard procedure is:
 
Reservation Fee
This is required immediately to reserve the unit(s) and freeze the price. The required reservation fee depends on unit, developer and development but typically is €3,000
 
Deposit
After 30 days 20 to 30% of the cost of the property is usually due, this acts as a deposit and is all you are required to pay until completion of the property. Various developers and developments require different deposit payment % and may require interim payments throughout the construction process.
 
Completion
On 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 for the development.
 
Additional Costs
Property buyers in Morocco should expect to pay around 6.5% of the cost of the property. 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
 
Currency
A Euro equals 10.8 Dirhams, & a Sterling Pound equals 16.3 Dirhams. The unit of currency is the Dirham (Dh), which is divided into 100 centimes. Business visitors are advised to consult their banks for the current rate of exchange. No import of Dirhams is allowed. Overseas visitors need to change their currency into Dirhams locally.
 
Mortgages
There are built in mortgages in place for investors in Moroccan property. It is possible when purchasing a Moroccan property to borrow up to 70% of the value of the Moroccan property for a duration of up to 15 years from a Moroccan bank. The interest rate (Feb 06) is at 5.5%.