Since 1999, Mr Vincent BENVENUTI studies the real estate market of Marrakech. Jemma el Fna real estate is created and established in one of the most strategic point of the ?Red city?, boulevard Mohamed V.

Today, reinforced by his experiences and his French-Moroccan team, Jemaa el Fna disposes of more than 700 values, situated in Marrakech, Essaouira, Rabat, Fes and Agadir.

 
MARRAKECH

Marrakech is berber origin and more africaan than arab. It has been the country?s capital on two occasions. Firstly when it was founded in the 11^th century by Berber Muslim tribesmen, the Almoravids and again, in the 16^th century, during the Saadians dynasty. The city was built by the Almoravid leader, Youssef Ben Tachfine, who chose it as a place to pitch camp based on its location on a warm plain protected from the Saharan winds by the mountains. He immediately constructed a Kasbah and a mosque and to overcome the water shortage, planted pipes (khetara) made out of baked mud in the ground, to carry water into the city, from the High atlas, still in evidence around the Palmeraie just outside the city. When Youssef died, his son, Ali succeeded him and built the city?s original ramparts. In 1147, after many battles, Marrakech eventually fell to the vehemently religious, Almoravids who became the next dynasty. After demolishing many of the Almoravids main monuments, the Almohads rebuilt Marrakech adding such relics as the Koutoubia mosque, which had to be rebuilt 50 years later as the previous one was not completely in the line with Mecca, the El Mansour mosque and Bab Agnaou, the gateway to the Kasbah, all of which are still very much in existence today.

MARRAKECH TODAY

The Marrakech of today is basking in the glory of yet another heyday. Home to some of the world?s most beautiful gardens, hotels, houses and monuments, resided in by some the world?s most famous designers, writers, artists and entrepreneurs, host to the glamorous International Film festival and recipient of over one-third of all visitors to the country, a figure set to rise in line with vision 2010.

It is a city of noise, entertainment and color that thrives on attention and appears to blossom the busier it gets. From the snake charmers, storytellers and acrobats of Jemaa el Fna (see below) to the hustling, playful chitchat in the souks, the honking horns on Avenue Mohammed V, the dashing bursts of bougainvillea and the art galleries, exhibitions and boutiques, it is a city where the old and new seamlessly join and you feel as comfortable on the black of a braying mule as you do in the front of a polished 4×4.

It is also a city where in amongst the opulence and affluence, there is severe poverty. Migrants from the rural Atlas looking for work to feed their families, beggars and street children rifling through dustbins, hustling tourist and conning the naive in order to get a bite to eat or a scattering of loose change

Once recommended by Winston Churchill as having the air to cure bronchitis, it is now one of Morocco?s most polluted cities where every road is a traffic jam and the smell of fumes, overpowering.

Despite this, investment in Marrakech is soaring. The combination of a young, forward thinking monarch and a highly effective regional governor Mohammed Hassad has done much to improve the quality of life in the city. Social housing projects are underway to get the city?s poorest out of the shantytowns, the bureaucracy, notorious for impeding investment and entreneurialism has been hacked down to manageable sized chunks and touts who harass foreigners are at risk of arrest by heavy-handed tourist police.

The main investors are the French many of whom still feel they have something of a hold over the city and, expatriate Moroccans looking for a project they can sink their hard earned foreign currency into. The last five years, though, have seen a sharp growth in the number of British people buying property in Marrakech either as second homes, guesthouses or holiday lets.

ESSAOUIRA

Essaouira is arguably Morocco?s most loved town. Its 10 Km of sandy, white beach, dunes and sea dotted with windsurfs, the whitewashed UNESCO protected medina enclosed within pink sandstone ramparts, the lively, bustling fishing port and colourful wooden boats, fish grills, souks, artisan workshop, art galleries and white paved piazzas have long appealed to artists, musicians and cosmopolitan crowds of visitors. Jimmy Hendrix, Orson Welles and Hollywood directors Ridely Scott and Oliver Stone have all lived or worked in the medina, located on the south west coast of Morocco in between Agadir and Casablanca.

ESSAOUIRA TODAY

For many, what most appeals about Essaouira is that everywhere is reachable on foot. There is very little need for a car in the town as the medina is compact and fully pedestrians, walk able from end to end in 20 minutes. The sea smacks against the medina walls and the beach is opposite the southern gate. The Ville nouvelle is outside Bab Doukalla, to the north of the medina with streets as bustling as inside the walls. The fact that the layout of the medina was specifically designed as opposed to simply evolved like many of Morocco?s more sprawling cities, means that it is easy to navigate.

PLANS OF ESSAOUIRA

The town has been chosen as one of the six cities to be developed with a luxury costal resort, in line with the government?s Plan Azur. The Belgian luxembourgeois group, Thomas Piron/ TPR l?atelier is responsible for station balneaire de Mogador, the 356 hectares site 4 km south of Essaouira , which is currently under construction, due to be complete around 2008. There will be 525 luxury villas, 32 hotels and guesthouse, 2 golf courses, spas, a beach club, cafés, parks and gardens. Quite what the impact of this will be on properties in the medina is not yet clear. Essaouira has always prided itself on being a town that attracts independent travellers as opposed to large package tour groups. Such a development will bring different clientele to the town, it might also decrease business for guesthouse and holiday lets inside the medina as more people stay in the luxury resort visiting the medina only for day trips. On a positive note, it is expected to give a boost to both the local economy and employment rates in the area, although the lack of educational institutes in Essaouira means that highly skilled personnel are traditionally, sourced from the big cities such as Casablanca, leaving the lowlier, unskilled positions to the locals.

¡Bienvenidos! Están ustedes consultando la base de datos inmobiliaria más importante del Reino de Marruecos. Encontrarán en esta página unas 600 ofertas, 12.000 fotos, y toda la información que necesitan a través de nuestras funciones de búsqueda rápida:

Por tipo de bien inmueble (RIAD, piso, terreno…) en el apartado “Hacerse proprietario”

Por barrio marrakchi o ssouiri, según sus preferencias si ya las tienen

Por el apartado “el inmobiliario” donde encontrarán unas listas completas y lúdicas del conjunto de nuestra cartera inmobiliaria

Por el apartado de nuestros flechazos inmobiliarios. ¡Corresponden a la preselección que hemos llevado a cabo para ustedes con el objetivo de poner a su disposición unas ofertas excepcionales y las mejores inversiones!

Mantenemos esta página actualizada cada día. Pueden traducir todas nuestras páginas a través de Google: www.google.es/language_tools?hl=es

Para cualquier información, diríjanse a Oliver Kirner que no dudará en poner en practica sus nociones de la lengua de Cervantes, Tel. +33 609 10 48 12

En Marrakech, nuestro director, Vincent BENVENUTI les atenderá personalmente y seguirá todo el proceso de su inversión inmobiliaria durante todas las etapas de su compra. Además, se mantendrá a su disposición para ofrecerles un servicio post venta de máxima calidad. Pueden contactar con él por mail o a la dirección y teléfono que les facilitamos a continuación:

Jemâa-el-Fna Immobilier
Sibam II – Rond Point Liberté
Avenue Mohammed V
Ma-40000 Marrakech
Tel: +212 4444 63 89
Fax: +212 4443 61 16

¡No se pierdan la oportunidad de descubrir el hechizo de Marruecos y su gran parque inmobiliario!

Procédure de titrage

Vous trouverez ici le détail et la règlementation des étapes de la procédure de titrage : – bornage d’immatriculation – immatriculation par le conservateur – inscription par le conservateur – inscription sur les livres fonciers Arrêté Viziriel du 20 Rejeb 1333 – 3 juin 1915 édictant Article 1 Les détails d’application du Régime Foncier de l’Immatriculation sont soumis à la réglementation suivante: -Titre premier- Des opérations préalables à  l’immatriculation des immeubles * Chapitre premier Du bornage d’immatriculation et du plan des renvois de bornage, des bornages complémentaires Article 2 Les conventions personnelles pour le bornage d’immatriculation prévues par l’article 19 du Dahir du 9 ramadan 1331 (12 août 1913) sur l’immatriculation des immeubles sont transmises, en conformité de ce texte, soit par un agent de la conservation, soit par la poste, sous pli recommandé, soit par la voie administrative, obligatoirement dix jours au moins, avant la date fixée pour le bornage. Une convocation personnelle est adressée, en outre des personnes visées. Audit article, aux titulaires de droits réels ou charges foncières mentionnés à  la réquisition. Article 3 Si pour une raison de force majeure ou pour toute cause impérative, il ne peut être procédé, le jour indiqué, au bornage de l’immeuble à  immatriculer, le Conservateur ou l’agent chargé du bornage le fait connître, si possible, aux intéressés, au moins la veille de ce jour, par des publications et convocations identiques à  celles prévues pour la première fixation du bornage. Ces avis préviennent les intéressés de la date à  laquelle l’opération du bornage a été reportée. Si le renvoi du bornage est prononcé, sur les lieux, le jour où il devait être exécuté, les intéressés sont prévenus verbalement de la nouvelle date fixée pour cette opération. Dans le cas où le renvoi du bornage n’a pu être annoncé dans les conditions ci-dessus spécifiées, ou si la nouvelle date pour le bornage n’a pu être immédiatement fixée, la date des nouvelles opérations, à  porter à  la connaissance des intéressés, doit être éloignée de 10 jours, au moins de la date de l’envoi des publications et convocations réglementaires. Article 4 Les bornages complémentaires ou rectificatifs auxquels il est procédé, soit au cours de la procédure d’immatriculation soit lors de l’immatriculation de l’immeubles sur les livres fonciers, avant l’établissement du titre, sont exécutés par un géomètre assermenté. Le Conservateur veille à  la régularité de ces opérations. Des convocations sont adressées aux parties directement intéressées, au moins cinq jours avant la date fixée pour le bornage. Article 5 Il est toujours procédé, dans la mesure du possible, dès l’achèvement des opérations du bornage, au levé régulier du plan réglementaire de l’immeuble à  immatriculer. Ce relevé régulier mentionne toutes les portions de l’immeuble revendiquées par des tiers et délimitées au cours du bornage. (complété, Arrêté Viziriel du 4 Safar 1357 – 5 AVRIL1938) Sont en outre, relevées et rapportées sur le plan toutes les particularités du terrain constatées à  l’intérieur du périmètre de la propriété ( relief, fossés, pistes, sentiers, dayas, canaux, toutes dépendances du domaine public, constructions, puits, silos, jardins, plantations, cultures avec les noms des possesseurs s’il y a lieu, cimetières, marabouts, etc.). Il est dressé procès-verbal de ces constatations, si elles n’ont pas été relatées au procès-verbal de bornage. -Chapitre II- Des oppositions. Article 6 Toutes les oppositions ou demandes d’inscriptions formulées au cours de la procédure d’immatriculation sont mentionnées, dès leur réception à la Conservation, sur un registre spécial dit “Registre des oppositions”.

• Salon(s) – bar : Leur superficie doit ?tre sup?rieure ou ?gale ? 10% de la surface totale des chambres, et peut ?tre limit?e, en cas de probl?mes techniques d?ment justifi?s, ? 40m2. Ce local doit ?tre luxueusement am?nag?, particuli?rement confortable et en parfait ?tat d’entretien.
• Room service : Il doit ?tre pr?vu si l’infrastructure le permet pour assurer le service dans les chambres 24 h/24 (chariots, cloches ? assiettes, cartes de mets,…).
• Caf?t?ria : d?ment ?quip?e, elle doit ?tre am?nag?e dans un local ind?pendant offrant, exclusivement ? la carte, le petit d?jeuner pour la client?le. Ce local doit ?tre suffisamment a?r? et comprendre : un mat?riel d’exploitation en nombre suffisant (couverts, assiettes en porcelaine, verrerie de haute qualit?,… etc.) et un mat?riel de fonctionnement (machine ? caf?, moulin ? caf?… etc.).
• Patio ou cour int?rieure : Cet espace doit ?tre ombrag? et peut ?tre agr?ment? d’une fontaine ou plant? d’arbres. Il peut servir ?galement de salon-cour pour servir le petit d?jeuner.

Bab Ailen se situe ? l’est de la m?dina. Ici, les riads sont de construction ? la fois simple et r?cente. Sa proximit? des terrains de golf rend le quartier attrayant pour les adeptes de ce sport bien qu’il s’agisse d’un quartier populaire.. L’acc?s au quartier est tr?s facile depuis l’a?roport, d’autant plus que ses larges derbs permettent la circulation des voitures. Il est possible de garer ces derni?res ? la place ? Rag Jam?a ? qui donne directement sur El Bibane. Des taxis sont ?galement disponibles sur place. Le quartier dispose d’un espace vert, le jardin ? Bibane ?. Le principal derb de Bab Ailen, tr?s large d’ailleurs, regorge de commer?ants et d’artisans: c’est un quartier tr?s actif ! Bab Ailen se trouve sur l’art?re principale qui permet de contourner la m?dina : la route des remparts. Un quartier voisin, Sidi Ayoub, donne sur Bab Ailen et commence ? monter dans l’int?r?t de la demande fonci?re, surtout intra-marocaine (des acheteurs de Casa et Rabat, surtout). Situ? ? l’est de la m?dina, Sidi Ayoub fait partie des quartiers les plus authentiques. Actuellement, on assiste au r?am?nagement de la place Sidi Ayoub. Le programme de r?am?nagement comprend l’?clairage public ainsi que le zellige. Le quartier est ? la fois calme et s?curis?. Pour garer vos voitures, il est possible d’utiliser les parkings des quartiers voisins tels que Ben Saleh et Bab Ailen. Sidi Ayoub est ?galement un quartier populaire !

DOCUMENTS A FOURNIR A L’INTERMEDIAIRE AGREE POUR LE TRANSFERT DU PRODUIT DE CESSION OU DE LIQUIDATION D’UN INVESTISSEMENT OU DU PRODUIT DU REMBOURSEMENT D’EMPRUNTS OU D’AVANCES EN COMPTE COURANT

Pour le transfert du produit de cession ou de liquidation d’un investissement, les investisseurs int?ress?s doivent produire ? la banque toutes pi?ces justifiant le financement de l’investissement initial conform?ment aux r?gimes de convertibilit?.

Outre ces documents, les int?ress?s doivent fournir les pi?ces suivantes :

* pour le transfert du produit de cession de valeurs mobili?res non cot?es :
– les documents comptables aff?rents au dernier exercice de la soci?t? dont les titres sont c?d?s ;
– le proc?s verbal de l’Assembl?e G?n?rale Ordinaire;
– les copies des actes de transfert des titres c?d?s faisant ressortir le prix de cession.

* pour les valeurs mobili?res n?goci?es ? la Bourse des Valeurs : Un ?tat d?ment ?tabli par la soci?t? de bourse ou tout organisme habilit? faisant ressortir l’identit? du c?dant, la nature et le nombre des titres c?d?s, le prix de cession correspondant et la date de r?alisation de la transaction.

Pour le transfert du produit de cession de biens immeubles : Copie de l’acte de vente accompagn? des pi?ces justifiant le r?glement des imp?ts et taxes dus au titre de la transaction en cause.

Pour le transfert du produit de liquidation :
– le bilan de liquidation d?ment vis? par l’administration fiscale ;
– le proc?s verbal de l’Assembl?e G?n?rale des actionnaires ou copies de la d?cision judiciaire pronon?ant la dissolution ou la mise en liquidation de la soci?t? marocaine ;
– le rapport du liquidateur faisant ressortir le produit net ? r?partir ;
– toutes pi?ces justifiant la r?gularit? sur le plan fiscal de la soci?t? marocaine objet de la liquidation. Pour le transfert du produit de remboursement d’emprunts et d’avances en comptes courants :
– copie du contrat ou tout document en tenant lieu ;
– ?ch?ancier de remboursement.

I- Lorsque l’inspecteur des imp?ts est amen? ? rectifier en mati?re d’imp?t sur les soci?t?s, d’imp?t g?n?ral sur le revenu et de taxe sur la valeur ajout?e:

– le r?sultat fiscal de la derni?re p?riode d’activit? non couverte par la prescription en cas de cession, cessation ou transformation de la forme juridique d’une entreprise entra?nant, soit son exclusion du domaine de l’imp?t sur les soci?t?s ou de l’imp?t g?n?ral sur le revenu, soit la cr?ation d’une personne morale nouvelle;

– les d?clarations d?pos?es par les contribuables qui cessent d’avoir au Maroc une r?sidence habituelle, un ?tablissement principal ou un domicile fiscal, ou par les ayants droit des contribuables d?c?d?s;
– les d?clarations des contribuables qui c?dent des valeurs mobili?res et autres titres de capital et de cr?ance;

– les montants des retenues d?clar?es par les employeurs ou d?birentiers qui cessent leur activit?, qui transf?rent leur client?le ou qui transforment la forme juridique de leur entreprise;

– les impositions initiales, en mati?re de taxe sur la valeur ajout?e, de la derni?re p?riode d’activit? non couverte par la prescription, en cas de cession d’entreprise ou de cessation d’activit?,

dans ces cas, il notifie aux contribuables les motifs, le montant d?taill? des redressements envisag?s et la base d’imposition retenue.

Les int?ress?s disposent d’un d?lai de trente jours suivant la date de la r?ception de la lettre de notification pour formuler leur r?ponse et produire, s’il y a lieu, des justifications.

A d?faut de r?ponse dans le d?lai prescrit, l’imposition est ?tablie et ne peut ?tre contest?e que suivant certaines dispositions (voir droit et d?lai de r?clamation).

II- Si dans le d?lai pr?vu, des observations ont ?t? formul?es et si l’inspecteur les estime non fond?es en tout ou en partie, il notifie aux int?ress?s dans un d?lai maximum de soixante jours suivant la date de r?ception de la r?ponse des int?ress?s, les motifs de son rejet partiel ou total, ainsi que les bases d’imposition retenues en leur faisant savoir qu’ils pourront contester lesdites bases devant la commission locale de taxation dans un d?lai de trente jours suivant la date de r?ception de la deuxi?me lettre de notification.

L’inspecteur ?tablit les impositions sur les bases adress?es au contribuable dans la deuxi?me lettre de notification pr?cit?e.

A d?faut de pourvoi devant la commission locale de taxation, l’imposition ?mise ne peut ?tre contest?e que suivant certaines dispositions (voir “Droit et d?lai de r?clamation”).

III- En cas de cessation totale d’activit? d’une entreprise suivie de liquidation, la rectification des bases d’imposition a lieu ? la suite d’une v?rification de comptabilit? effectu?e apr?s la cl?ture des op?rations de liquidation, sans que, pour toute la p?riode de liquidation, la prescription puisse ?tre oppos?e ? l’administration.

La notification du r?sultat de cette v?rification de comptabilit? doit ?tre adress?e ? l’entreprise avant l’expiration du d?lai d’un an suivant la date du d?p?t de la d?claration d?finitive du r?sultat final de la liquidation.

Surveillez les escaliers.
Des escaliers encombr?s sont dangereux. Sans compter qu’ils n’ont rien de bien attrayant.

La procédure d?immatriculation est régie par le Dahir  du 9 Ramadan 1331 (12 août 1913). Elle permet l?établissement d?un titre de propriété inscrit sur un livre foncier. L?immatriculation est facultative. Elle  est rendue obligatoire dans les cas suivants : échange ou aliénation d?immeubles domaniaux, de habous publics ou de saisie immobilière. Elle est vivement conseillée dans le cas de cession. Précision utile, le dépôt d?une réquisition ne peut être retirée.

       I – La Requête

• Les nom, prénoms, état-civil, qualité, domicile, nationalité et régime matrimonial. En cas d?indivision, mêmes renseignements sont demandés pour chaque copropriétaire avec précision de leur part respective.
• La description de la propriété avec sa consistance et sa nature, en précisant les constructions et plantations existantes.
• L?estimation de la valeur vénale du bien.
• La justification des droits réels existants, par la production de tous actes, documents, contrats et titres de propriété.

       II – Le bornage          

         III – Le Procès verbal de bornage

Etape suivante : l?établissement par le Conservateur d?un procès-verbal de bornage, reprenant toutes les informations recueillies sur place, ainsi que l?identité des parties présentes ou représentées. Dans les 4 mois qui suivent le bornage, le Conservateur publie au Bulletin officiel le procès verbal de bornage. Les oppositions à l?immatriculation, s?il en existe, seront reçues à la Conservation de la Propriété Foncière dans un délai de deux mois, sous peine de forclusion. En cas de bornage complémentaire, ayant pour effet l?extension des limites de la propriété, un nouveau procès-verbal est dressé et publié dans les mêmes formes et délais que précédemment.

       IV – L’établissement du titre foncier

A l?expiration du délai légal, s?il n?y a pas eu d?opposition, le Conservateur procède à l?immatriculation et établi un titre foncier définitif.

V – la protection de l’acheteur

Dans le cas où la demande d?immatriculation est effectuée par l?acquéreur, les frais en seront à sa charge exclusive. Le notaire établi un compromis de vente avec, comme condition suspensive, l?obtention du titre foncier. A l?issue de la procédure d?immatriculation, le notaire pourra procéder à la vente. Contrairement à de nombreuses rumeurs, les sommes versées u titre du compromis par l?acquéreur sont conservées par la caisse du Notaire. En cas de refus d?immatriculation par la Conservation Foncière suite à des oppositions, le notaire remboursera à l?acheteur les sommes déposées.

A noter

A STRONGLY DEVELOPING MARKET

For several years now, the Moroccan real estate market has demonstrated great dynamism. Housing demand is strong throughout the country. The government has made housing a major axis of its policy of sustainable development, through providing many fiscal incentives and important social housing aids.

Local demand is added to that of non-residents: Moroccans Residing Abroad who would like to purchase a plot of land in their country, or foreigners fascinated by the quality of living in Morocco.

The new programs also represent an important part of the real estate market and the number of constructions is in a permanent growth.

AN ADVANTAGEOUS TAX STRUCTURE

Fiscally, Morocco has set a number of advantageous tax incentive measures:

• A total exemption from taxes on increment value profit in case of cession of real estate property used for principal residence since eight years minimum;

• Exemption from rentals of General Tax on Income (GTI) for three years after the completion for construction work, following immediately an allowance of 40%

• Exception from urban tax for five years for all new constructions;

• Absence of inheritance tax.

OTHER ADVANTAGES FOR NON-RESIDENTS

Guaranteeing transfer, outside Morocco, of the proceeds of sale, with no limit in time and amount;

Guaranteeing transfer, outside Morocco, of the net increment value of real estate cession;

Fiscal agreement made with a number of countries aiming to avoid the double taxation of non-residents;

For beneficiaries of foreign retirement pension (the case of French retirees), a reduction of 80% of the amount of taxes, due to the retirement pension is expected, provided that a art of such pension is permanently transferred on a non-convertible dirhams account to Morocco. Taxation can vary from 5 to 15%.

SPECIAL ADVANTAGES FOR MRA

The legislation has prepared a specific fiscal framework for Moroccans Residing Abroad (MRA), for whom housing is fiscally comparable to the principal residence if it is inhabited by parents or rightful owners. It benefits then from tax incentives reserved for houses to be used as principle residence, namely urban tax exemption during the first five years.

Moreover, if a MRA whose real estate property is meant to be inhabited by parents, decides to sell in eight years, he should abide by the system applied on principal house transfer.

FLEXIBLE LAWS FOR FOREIGNERS

IN morocco, the ?office des changes? is an economic institution, depending on the Ministry of Finance, which regulates and controls all receipts and payments of foreign currency. For several years now, it has set regulations to foster foreign investments, namely real estate investments.

Foreigners residing and non-residing in Morocco benefit from a convertible system as to:

Foreign currency amounts going into Morocco in order to finance a real estate investment (including personal contribution an monthly instalments);

Leaser of real estate properties financed by amounts coming from abroad;

The proceeds of the resold property.

To benefit from these advantages, it is important to transfer foreign funds to a convertible dirhams account and to inform the ?office des changes? by means of notary public of the real estate purchase.

NOTARY PUBLIC ROLE In Morocco, the notary public is a public officer nominated by a Dahir (Royal decision) whose mission is to legalise bills a contract coming into his hands and to conserve them. The notary must also inform and advise the parties as to their rights and duties, and of the significance of their commitments. Accordingly, he is able to prevent disputes that may occur. The notary public also watches over public documents and bills and carries out all the necessary fiscal and legal formal procedures to write contracts in accordance with legal provisions the purpose, for the parties, is to be protected from any irregularity as to the Moroccan laws. For a better development of your real estate transaction, it is important to consult and entrust your interests to a notary public.

ACCOMPLISH YOUR REAL ESTATE PURCHASE IN MOROCCO

The purchase of real estate properties is proposed by our group within the framework of law no.44-00 on October 3^rd, 2002 relation to sale before completion. Such ?sale off pla? is a contract that binds the developer and the purchaser. The developer shall construct a building within a determined time limit while the purchaser shall pay the developer as progress of construction work is made.

One your real estate purchase is accomplished in Morocco; you must go through the notary public, to whom all funds shall be delivered. The purchaser can pay as construction advances of the purchased building, according to payment schedule set by the developer beforehand.

FINANCE YOUR PREPERTY

Case of Moroccan residents

You have available funds:

You only need to contact the notary public in charge of the purchase operation to carry out necessary formal procedures.

You finance a part of the purchase with the help of a real estate loan : the financing amount as well as financing conditions is determined depending on your reimbursement capacity and by securities you have in order to guarantee the loan to be contracted with your bank.

Recommendation:

In Morocco, if your bank has elements guaranteeing your loan, the bank financing can cover the total amount of purchase.

Case of non-resident Moroccans and Foreigners

• You have the available funds

You have them transferred either by a SWIFT bank transfer to your Moroccan account ( in convertible Dirhams) and you pay by check at the time of drawing up the authentic deed, or by SWIFT bank transfer from your foreign account of the notary public in charge of the operation.

• You finance your purchase with a loan in Morocco:

The bank asks you to make a down payment of at least 30% of the purchase price as well as all the associated taxes and fees (certified taxes, registration fees, etc). You should open your bank account in convertible dirhams. Monthly reimbursement payment would be done through this account.

• You finance your purchase with a mortgage in your country of residence:

Intermediary Moroccan banks will issue guarantees to the foreign bank that grants you medium-term or long-term loans for the purchase of your real estate property in Morocco.

In order to benefit from thins facility, you must present to the Intermediary Moroccan bank, prior to the issuance of the guarantee, a declaration on honor that you do not own any property in Morocco. The intermediary Moroccan bank issuing the guarantee will require a mortgage on the real estate property to be acquired; equivalent to at least the amount guaranteed and will make sure that the amount guaranteed and will make sure that the amount of acquisition including the other charges related to it (notary fees registration fees, etc) has been repatriated.

Recommendation:

It is highly recommended that you transfer your money via an account in convertible dirhams.

CONTRACT IN SBC

Sale before completion (SBC) includes a preliminary contract and a final bill for sale. A reservation contract can be initially planned in order to guarantee the real purchase to the client.

Reservation contract

This type of contract is subject to the general principles regulating the elaboration of contract in Morocco. It?s the conventional contract by which the developer reserves the possible purchase of a real estate property to the potential buyer.

The reservation contract, in general, includes a detailed description of the real estate property, inhabited surface area, number of rooms and outbuildings, price of sale, modes of payment, and the amount of guarantee deposit.

The following documents are handed over to the reserver at the time of signing the reservation contract:

A summary descriptive notice;

The master plan of the expected real estate complex;

Preliminary contract

This contract is binding and con not be concluded unless the ground-floor foundations are completed.

It shall include compulsory indications and specify the real estate property being subject to the contract, the term of delivery, the price and modes of payment, the reimbursement security, etc.

A terms of reference- including useful indications relation to consistency and technical characteristics of real estate property, the nature and the quality of materials and equipments as well as the construction time limit and term of delivery of the property-is signed by the parties and a certified true copy is issued to the purchaser.

A copy of the preliminary contract is given to the purchaser before the expected date of signature. The purchaser shall pay the price along with the progress of construction work and the developer remains the project owner until work completed. The developer continues to run construction operations and manages relationships with architects and contractors.

Final bill for sale

The transfer of the real estate property sold after concluding the final bill for sale, occurs in the presence of the notary and the inscription on the land books (not with the signature of the preliminary contract as in other countries).

Signing the final contract occurs once the total amount of the property is paid, construction work completed and residence license related to the property designated in the preliminary contract is obtained.

The purchaser has a number of guarantees in SBC:

Reimbursement securities

The developer must set up for the purchaser, at the time of signing the preliminary contract, the reimbursement guarantee stipulated by the law, that is an insurance or a down payment (bank or similar), in order to guarantee the restitution of the sums already paid, in case the developer can not finish the construction work planned.

Provisional registration

The preserve the purchaser?s rights, the law has set up the provisional registration, In order to temporarily preserve his rights, the purchaser can call for a provisional registration is to temporarily preserve an existing right, whose realization is delayed by a formal procedure to be accomplished.

Provisional registration remains valid until registering the final contract of sale on the estate?s land titled-deed, subject to the sale.

Concealed defect guarantee

The developer has a commitment towards the purchaser to guarantee any concealed defects, up to one year after delivery, contrary to apparent defects which the purchaser knew of beforehand or may have been easily aware of.

Decennial guarantee

For a period of ten years following ?completion of the works?; the decennial guarantee covers all damages including the sturdiness of the project, which, even if it is affected in one of its constituting elements, makes the project unsuitable for its purpose of use. (Roof faultiness, water infiltration, wall and foundation stability faults?).

To become a property owner in Morocco, it implies some fiscal consequences which should be known beforehand.

Below are u main obligations:

PURCHASE FEES

For constructed properties or plots meant for such purpose, purchase fees vary between 5 to 6% of the purchase price.

AFTER PURCHASE

In Morocco, when purchasing a real estate property, several types of taxes are to be paid to the state:

Urban tax:

It is calculated based on the rental value of the purchased estate and varies between 10 to 30%. It is determined by comparison or evaluation carried out by a census commission. The rental value is subject to annual revision.

The urban tax is not applied to new premises during the first five years, after the date of the delivered residence authorization. However, you benefit from a reduction of 75% of this tax if it is your primary residence.

Furthermore, the MRA benefit from the same reduction if the real estate property is inhabited by their parents or their rightful owners.

Income for real property

In case the real estate property is rented, you should declare rental income. Yet, rentals are exempted from GTI for the first three years, after completion of construction. After those three years, you benefit from a reduction of 40% on rental income that is imposed by GTI.

Municipal tax:

It is raised to 10% of yearly rental value taken to calculate the urban tax.

Tax on Profit Estate (TPE):

The TPE could possibly concern you, if you decide to resell your real estate property. It is about the difference between the price of sale and purchase. The rate is fixed at 20% and should not be inferior to 3% of the sale price.

The owner could be exempted from this tax if the sold estate has been his principle residence for more than eight years. If a MRA whose property is meant to accommodate his parents or rightful owners, decides to sell after eight years, he should abide by the system applied on principal residence cession.

Generally, there is a fiscal agreement of non-double taxation between most of European counties and Morocco. The fiscal residence notion will determine whether the Moroccan fiscal legislation is applied as to taxation. People usually residing in Morocco will be considered as fiscal residents.

WHY INVEST IN MOROCCO

• Very competitive property prices: 50% less than other European resorts

• Low cost of living: experience a luxury lifestyle at little expense

• High capitalization growth property market has captured the attention savvy investors who want to enhance the value of their money.

• Absence of inheritance tax.

• No annual property tax for the first five years following the purchase of the real estate property.

• Possibility of financing through a bank loan up to 70% of the property value for foreigners.

• Moroccan open skies to international airline companies. (Easy jet, Thomson fly, Ryan Air First are the first to have direct flight to Morocco)