[Fromage Frais]

North african property is the biggest ponzi of the lot.

When the developer owns the agent, bank and property its takes longer but falls harder.

If you go to the morocco expat forums they say its all down 30% plus

It was easy just build something for less than europe like people do in North Africa when they build a factory.......but no straight to 200,000 euros+

One day the penny will drop but it will be inflation rather than the elite taking the hit.

This post has been edited by Fromage Frais: 28 May 2010 - 11:34 PM

[soldintime]

Fromage Frais, on 28 May 2010 - 11:33 PM, said:

North african property is the biggest ponzi of the lot.

When the developer owns the agent, bank and property its takes longer but falls harder.

If you go to the morocco expat forums they say its all down 30% plus

It was easy just build something for less than europe like people do in North Africa when they build a factory.......but no straight to 200,000 euros+

One day the penny will drop but it will be inflation rather than the elite taking the hit.

I went to look at some of the forums and I found this comment on Les Jardins de Fleur where our favourite Dogbox starter of this thread invested his money.

Quote

Good luck to you mate - and all those who bought through Property Logic.

They have not done a stitich of work on the resort since December 08.

Yet they are still taking deposits off gullible, naive people.

It shouldn't be allowed.

[Fromage Frais]

Thats the idea though your supposed to come with your deposit and then pay for the other work to be done.

This is normal practice in North Africa you rent out the shop and promise to paint it when the rent starts to be paid.........which is when you can be bothered.

When you go from land that is free/peanuts to hundreds of pounds a m2 your going to get these guys starting projects where they have 100,000 euros and want to build 300 apartments.

No deposits = No progress

So in essence they are not going to go bankrupt and they are not going to finish the projects just limbo for years.

It was always going to happen when wages are 1 sixth houses should be thus.

[geoffk]

how ******ing predictable........property fools....Will you people ever ever learn?


NO..What makes you all so stupid when it comes to property.......GREED......

[mpprh]

This doesn't help.

Peter

[Tankus]

Next ..planet Dubai .

..targets are so easy to spot because they go pink in the sun

[Fromage Frais]

I think there is a much larger question than..Is Morocco/North Africa a good investment?

The Question is do the actual people of North Africa want Tourists investors at all?

The newly enfranchised (for the time being ) poor, see tourism as something that only benefits the rich and ergo by extension your not a canny investor...your Kafir who is re-colonising.

Yes 99+% percent of the people are lovely and they are really really welcoming etc but that leaves a good number of people who look at you with contempt and possibly want to kill you/rob you.

This needs to change before people can buy en masse, if it does not then peoples current investment may become worthless.

This post has been edited by Fromage Frais: 29 April 2011 - 02:38 PM

[Tankus]

Fromage Frais, on 29 April 2011 - 02:29 PM, said:

I think there is a much larger question than..Is Morocco/North Africa a good investment?

The Question is do the actual people of North Africa want Tourists investors at all?

The newly enfranchised (for the time being ) poor, see tourism as something that only benefits the rich and ergo by extension your not a canny investor...your Kafir who is re-colonising.

Yes 99+% percent of the people are lovely and they are really really welcoming etc but that leaves a good number of people who look at you with contempt and possibly want to kill you/rob you.

This needs to change before people can buy en masse, if it does not then peoples current investment may become worthless.

Any Muslim country (inc turkey) ?

[Fromage Frais]

Tankus, on 29 April 2011 - 05:51 PM, said:

Any Muslim country (inc turkey) ?

Cannot speak about Turkey as it is a bit different and supposedly it has been a democracy for longer.

But in the middle east and North africa the rich poor divide leaves so many questions.

You may not have Christians and Muslims etc but you do have Rich and Poor, Secular and Islamist etc.

Everything is up in the air and its important that the EU does not sit back and assume everything is going to go wonderfully.

[Agentimmo]

And all the good builders are no longer in Nth Africa but in Europe. Plenty of paper/decorators/painters/masons/plasterers/plumbers/brickies etc in France/Spain/Germany and the like. All doing well. What's left in Nth Africa.......

[Mark Uttley]

Quote

In 2005 we paid a deposit on an apartment with what was then Fadesa MartinSa who were the main developer for the flag ship resort Mediterrania Saidia in the Plan d'Azur, a scheme supported by King Mohammed IV to attract 10 million tourists to Morocco by 2010. We signed a contract with Fadesa confident that we were dealing with one of the largest developers in Europe. However, the Moroccan arm of Fadesa got into financial dificulties and were then taken over by Addoha and rebranded Group Fadesa Maroc.

Since paying a 40% deposit for the apartment in 2006, Addoha/GFM/Excelia have not delivered the apartment, they have never communicated with us to explain why the apartment was delayed and breached the terms of the contract. We therefore exercised our right to have our deposit returned. This is where the real problems started. Addoha/GFM/Excelia decided to again breach the terms of the contract and decided to withold the deposit.

The blog page is a log of our communications with Addoha/GFM/Excelia. It shows just how for removed Anas Sefrioui's promises in his letters are from the reality of trying to do business with his company. The links page shows that we are not alone....

http://mediterraniasaidia.co.uk/

[mpprh]

Mark Uttley, on 08 June 2011 - 02:12 PM, said:

http://mediterraniasaidia.co.uk/

The website above has vanished.

The arab spring, anti royalist demonstrations and political unrest has severely reduced the always volatile Moroccan tourist industry. Easyjet 2012 weekly departures to Morocco are down 38 per week.

Even Easyjet can't get passengers to go to Morocco :



And the Tangiers - Sete ferries have been seized by bailiffs for non payment of fuel :



Anyone still believe in it ?

[okaycuckoo]

Oh dear.

Hadn't come across this thread before so it clicked to the first page - Wot! Then I realised the date of the original post.

Maybe they should consider the Canaries. Property fairly cheap. Alot of Norwegians have been diverted there from the middle east and Africa, and they're spending their oil money.

Spoke to someone today who's thinking of buying an orange grove there and retiring. Irrigation is a problem.

[swissy_fit]

okaycuckoo, on 05 March 2012 - 06:45 PM, said:

Maybe they should consider the Canaries.
Spoke to someone today who's thinking of buying an orange grove there and retiring. Irrigation is a problem.

And volcanoes.
Chances are you'll be alright but they're far from extinct.

[mpprh]

Just getting worse and worse ?


Ryanair today (28 June) announced the cancellation of 34 weekly flights (250,000 annual passengers) to/from Morocco because ONDA, the Moroccan Govt’s airports authority, has reneged on its agreement with the airline by imposing a new monopoly handling company on Ryanair which would have resulted in a massive increase in charges for the airline. ONDA has refused to guarantee Ryanair the continuation of the cost levels of its original agreement. Consequently, Ryanair has no alternative but to announce substantial reductions to its flight programme to Moroccan airports which will include reductions of 8 weekly frequencies at Nador, 6 at Fez, 8 at Marrakesh, 4 at Tangier and the complete closure of its operation at Oujda Airport (8 weekly frequencies).


http://www.ryanair.c...eement-on-costs