We are going over to Morocco at the end of May to view properties around Tangier and maybe Larache. Property Borders have advised us to look at as many properties as we can in the time we are there so we have a better picture of what is on offer at what location

That's sound advise from Property Borders, but I would go further. Spend day or two in the area yourselves after you have seen the sites with your agent. You will get a better feel for the place and be able to re-visit the sites when the agents are gone. (You may find you think of questions or wish you had checked out something after the visit with the agent.)

Thanks The Soup Dragon thats good advice.

Have you looked into the 14% saving on vat? and you also dont need to pay for a Moroccan notaire I am told is this correct?

I suggest you read the posts about Spanish market posted today B$ u do anything at all in Morocco.

Picnic, I disagree, I thought it was great news for us Moroccan investors that the Spannish market is losing traction.

Ive noticed more and more Spain based property agents are diversifying into Morocco.

I would take this opportunity though to remind anyone considering Morocco to think about oversupply which is the route of Spannish woes. The Governments Plan Azure sites offer a unique proposition and as there are only 6, supply is limited, indeed only one is on the Med coast.

Those expecting big returns on the 'ten a penny' one off developments will be against masses of new build competition over the next decade or so.

BOMBS - I expect one soon, but life goes on and in time the troubles will pass.

Buy now, they are not making any more land.

I would agree that the Plan Azur resots are special and especially Port Lixus a smaller more exclusiive resort with the roman ruins of Lixus close by.

The fact that the king would like to make northern Morocco a special case for development, means this will help Larache and Port Lixus as the government are particuarly keen to regenerate Larache so our investment here will be safe. I can see big price growth in this high class resort what do you guys think?

Morocshock - no I cant see very high price growth on the Port Lixus condos. I think they are price much too high, should be nearer £40000 to hit the sweet spot.

Here's a comparison; Ive been offered a small brand new villa for £50000 now AND YOU GET All your money back in 4 years plus 42% interest. So I end up owning a villa for nothing! Now thats what I call an investment.

The downside is Ill be one of 30 partners in the resort so if it goes wrong I could lose the £50K, although I have to say the directors are very impressive and thorough even producing an immense eco plan for the site.

I guess they saw your comments on different forums and thought you must be the perfect candidate to be robbed blind.

Dogbox
I thought you have reserved one of the condos? what changed your mind?
personally i see these condo type investments as good income earners but i dont think they will see the capital growth of private properties

and I assume you are talking about the Barefoot deal? Would be interested to hear your thought on it as i am also looking at it - perhaps continue the discussion on the other thread?

Woah!

Impressive directors can get money from banks without anything like that interest.

An immense eco plan? That's okay then. Let's all invest . . .

Your posts used to make me smile. Now I'm seriously concerned.

Seriously.

42% after 4 years is basically close to only 9% per year. After this period, you will probably get a cheaply constructed "eco" villa made from bamboo in the middle of nowhere. Remember that there is no infrastructure in this location as this is a remote island. Expect your "villa" to be lighted by gas lamps and your water to be fresh from the well. How's that for eco-friendly?

Fresh from the well?? They do not let you dig wells in eco-friendly stuff, you need to collect the rain water.

And use those nice smelling toilets...

9% pa AND capital back to you yet still keep the property.

Mid luxury is the target market. I know these islands I honeymooned there, the nicest place Ive ever been, better than the Caribean, Bahamas and Maldives to which Ive also been.

Middle of no where - exactly. Amanpulo is another resort Ive been to in this area - it attracts guests at £10000 per week just to illustrate that remote doesnt mean bad investment / cheap.

Anway Im only perusing the offer, far from comitted. Germany still offers much.

Nix Ill see you on the other forum re Barefoot.

Morocco condos - didnt quite meet the risk / reward threshold for me, but if it all works out is still a good investment for others.

Oh yeah? They will pay 10000/week to use eco-toilets and rain water?

Or you plan to offer some more exotic attractions on your island?

By the way, Barefoot sold some stuff in Belize. I can find you the same stuff in belize at 1/5 price.

Can we please keep on the subject, this thread is for Port Lixus Larache only.

I think your wrong Dogbox always remember location location location with the suites being frontline this is what makes them so special, if you get any closer to the ocean you would be in the sea. Thats one of the reasons this is a better investment then Siadia that offers no frontline properties.

You cant compare with some place unheard of on the other side of the world, you would spend most of your life just travelling their, you get what you pay for at Port Lixus and that is a top class resort in a great location only 2 hours 30 mins flight from the UK now try and beat that?

Morokshock. I've reserved two units on La Plage and have another in Saidia, but I can see how other opportunities may be better. Comparing La Plage to Barefoot investment is apples with oranges, but so too is comparing off-plan investment with that on offer from Barefoot and elsewhere. Which is better? That depends on your circumstances, appetitie for risk and where you evaluate both options in terms of risk and reward.

I agree The Soup Dragon, I just think that its the location that makes this place very special not forgetting Morocco's second biggest roman ruins of Lixus, I feel sure Port Lixus Larache will be special
maybe its because I am a Moroccan and understand what's going into the place I can see things more clearly.

I would like to know has anyone got there contracts yet?

recived contract today; still looking at details

Has anyone heard any word as to whether the pre-launch prices have been honoured? I wonder if this has resulted in cancelled reservations?

Dogbox, are you still considering PL?

Hi, as far as I am aware those who managed to reserve prior to the change in unit sizes etc will have that price honoured, I believe this was the pre-release price? since (pre-release) I understand prices increase on average of about 15%, however the change in unit sizes had a big effect on this

Got my contract and just starting to cast an eye over it. Interested to here others thoughts on contract - will post my own in next few days.

I am now proceeding with a unit at La Plage Lixus. I am going to source an English firm of solicitors who can advise on this and in order to secure a discount need a group of at least 6 people. I will get various quotes, but if anyone else is interested in clubbing together to get a discount, please send me a PM. If you can't PM you'll also find me on one of the other forums.

I have just got my contract through for sahara beach resort on saidia, another apart hotel.

Do you think it is essential to get a solicitor to review this contract, as I aimagine it is just a standard contract, the same for everyone and therefore i won't be able to make any alterations even if there is something there i would like to change? also, the contract is in reasonable plain english so there is nothing i don't understand.

just don't want to pay unneccesarily high cost of solicitor for no reason.

or am i being incredible stupid and naive?

I always think it's safest to pass it through a solicitor. There's always the possibility that you've missed something. At least by using a solicitor if they don't forewarn you about something then you have redress with them. Also it's usually only a small percentage of what you're paying for the property. I agree that a lot of solicitors don't offer value for money which is why it's important to do due diligence before appointing one. I have quite a few issues with our contract which I would need to pass through solicitors before proceeding. As ours is governed by English law, I will be looking for a solicitor here.

I too have heard that the pre-launch brigade are all getting their reservations honoured at the original price. I feel that the prices they are asking now, are somewhat inflated. I'm just not convinced that this will be the fantastic investment that Essential are saying it will be. Put £100k+ apartments on Port L and I would jump at them, the villas are way overpriced and condo hotels just dont rock my boat.

Just my 50 cents though!

boomorbust, im in similar situation, ive read through the contract for RT-6, seems fine to myself, but not sure if i need to appoint a solicitor, it reads well & i think paying the 1% fee they charge maybe a waste, are there any points on the contract that concern you?

There are 2 bedroomed penthouse apartments coming onto the market shortly which are located just behind La Plage build 160m2 start at £210k. What with the high prices for villas, I think that this makes the hotel condo units reasonably priced.

Hi, i believe the Villa start at about 400k, can you advise on the developer of the apartments behind La Plage.

I was told by Property Borders in the summer small boats row people across from the town side of the river of Larache to the beach sounds romantic.

Good luck all with your contracts.

CBA Law do a contract checking service for £350. We used them for Saidia as we didn't want to pay 1% of the cost of our villa to a solicitor who would be providing exactly the same service much more cheaply if we were buying an apartment.

Suggestion from fws sounds like a good one. Imagine 2 or 3 could club together to have report done for one property. It might not bring anythng to light you wouldn't have spotted yourselves, but you'll have the peace of mind from knowing there's nothing you should have spotted.

Fip have you booked your flights yet to Morocco? you must be looking forward to it. Its a great time of the year to be in Morocco before the crowds arrive.

If you see anything else worth investing in let me know 4 eyes better than 2.

Hi Popcorn, i could well be interested in this idea but seem unable to send a private message. Not sure if you are able to send me one if possible.

Also interested in the CBA Law idea; although, just out of interest what are the differences between using this service and having a lawyer etc charge a much higher cost to guide you through the contract.

Finally, Soup Dragon any feedback you had on the contract would be greatly appreciated.

Apologies for all the questions and requests; just trying my best to cover as many angles as possible.

Regards,

A Newbie.

I haven’t yet decided whether to appoint a solicitor to review the contract. It seems fairly straightforward, but I guess as always the devil is in the detail. Has anyone noticed anything specific?

If I do decide to go with a solicitor, I maybe interested in getting the contract reviewed collectively. I’m currently using CBA Law to handle my Saidia purchase and they seem pretty good. I’m also having problems sending a private message, any idea how I can get around this?

I’d also be interested in finding out whether anyone has managed to hold Essential to the original pre-release price. The contract I’ve received is based on the increased prices.

regards
bwag

I seem to remember that in order to activate the PM facility I had to contact one of the administrators. i think there was a note somewhere in the index.

Yes I have we fly on the 31st may looking forward to some Moroccan sun, yes Beverley from PB said Morocco is great in May before
as you say the crowds come.

Talking of other investments I understand the Bank Guarantees on the Paradise Golf & Beach Resort have started to arrive
a close friend of mine has just got his, I looked into buying on here before but looks like I have lost out as Property Borders told me
there is only a few units left for sale.

Anyhow Port Lixus is much nicer then Paradise and more exclusive so I am told, I will keep my investment eyes open for you Morocshock.

Thanks Fip, All we need now is the low cost/charter flights to come into Tangier airport and we will make a packet on our investments. Have you heard anything about a bridge linking Port Lixus with the town of Larache?

Yes I hear there will be a bridge linking Larache with Port Lixus this will be great if it happens for tours of the local Medina

Hello All

Glad to see Port Lixus thread still going strong, has anyone been given time scales on when construction starts/ends on La Plage?
Also does anyone know when the Golf Apart Hotel is to be released on Port Lixus(phase one). This was supposed to be released early part of 2007, But haven't heard anything about this yet. I've heard these suites are going to be bigger in size than the La Plage units.
Also, how does everyone feel about the 2 year 6% rental gaurantee? compared to other rental gaurantees in Tangiers and others alike they seem to have 5 years or more, is this a sign that the developers are very confident that they will fill their rooms or are they protecting themselves on a slow uptake on room quotas?

any thoughts welcomed

Mozo.

Hi, Those of you who have / are looking at La Plage development on Port Lixus will now be aware of the new method in which this Resort is being sold, how many people are still proceeding with their purchase under this new scheme? I'm compiling a list of clients who now have reserved so information / questions on the new scheme can be answered / shared if anyone has any questions / comments do post here or send me an e-mail to join the mailing list for La Plage; (vimal_parmar79@hotmail.com)

Hello All

Seems like I've given this thread the kiss of death since my last post !!

News coming out of this development seems to be grinding to a halt?! Has anyone any development news on which builds are in progess, and how the uptake on villas and Apart hotel is progressing. I'm interested in any views on this as I'm keen on investing in this resort.

p.s any photos of this resort would be really great.

Thanks . Mozo

Hi Mozo

From what I've heard this development (Lixus) is being primarily marketed at the French. La Plage has gone very quiet. Essential are now planning to sell shares in the company that will own the hotel. These shares are being designed to fit into SIPPs. Idea is 40% is paid ealy on, with the Government paying a proportion of it, and the remainder being covered by lending. Repayments on the the lending element being covered by income from rentals. There can be no personal use of properties placed into SIPPs. Therefore it is no longer being targeted at those that want a holiday home come investment.

I'll be back in Morocco next month, but its only for 5 days and I probably won't have time to pop up to Lixus for a look around.

Hi Soup Dragon

Thanks for that insight, can you explain how 'SIPPs' will effect La Plage as a investment/holiday home, if you feel this is now primarily aimed at the French market. Would this not also effect the French market in the same way as in the UK? Why do you think Essential have decided to sell their shares and go down this route? are they worried that La plage it's self may not be what their customers want or are they re-thinking the entire Port Lixus development?

I persoanally still feel that Lixus will be a great success once completed but I feel that long delays are inevitable.
I'm also visiting Lixus within the next three weeks to get a feel of how much things have progressed, I'll post any news upon my return, enjoy your trip.

Mozo

Hi Mozo

Assuming La Plage does go ahead in the form Essential have recently suggested, and which I have outlined above, then there will be no personal usage, regardless of whether you put the share into a SIPP (Self Investment Pension Plan) or otherwise.

I should add that Essential had not firmed up all the details when they were last in touch with me. They did however have the investment vehicle being of a specific length of time with a payout at the end for investors. I can only assume there is a sale of the hotel or units in the hotel towards the end of that period for that payout to take place, but I am not close enough to the offering / exit strategies to say what will be the case.

From what I can tell La Plage is the only release within Port Lixus to date that has been aimed at the UK market.

Previous pages on this thread provide a bit of history with La Plage. Be sure to tie down as much information as you can when signing up to something. As always, look after your own interests. You can be sure the developers have looked after theirs when they provide their vanilla contracts. Of course, that goes for all developers!

Essential are not “Selling their shares.” As I understand it (and it’s possible I am mistaken), Essential will continue to be the developers. All that is happening is that you will not own a particular property. Nor will you own a share that pertains to a particular property. You will simply own share(s) in the company that owns the hotel. Essential will continue to be the developers. They are simply re-engineering the product so that investors can buy in at same prices with less capital (UK Government should pay part in most instances as shares will be going into SIPPs.)

I expect to be in Marrakesh / Essaouira area from 21st till the 25th of August. Would be good to exchange notes with you before the trip – we may have contacts the other will find useful.

[quote name='The Soup Dragon' date='Jul 22 2007, 11:51 PM' post='706170']
Hi Mozo


Essential are not “Selling their shares.” As I understand it (and it’s possible I am mistaken), Essential will continue to be the developers. All that is happening is that you will not own a particular property. Nor will you own a share that pertains to a particular property. You will simply own share(s) in the company that owns the hotel. Essential will continue to be the developers. They are simply re-engineering the product so that investors can buy in at same prices with less capital (UK Government should pay part in most instances as shares will be going into SIPPs.)

I expect to be in Marrakesh / Essaouira area from 21st till the 25th of August. Would be good to exchange notes with you before the trip – we may have contacts the other will find useful.

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Hi Soup Dragon

The information provided was very informative and has helped me understand the current situation at La Plage, I will leave all options open until I have a chance to visit the site. My preffered location is elswhere on the site which I'm eagerly awaiting the release on.
I'll be flying out to Marrakesh on 3Oth July but only to visit, I'll take in Port Lixus and then on to Saidia where I've committed my self already. I'm very upbeat about the mid to long term reward on my investment as I don't think any of the six Plan Azur sites will be failures due to the kings Tourist Programme.

let me know if the PM system works well on this forum and I'll send you some info before I go.

many thanks Mozo