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Morocco - December 2009


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OK, it has been 1 year since the Morocco topic was discussed here.

And about 3 years since dogbox dissapeared.

What's new in Morocco? If I were to decide to have a holiday in Summer 2010 in Morocco, which new resorts are going to be opened by then? Which one should be advisable to choose?

Is there any of the Kings resorts open yet?

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  • 2 weeks later...

Is there any of the Kings resorts open yet?

http://www.lesafriques.com/

18/12/2009

Front page

Dubai et le Maghreb l'heure des comptes

Quote

Financial problems for North Africa after the collapse of Dubai millions of public and private investment projects are now on stand-by or have been stopped or put aside for a later date

Algeria

A 50 billion investment project in industry,and agriculture and energy has been stopped

Tunisia

The Dubai Holding investment project for "la porte de la mediterranee" this 25 billion investment has now been stopped or put on stand-by

Morroco

Dubai Holding(again) a pharonique property project near Rabat was discretely stopped last March due to "financial problems"

So much for the Kings resorts

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http://www.lesafriques.com/

18/12/2009

Front page

Dubai et le Maghreb l'heure des comptes

Quote

Financial problems for North Africa after the collapse of Dubai millions of public and private investment projects are now on stand-by or have been stopped or put aside for a later date

Algeria

A 50 billion investment project in industry,and agriculture and energy has been stopped

Tunisia

The Dubai Holding investment project for "la porte de la mediterranee" this 25 billion investment has now been stopped or put on stand-by

Morroco

Dubai Holding(again) a pharonique property project near Rabat was discretely stopped last March due to "financial problems"

So much for the Kings resorts

All gone wrong literally nothing started here in Tunisia aside from the Sports city project but that at the moment is golf course and flats not the skyscrapers which may be years away.

I feel sorry for the government of Tunisia they moved heaven and earth to get these things started but at the end of the day they may as well had me come around and promise this and that as its all pipe dreams now if they cannot finish jobs in hand in Dubai why start new ones!

Also how many horror stories do people want before they give up buying off plan in "arab" countries.

In Tunisia nobody is buying compared to before, the new places are empty and the prices are still going up. I guess people just do not understand that locals with the desire invest their closed currency can raise property prices and lower yeilds to a level that destroy their plans of offloading to a foriegn chump for 100% more.

Nuts

Edited by Fromage Frais
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Just worth reminding new readers of the world according to dogbox (the first post followed - by 49 pages of bewilderment was here ) :

As some of u know I recently bought in Berlin.

My next target is Morocco, here's why:

* No income Tax on the rent (double Taxation agreement applies so no UK Tax will apply) - note I am only looking at high quality property within a low rise, low density mega resort (classy though) with 3 18 hole golf courses, hospital, equestrian centre, polo pitch, water parks, gucci and other leading retailers on sight, 800 berth marina, and my property has a 60 year mooring berth (very rare) all fully managed including the rent side, forested green area, full security, restaurants, cinemas, Olympic pools, bowling alley, shopping centre - all very tastefuly done in Moroccon style by UK and Spanish builders - so renting will be easy).

*Capital Gains Taxed above £60k @ 20% in first 5 years. Between 5 - 10 years its 10%. After 10 years its 0.

*The King has announced 'plan Azur', which aims to have Morocco become a premier destination by 2010.

*Huge developments - Dubai style are underway backed by none other than Emaar Properties

*An 8km tunnel will link Gibralter to Tangiers by 2008

*The 'stars' are moving in. The Beckhams, Jude Law and Brad Pitt have recently bought - this is important, it sets the trends.

*An 'open skies' agreement has been signed and the Government guarantee world class airport upgrades by 2010.

*Ryan Air have announced flights to beginn by this summer

*White sand, huge beaches so much more attractive than the black sand Canary Islands and over 1 hour clser.

*'Exotic, yet close'

*Huge infrastructure improvements underway. The Americans are investing billions in new ports.

*Its just a hop from Spain BUT PRICES UP TO 10 X LOWER

*Im buying off - plan yet only part with 40%. The balance in 2009, yet I can sell on at any point. So my 40% leveredges me into 100% exposure to the market

Once the public begin holidaying here 'en mass' the stampede will begin. IT WILL HAPPEN, JUST LIKE MEXICO HAS (and Mexico is much farther away).

Spain is yesterdays news and Morocco is almost as close.

I think Im about to sign up for a villa - www.lejardindefleur.com (more MEW Im afraid). Within the most prestigious development - Saidia. £180k right on an 18 hole Golf course (3 to choose), marina and u get 60 year mooring rights for £10k!!!!!!!

Olympic pools, gated community, cinema, polo, equestrian centre, on the beach(6 km white sand), backed by snow capped mountains, forested area, plentiful water from mountains, on site Swiss rental company.

Villa has own pool. Fully serviced. Free membership to the club house. £180K!!!!! Totally safe gated development, all low rise, hospital on site.

Gucci and many others already purchased the shops surrounding the Marina - I wonder why?

The same at La Manga in Spain would be £1m +.

Rent for £4000 per week or more once site becomes well known. £60 per month maintenance charge includes pool maintenance and gardener. I think it will rent all year given the Golf and huge variety of quality facilities and year round climate. But even if it only rents for say 35 weeks and even if I only get say £1500 per week (which wont happen), the yield is still exceptionally high.

The bit I really like is only having to part with 40% for 3 years. Ok no yield on the 40% so I loose say £3600 pa interest, but I genuinely expect the value to more than double over 3 years. I look at property all over the world and have found nothing of this quality for the price this close to home. Places such as Bulgaria are way less important given the short season and lack of feel good sun factor.

Villas come fully furnished right down to tea spoons.

This post has been edited by dogbox: 10 April 2006 - 01:17 PM

How it looked earlier this year .....

Peter

Edited by mpprh
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Also how many horror stories do people want before they give up buying off plan in "arab" countries.

Nuts

http://www.infotunisie.com/

Section economie the 19/12/2009 (i can't get a direct link to work)

SITAP 2010

3eme edition de l'immobilier Tunisien à Paris 4 to 6 June 2010

It looks like theres an army of property developers ,salesmen ,bankers etc coming to Paris next June

They are not going down without a fight

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Peter

I liked your last post says it all

Theres a video on Youtube that dates back to 14/12/2008

called

Corruption Maroc -El Kannas- sniper.wmv

Its about what could happen if you buy a holiday home in Morrocco

In English as well sorry but i can't get youtube links to work but the video is still there

Happy viewing

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http://www.infotunisie.com/

Section economie the 19/12/2009 (i can't get a direct link to work)

SITAP 2010

3eme edition de l'immobilier Tunisien à Paris 4 to 6 June 2010

It looks like theres an army of property developers ,salesmen ,bankers etc coming to Paris next June

They are not going down without a fight

The sad fact for many expat Tunisians is that they cannot afford the price back home.

Thus they come to exhibition and then go home when they find out they cannot afford it.

There is a interesting statistic (maybe crap) that 70% of Tunisians do not come back full time when they go to france.

With an average price of 250,000 euros and a lux price of 500,000 euros I would have thought that only a select group of the immegrant population have cash left over from their taxed wage - french living expenses to come and by in the Motherland.

Tunisians are not stupid already my expat frieds who work in the states are buying there rather than Tunisia since 1 house in tunis gets you 3 in "average" usa.

The rent does not lie people pay 1500 to rent a 800,000 dinar house (700 euro > 400,000) and the rents are very high and push the local wages. There was a survey the other day that stated the average CEO salary in Tunisia is 4000 dinars which at 4x salary gets you 200,000-230,000.

From the coal face and speaking to EAs its domestic Tunisians buying everything thats top of the heap, house = bank account (for foreigners with hard currency this doesn;t make sense), top 20% buying everything 200,000 empty units in Tunis alone. Top 20% own banks also so hush hush doing everything to prevent reposessions etc.

Same as UK situation rates lowest ever and stagnation.

Edited by Fromage Frais
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Just worth reminding new readers of the world according to dogbox (the first post followed - by 49 pages of bewilderment was here ) :

As some of u know I recently bought in Berlin.

My next target is Morocco, here's why:

* No income Tax on the rent (double Taxation agreement applies so no UK Tax will apply) - note I am only looking at high quality property within a low rise, low density mega resort (classy though) with 3 18 hole golf courses, hospital, equestrian centre, polo pitch, water parks, gucci and other leading retailers on sight, 800 berth marina, and my property has a 60 year mooring berth (very rare) all fully managed including the rent side, forested green area, full security, restaurants, cinemas, Olympic pools, bowling alley, shopping centre - all very tastefuly done in Moroccon style by UK and Spanish builders - so renting will be easy).

*Capital Gains Taxed above £60k @ 20% in first 5 years. Between 5 - 10 years its 10%. After 10 years its 0.

*The King has announced 'plan Azur', which aims to have Morocco become a premier destination by 2010.

*Huge developments - Dubai style are underway backed by none other than Emaar Properties

*An 8km tunnel will link Gibralter to Tangiers by 2008

*The 'stars' are moving in. The Beckhams, Jude Law and Brad Pitt have recently bought - this is important, it sets the trends.

*An 'open skies' agreement has been signed and the Government guarantee world class airport upgrades by 2010.

*Ryan Air have announced flights to beginn by this summer

*White sand, huge beaches so much more attractive than the black sand Canary Islands and over 1 hour clser.

*'Exotic, yet close'

*Huge infrastructure improvements underway. The Americans are investing billions in new ports.

*Its just a hop from Spain BUT PRICES UP TO 10 X LOWER

*Im buying off - plan yet only part with 40%. The balance in 2009, yet I can sell on at any point. So my 40% leveredges me into 100% exposure to the market

Once the public begin holidaying here 'en mass' the stampede will begin. IT WILL HAPPEN, JUST LIKE MEXICO HAS (and Mexico is much farther away).

Spain is yesterdays news and Morocco is almost as close.

I think Im about to sign up for a villa - www.lejardindefleur.com (more MEW Im afraid). Within the most prestigious development - Saidia. £180k right on an 18 hole Golf course (3 to choose), marina and u get 60 year mooring rights for £10k!!!!!!!

Olympic pools, gated community, cinema, polo, equestrian centre, on the beach(6 km white sand), backed by snow capped mountains, forested area, plentiful water from mountains, on site Swiss rental company.

Villa has own pool. Fully serviced. Free membership to the club house. £180K!!!!! Totally safe gated development, all low rise, hospital on site.

Gucci and many others already purchased the shops surrounding the Marina - I wonder why?

The same at La Manga in Spain would be £1m +.

Rent for £4000 per week or more once site becomes well known. £60 per month maintenance charge includes pool maintenance and gardener. I think it will rent all year given the Golf and huge variety of quality facilities and year round climate. But even if it only rents for say 35 weeks and even if I only get say £1500 per week (which wont happen), the yield is still exceptionally high.

The bit I really like is only having to part with 40% for 3 years. Ok no yield on the 40% so I loose say £3600 pa interest, but I genuinely expect the value to more than double over 3 years. I look at property all over the world and have found nothing of this quality for the price this close to home. Places such as Bulgaria are way less important given the short season and lack of feel good sun factor.

Villas come fully furnished right down to tea spoons.

This post has been edited by dogbox: 10 April 2006 - 01:17 PM

How it looked earlier this year .....

Peter

Some of us (me and Catara) did try very hard to warn others.

Unfortunately people only hear what they want to hear.

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  • 2 weeks later...

http://www.leconomiste.com/article.html?a=97796

I just thought that i would give an update on property in Morroco today 4/1/10

Tanger l'immobilier perte de vitesse

Tanger property is loseing speed

The number of property demands are down to 4312 which is less than in 2004

The article goes on about the effect of Tanger at the Expo in 2012 or Tanger Med (the big tourist projects that don't seem to exist etc)

The commercial secter is still suffering from a long desert crossing since 2008 :lol:

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  • 2 weeks later...

Well hello catara..long time no speak!!!

still have the place in asilah & its washing its face although occupancy has been down this year by about 25% on the previous year....but there is no doubt that construction on the atlantic strip from Tangier south to asilah has slowed or stopped on a couple of sites...this is just from my own observation on various trips over in the past year you understand. Tanjah Beach does still look as though its moving ahead.

Did go down to azemmour just south of casablanca....saw El Mazagan...this is development by Sol Kerzner....the Sun City guy. I dont think this has been that actively promoted in the UK...I think there is one London agency handles this......This is a big complex that the brochure says will have hotel, casino and a range of villas etc etc a. The hotel has been completed as far as i know on schedule and is pretty damned good, golf course complete and some villas were partly constructed up to 1st floor level but i understand these were planned as 2nd tranche. The grounds looked great...so i was pretty impressed that in the current climate they had got the job done......occupancy rates.... i wouldnt know as i visited in october when it had just opened.

Prices have dropped back from last year by approx 20% in asilah we hear and its taking longer for people to sell...pretty much what you would expect. However currency rates are more favorable for those who bought 3 years ago when pound was strong.....and now want to sell... so thats helping a few people out.

Hey ho......

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