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Morocco Advice - £55k Budget Advice Needed. Thanks`

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Hiya,

After some advice, have read many, many posts on here and see lots of different opinions, am sure there are plenty of agents on here too.

We bought a villa in Spain in 2004, and are now looking to invest in Morocco, seems to be so many reasons to do so. Previously looked at Bulgaria but have ruled that out.

We are looking at the Mirador Golf Apartments, has anyone any views or experience of this site?

Have seen lots of posts here descend into bitchy comments so would be handy if you could say:

1. Reasons to buy

2. Reasons not to buy

3. Other areas to look at investing in

We did very well in Spain and feel Morocco is worth looking at but really appreciate some advice.

Thanks

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Hiya,

After some advice, have read many, many posts on here and see lots of different opinions, am sure there are plenty of agents on here too.

We bought a villa in Spain in 2004, and are now looking to invest in Morocco, seems to be so many reasons to do so. Previously looked at Bulgaria but have ruled that out.

We are looking at the Mirador Golf Apartments, has anyone any views or experience of this site?

Have seen lots of posts here descend into bitchy comments so would be handy if you could say:

1. Reasons to buy

2. Reasons not to buy

3. Other areas to look at investing in

We did very well in Spain and feel Morocco is worth looking at but really appreciate some advice.

Thanks

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Negatives:

There are loads of off plans currently being touted..all seem to offer the same mix..5 star, high spec & golf. How many golfers are there on the planet???

This is particularly so of Saidia & Atlantic coast. Will there be too many & the build plan too extensive to offer decent resale in the next 5 years? will there be such an oversupply that rental income is non viable? Noone knows...it's too early to say. Some developers have promoted sites way too early - meaning that your deposit is tied up for ages before anything happens,. Because of the way building permissions are granted (in stages) there have been instances where investors have had plans radically changed on them. Some developments have never got off the ground.

Also the developers use that old trick of promoting price rises of anything up to 30% as a way of reassuring you that your investment has grown...and not a brick has been laid.

Positives:

Market in it's infancy, the country is beautiful, the people very charming in a weirdly unique moroccan way (can't describe that you have to experience it for yourself) and the food is good. The king is actively promoting several developments and has a clearly stated strategy of heavily increasing tourist numbers. Building development in the northof the country is booming to such an extent that it is impacting prices of basic building materials like sand & cement.

Originally we were going to buy 3 off plan apartments, but we changed our minds when we were out there because we felt that something unique in an already popular location (albeit not with the brits - but that is no bad thing in some ways!) would offer better resale value in the medium term than an apartment plus we could start recouping through rentals more quickly.

So it all depends on your attitude to risk, whether you want rental income or good capital appreciation. My advise is to & look for yourself, get a feel of the place, see if you are comfortable with it.

Edited by esmerelda

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Really depends on your budget. I personaly was'nt so keen on the Mirador type offerings, not unique or substantial enough but I think from memory the prices were attractive.

The key for me was to somehow have access to potentially year round rentals and something unique and substantial in terms of market competetion.

The experience you have had from Spain might stand you in good stead. As we all know some property types are ten a penny and just not in demand where as others seem fully booked even when you call 30 months in advance.

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To the OP;

I noticed a new development within the world class Saidia complex has come up and they are advertsing from £54000 for an appartment all with golf views and 70% mortgages.

http://www.moroccoproperties.com

The development is called Athenea Golf.

Saidia could well be the best development in the Med given the vast array of facilities (hospital is now built, marina will be over 1000 berths etc) on the one site. In other words a commodity with no competition totaly unlike other largish developments.

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