6 January 2023
Investing in luxury real estate in Marrakech can be attractive in many ways, as the Moroccan metropolis benefits from countless assets. In recent years, the city has witnessed numerous urban planning projects and hotel and luxury residences built by reputable and high-end hotel groups such as Ritz-Carlton and Four Seasons to name a few. A must-see for the unforgettable holidays it offers, the city with its colourful alleys is full of many historical and architectural monuments that make it a great place to live. Finally, the city attracts an affluent clientele through its offer of highly reputed golf courses making it the must-see golfing capital.
Whether you are looking to make an investment for your primary or secondary residence, or are leasing your property, there are many opportunities in the “Red City” market.
The real estate market in Morocco is booming and with an increasing number of foreign buyers, the country’s main cities are now becoming popular destinations for luxury tourism. High sunshine, proximity to major French and European airports and beautiful sandy beaches make Marrakech the perfect place for an investment in luxury apartments or residences.
Prices have corrected their steady rise after the economic crisis of 2010 and tariffs per square metre have become much lower than those experienced in our major French and European metropolises. The city offers opportunities to purchase riads, apartments or luxury villas at a lower cost. It is important, before taking the decision to proceed with the acquisition of a property in Morocco to analyze several points such as the choice of destination, the importance of being accompanied in its procedures and Moroccan taxation.
You will find below 3 tips to help you make your decision by focusing on your choice of destination for your project, the people you can contact to complete all your research and purchase formalities, and tax rules in Morocco.
Before you realize your project of acquisition of your luxury residence, your riad or high-end apartment in this destination, it is advisable to ask you the question of the reason that made you choose this city. Above all, you must not give in to a sudden temptation that would follow a successful trip making you fall in love with the Moroccan city. Living all year round in a city and a country you don’t know well can be less pleasant than expected.
If, on the contrary, you are looking for a rental investment, be careful to protect yourself from a fashion effect caused by the tourist boom making the city a must-see destination. Ensure the sustainability of the situation for your implementation. For example, the riad market has been expanding in recent years thanks to the publicity of acquisitions made by well-known personalities among artists, industrialists and politicians. You find exoticism 2 hours by plane!
The highlighting of this region of Morocco helps boost the luxury real estate market and the many offers testify to this. It is therefore important to make a careful selection of goods, focusing on the environment, the neighbourhood, the possibility of parking your vehicle or noise nuisances day and night.
When you have decided to purchase a luxury residential property in Morocco, it is important to guard against the sales practices and habits of local actors. First, you must choose to hire a real estate agent or real estate agency. Indeed, these professionals perfectly master the mechanisms and the workings of the local market and will avoid the pitfalls in which you could find yourself. For example, it should be noted that many properties for sale in Morocco do not have securities, which can lead to risks or malfeasance after the date of your purchase.
For a controlled investment in a luxury residence or villa, the key word is patience, because avoiding all precipitation guarantees to protect you from possible future disappointments. Indeed, in the Medina, many properties for sale are old and even if you have decided to have work done, you could quickly be discouraged by the discovery of cracks or major plumbing problems jeopardizing the integrity of the building. Finally, avoid making your purchase on plan, the delivery of goods on paper can reveal surprises when you enter the premises.
Do not hesitate to bring an architect or a professional of the former local.
Although the rates per square meter of luxury real estate in the city remain more attractive than in Europe or France, it is essential before proceeding with your purchase to look at the tax rules in force in the country. The advantages of Moroccan taxation for foreign investors are numerous. First, you must take into account the resale facilities of your property and especially the consequences that can impact your taxation. Some tax treaties guarantee the transfer of income or capital gains, while others avoid double taxation through agreements with certain countries. Do not hesitate to be assisted by a tax advisor specialized in real estate acquisitions in Morocco.
Finally, any acquisition is subject to notarial rules for registration fees, land contributions or notary fees. Consider incorporating all these taxes into your budget, which can represent up to 10% of the amount of your acquisition. There are many pitfalls to avoid when you want to invest in luxury real estate in Marrakech and it is therefore essential to be methodical and vigilant for a serene realization of your project.
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