Property investment in Morocco is as safe as any other European country since buying property goes through a notary. However, foreign investors have to be cautious. They are advised not to buy directly from a seller or developer as the latter may sell property that has legal construction problems. They also need to act on the basis of a sound understanding of the legal, tax and inheritance systems both of Morocco and of their own country.
In a report issued by totally property.com, the prices of property in Morocco are « available at around a third of the price of a similar investment in Spain. This has made the country « increasingly popular with investors, » as stated in an article published last October on the London Stock Exchange site.
In 2003 Morocco passed a Law that laid down the legal process of off plan sales to protect the interests of buyers. Again one has to have knowledge of this Law before signing any contract. The bad news is that Moroccan Law does not cater for the « 7 day cooling off period » as is the case for the French Law. The good news is that when it comes to owning property, the rules that apply to foreigners are the same as those that apply to Moroccan citizens.
The dangers that may arise in buying property in Morocco are those that may arise in any country. The foreign investor should, for instance, make sure that the property has a legal title and is not affected by any debts and that the construction complies with the legal norms. To avoid any undesirable tax problems, whether in Morocco or in your home country, the price paid for the property should be identical to the price declared.
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