Showing posts with label Tangier. Show all posts
Showing posts with label Tangier. Show all posts

Wednesday, 1 December 2010


The financial crisis has had a relatively minor effect on Tangier’s property market; the lower end has in fact remained robust, said Robert Shaw, marketing director of Elite Moroccan Properties, based in England. He attributed this to Morocco’s growing middle class and the government’s efforts to improve infrastructure within the city.
As for luxury homes, he said, prices have fallen 10 to 20 percent.
In addition, there are fewer foreign buyers today than a few years ago, said Reinald Beck,director of the New Real Estate agency in Tangier. Over all, housing prices vary widely according to location and condition, Mr. Beck said. Within the medina, prices range from $60 to $70 a square foot, for homes in need of renovation, to $95 to $112 a square foot for restored homes. This house has an asking price of around $167 a square foot, above average because of its central location. But price negotiation is a common practice here, Mr. Beck said.
In newer parts of town, apartments designed for Westerners cost anywhere from $109 to $218 a square foot. Newly built luxury apartments and villas — a small portion of the market — sell for $185 to $205 a square foot, down from $240 a square foot before the financial downturn.
Traditionally, the majority of foreign buyers in Tangier are from France and Spain, Mr. Beck said; there are also buyers from Asia, Britain, Europe and America.
Foreign buyers in Tangier tend to be “more adventurous” than those who seek properties in Marrakesh, which has more development, Mr. Shaw said. “A buyer has to see beyond the city as it is at the moment,” he said. “It’s actively being transformed from a poorer, less visually stimulating city into a city that will be a serious reference point on the entrance to the Mediterranean in 10 years’ time.”
BUYING BASICS
There are no restrictions on foreign buyers of residential properties in Morocco, said Loic Raboteau, the joint head of the French and North Africa Law Department at the International Property Law Center in Britain. But foreigners are prohibited from buying agricultural land.
Purchase-side costs are 7 to 8 percent. This includes notary fees, which run 0.5 to 1 percent; a 1 percent land registry tax; a 3 percent stamp duty; and a 0.5 percent transfer tax. Real estate agent fees are 6 percent and are typically split between buyer and seller, though this fee is often negotiated, Mr. Beck said.
The use of a lawyer is recommended; fees are approximately 1 percent of the purchase price, Mr. Raboteau said.
Most buyers pay in cash, Mr. Beck said, though financing of up to 50 percent is available to foreigners. Interest rates are about 5.2 percent.

Categories

'Cheating' Chilean miner rescued (1) 'Codependency is not about a relationship with an addict (1) 000 inhabitants (1) A Pole Addict's 12 Step Program: Step 12 (1) ADDICTED TO LOVE (1) CONTINUE ENGAGING YOUR PRIMARY MATE (1) Celebs manage a quiet divorce (1) China’s aggressive new regulations aimed at cooling off the nation’s real estate market have led to the first decline in housing prices in 16 months (1) Courtney Cox was cheating (1) Depression (1) Hollywood ex-romance: Shia LaBeouf and Carey Mulligan confirm their Split (1) INVEST IN A “PAY-AS-YOU-GO” PHONE (1) Jerry Hall former model and wife of Rolling Stones singer Mick Jagger (1) Joaquin Villanova (1) Juhu-based actress has lodged a case against her husband and his two brother-in-laws from his first marriage for cheating and threatening her. (1) Successful businesses must focus on relationship building (1) That was the best sex ever (1) Tiger Woods Tiger hole number 3 (1) What is Compulsive Sexual Behavior (1) as ‘outrageous’ for a municipality of 30 (1) but she didn't give up looking for me at just one strip club. (1) control battles take place (1) denounced the salary of the Mayor (1) has revealed her ex-husband’s addiction for poker and women. (1) husband was having sex with someone else (1) it is the absence of relationship with self (1) mood swings and irritability - these symptoms are more visible in men when they break up with their girlfriends. (1) signs of a cheating wife you can't ignore (1) “It was like she was stalking me. “She definitely knew who I was and wanted to meet me and talk things over (1)

Unordered List

Disclaimer

Disclaimer: The statements and articles listed here, and any opinions, are those of the writers alone, and neither are opinions of nor reflect the views of this Blog. Aggregated content created by others is the sole responsibility of the writers and its accuracy and completeness are not endorsed or guaranteed. This goes for all those links, too: Blogs have no control over the information you access via such links, does not endorse that information, cannot guarantee the accuracy of the information provided or any analysis based thereon, and shall not be responsible for it or for the consequences of your use of that information.

Blog Archive

Pageviews from the past week

Subscribe via email

Enter your email address:

Delivered by FeedBurner

Members

Powered by Blogger.

Translate

LinkWithin

Related Posts Plugin for WordPress, Blogger...

Popular Posts

THE INTERNATIONAL MARBELLA SET

THE INTERNATIONAL MARBELLA SET

Popular Posts