Invest in Morocco?

Re: Invest in Morocco ???

Hope you are not looking for another Guaranteed Scheme this time?

You are going to get your fingers burnt again by believing that these good deals are waiting for you (just my opinion)...

Out of curiosity, why do you persevere in trying to invest in properties abroad ? do you plan to use this property yourself or is it solely for investment purposes?
 
Re: Invest in Morocco ???

I've no intentions of going down the 'guaranteed rental'
road again.
Morocco seems to be the latest 'you cant afford to past'
location just looking for some feedback on the place
 
I'm looking at Morocco myself as we are doing business there at the moment.

My initial view is it certainly beats places like Dubai.

Large country , well established tourism trade. Huge streaches of med and atlantic coastline, friendly people, ryanair flights from uk starting maybe Ireland in the near future. Reasonable prices, Southern parts are a 12 month holiday destination. Prices yet to move up substantially.

I was there last week and even though it was the middle of ramadan it was chock full of visitors.

European style flight times etc etc

Definitely worth a look.
 
some bloke on the matt cooper show about 3 months ago ( it was during his purchasing abroad section) thought it was also the next hot spot and voiced the opinion that the early birds always get the best deals. not interested myself but there are some pretty good looking villas just opposite spain on offer for around €60000 complete with pools. 'course being advertised as 'costa del sol' area and 'only 12 miles from spain' . just wondered myself was this the escape route they were talking about?
 
research the Siadia development, theres a thread on this is you search AAM, personally I thinks its a great country but to each their own
 
Morocco is a poor African muslim country.

3 reasons why I wouldn't want to buy property there
 
Oso said:
So you wouldn't have put your money in say Marrakech 5 years ago?
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No I wouldn't have because ity's a poor African muslim country. I've spent time working in Egypt and I do not have any love for African muslim countries. These places may seem welcomimg/beautiful when you stay in holiday compounds or tourist areas but when you go beyond this it's not very pleasant and you are quite likely to meet some fanatic who dosen't take kindly to westerners.

I read in this months Business Plus magazine that there is very little structured title deeds system in Morroco so your ownership title may not be 100% secure.

Now I know you're going to tell me that property prices have gone up X% in the last 5 years but lets face it with the global shift from stocks to property alot of places have seen property price appreciation.

I wouldn't invest somewhere where my security/safety is in doubt, where corruption is rife and there are no signs of an economic upswing.

Unless someone has in depth knowledge of Morroco, has spent a considerable amount of time over there, then I wouldn't advise buying in Morroco.
 
Maxi I hope you are not a blonde woman.
Anyone remember when there was a lot of blond female westeners murdered in a big moroccan city about 5 to 10 years ago.
Anyone i know who worked in a muslim country didn`t like it and couldn`t wait to leave.
I`m sure morocco has a nice climate ,but why don`t you go and live there for a month or two to see if it`s for you.
 
I am a fairly frequent visitor to Morocco (I drop over about three or four times a year on the fast ferry from Tarifa), but I usually come back the same night or within a couple of days!

Morocco can have some good deals in the towns in particular; a lot of people made a few bob by getting in before it became fashionable with some of the rich westerners, and sold on at nice profits. The locals have well copped on to this now though, and they generally know the value of their properties.

I have two problems with Morocco as an investment destination, much as I love the place and its people. Firstly, the (mostly Spanish) developers who have moved in to develop marinas and associated developments are selling not at the local market price, but at what they can get from foreigners who are making spurious comparisons with other countries. My second issue is with the need to live in a secure compound if you have a holiday home there, in order to have a bit of peace from thieving and incessant begging (which upsets me on a number of levels, not least the fact that I can exist in some comfort there while the locals have to beg for a living).

I like the country, and the prices of some properties look attractive, but when you look at an exit strategy you realise that it it better to get back on the boat!
 
DonKing said:
No I wouldn't have because ity's a poor African muslim country. I've spent time working in Egypt and I do not have any love for African muslim countries. These places may seem welcomimg/beautiful when you stay in holiday compounds or tourist areas but when you go beyond this it's not very pleasant and you are quite likely to meet some fanatic who dosen't take kindly to westerners.

I read in this months Business Plus magazine that there is very little structured title deeds system in Morroco so your ownership title may not be 100% secure.

Now I know you're going to tell me that property prices have gone up X% in the last 5 years but lets face it with the global shift from stocks to property alot of places have seen property price appreciation.

I wouldn't invest somewhere where my security/safety is in doubt, where corruption is rife and there are no signs of an economic upswing.

Unless someone has in depth knowledge of Morroco, has spent a considerable amount of time over there, then I wouldn't advise buying in Morroco.
Click to expand...


Some of the reasons to consider Morocco:

- Arabs and Americans have invested billions.
- Low cost airlines fighting to secure routes.
- Emaar spending $21 Billion
- Ports, motorways, airports are improved or rebuild.
- Good climate
- property prices on the Morrocan Mediterranean coast are far below
the Spanish property prices only 9 miles away at the shortest point.
- Short flying distance to most of the European airports.


I've been to Med coast of Morocco and seen some of these changes being implemented. It's a much more liberal country than Egypt. Some of the established areas of Morocco have been upmarket destinations for Europeans for some time with booming property markets.

Med coast of Morocco is an emerging market so my main concern - as with all emerging markets - is whether there will be an active re-sale market in future.
 
Oso said:
Some of the reasons to consider Morocco:
- Arabs and Americans have invested billions.
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The Arabs and Americans invest billions into other African/Middle eastern countries but I still wouldn't buy in the region

Oso said:
- Low cost airlines fighting to secure routes.
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These airlines can pull out just as quickly as they entered. Are there reguler cheap flights to Ireland?

Oso said:
- Emaar spending $21 Billion
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Is this the Dubai based real estate company? Developers like these are making money by buying vast sites using third world labour(a fraction of the cost of European labour) to build developments and sell to westerners at prices comparable to European prices, a price which locals could never afford.

Oso said:
- Good climate
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Would it not be too hot in the summer? Anyway Baghdad has nice climate but I wouldn't buy there either.


-
Oso said:
property prices on the Morrocan Mediterranean coast are far below
the Spanish property prices only 9 miles away at the shortest point.
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Yes but Spain is a European 1st World Country. Morroco is a 3rd world African muslim country.

I've never been to Morroco so to be honest I am just extrapilating from my experiences in Egypt and Turkey. Both places I've worked in previuosly.

I'm not saying that there would not be apportunities to make some money on property Investment in Morroco but I think people need to go into these markets with their eyes wide open. You are not buying in a "normal" Western country, things are very different over there. The locals will most likely never to able to afford to buy your property, so you will always be trying to resell your property to non-Morrocon's. If there is any future political upheaval or terrorist bombs etc then the tourist market (and property prices) could diminish very quickly. If you are going to use your Morrocan property sometimes as a holiday home, then you would have to consider very carefully security and health care for you and your family.

It's quite shocking how some people can go to a property exhibition, listen to the sales patter of a slick salesman and believe his story that everything is wonderful in countires like Morroco and that Mororco will be the next big thing. Their research is often the fancy marketing material provided by the slick salesman.

I am not referring to you Oso but speaking in general terms.

Good luck to you, if you have invested there or are thinking of investing there, but it certainly wouldn't be for me.

DonKing
 
DonKing, Can you suggest some emerging markets in non-muslim countries where you think money could be made and there is demand from locals.
 
Oso said:
DonKing, Can you suggest some emerging markets in non-muslim countries where you think money could be made and there is demand from locals.
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Oso, I've invested in Budapest. I purchased a couple of new builds in 2004 in district VI very close to the Octogon on Andrassy. This is quite a good area.

If you consider Budapest then I would suggest that you only consider the better areas ie District V, VI and some parts of district VII. When I purchase again in Budapest it will be second hand apartments and probably through a local agent. Property sold by Irish agents is probably 20% dearer than what you could get locally.

I'd recommend if you are looking for good professional advice then I would have a look at some excellant previous posts made by AUTO320. Almo has also provided some very good information. There are others but I can't recall their names readily. If you are going to consider Budapest then I would review the previous posts made by BUDAPEST. He's an Irish guy who lives over there and is very familiar with the different areas etc.

Where ever you intend to purchase make sure you get over there and have a good look round.

I'm going to stop now because I see someone is accusing me of diluting the thread!

Anyway best of luck to you. Feel free to PM me if you want.
 
slave1 said:
per Don King post


don't dilute this thread with postings and then that nugget
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Where have I diluted the thread? Not being to a country does not preclude you from making comments/answering questions?

The OP asked for information on Morroco and I provided her with information...It's a poor African Muslim country.

OSO then put a question to me(I think) and I answered.

AAM is useful to people looking for information on foreign property investment because one sided positive information is generally challenged and people can hopefully get a balanced view and make up there own minds.

I had a look at your previous contributions with regard to Morroco and I see in this thread below that I actually answered a number of questions for you and now you start accusing me of diluting threads.

It's obvious from your previous contributions that you are over enthusiastic about Morroco probably due to believing the sales garbage of whoever you bought from.

Anyone interested in Morroco should indeed look at the previous posts!

http://www.askaboutmoney.com/showthread.php?t=33838
 
I have been to Morocco, from Fes to Marrakesh, Tangiers, Rabat, Casablanca etc.

It's a fascinating country to visit & like someone already said the locals would be very poor & in areas totally primitive.

Personally I would not be inclined to invest there for 2 reasons.

1. The hotels there are quite reasonable for tourists.

2. There are still problems with the quality of water supply. Even staying in 5*hotels quite a few of the people I travelled with got very very ill. You can't even brush your teeth with the water !
 
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