Morocco is currently one of the best countries in the world for real estate investments. The country is rich in history and culture and offers many investment opportunities, both financial and cultural.
More recently, Morocco has seen a boom in tourism after the end of the health restrictions and a boom in the business community, which has attracted a lot of investment.
The business community is booming, which is attracting a lot of investment. The real estate sector is also growing in popularity in Morocco due to the high demand for quality properties.
Hence the question, is it a good idea to buy a property in Morocco? Buying a property in Morocco is very profitable in the medium and long term, in fact, it is more interesting than a simple year-round rental and/or vacation. Many buyers who go to Morocco are usually retirees who choose the country as a destination to immerse themselves in a serene life in the sun. But they are no longer the only ones investing in this sector. In fact, many young Europeans are considering buying a property in Morocco, but initially with the idea of renting it out, in anticipation of vacation and retirement.
In this article, we’ll tell you everything you need to know about investing in real estate in Morocco before you move there, whether you live abroad or are just visiting for a short stay.
Very close to Europe
The country is really opposite. In the case of Marrakech, which is also called the Red City, it is 2 or 3 hours flight from European countries. As if this were not enough, there are daily flights between European capitals at very affordable prices. This is why Europeans choose this city to invest in real estate. Don’t forget that the city has an excellent reputation for tourism and is gaining more and more popularity. It receives thousands of tourists every month, which further encourages real estate investors.
Low cost of living
For years, Morocco has always been the preferred destination for retirees. But in the last two years, real estate projects for retirees have grown considerably in Morocco. This trend is due to the pleasant year-round climate, but also to the cost of living, which is much lower than in Europe. This more economical way of life offers the possibility of having staff at home, even for those who do not have large savings.
For the price of a villa in Europe or elsewhere, retirees can build small palaces in Morocco. Some even choose to buy a Riad, others opt for a luxury villa or apartment.
Multiple tax benefits
Investing in Morocco is also the potential to benefit from several tax exemptions, including:
No wealth tax and everything related to inheritance tax
The transfer of invested capital and profits insured
80% reduction in pension tax
Income tax exemption for 5 years
And many others
If you want to know more about the tax advantages of real estate, please contact our real estate agency VILLAS MASTER.
Everyone can be a property owner in Morocco
Anyone with the necessary money can buy a house in Morocco. Both nationals and foreigners. It is not necessary to be a resident or to have a special visa. You can buy the property and live in it as long as your tourist visa allows, or rent it out.
The Moroccan government has established a National Commission for Real Estate Regulation that ensures equal treatment of foreigners.
The Moroccan government has established a National Commission for Real Estate Regulation that guarantees equal treatment between foreign and local buyers.
Investing in Morocco allows you to benefit from a pied-à-terre for your vacations, but also from additional income from the rental of the villa, apartment or riad purchased.
The only restriction to buying real estate in Morocco is on agricultural land. These cannot be purchased by foreigners. If you plan to buy a house with land, it is important to check the designation of the land on which it is built. If it is defined as agricultural land, you will not be able to buy it legally.
In some cases, it is possible to change the land designation to uncultivated land. In this way, you can buy it. Therefore, it is important to hire a competent real estate agency. VILLAS MASTER agency can accompany you and facilitate the administrative and financial procedures for the purchase of your property.
Well-structured procedures
To facilitate the procedure, a foreigner wishing to buy a property in Morocco should first open an account in dirhams convertible into foreign currency. Because payments, both for the property and for administrative fees, must normally be made in Moroccan dirhams.
Clear procedures are also in place if you want to resell your property, and repatriate the money to your country. The retransfer guarantee is only valid for investments made in foreign currency and registered with the exchange office.
This means that the buyer must have paid for the property in foreign currency on an account convertible into dirhams.
Otherwise, a non-resident will have to spread the repatriation of funds over 4 years (25% per year).
But with a reliable and solid Moroccan banking system, you have nothing to worry about. The reliability of this system is the result of a stable political situation known worldwide. This is the reason why investors appreciate Morocco more and more.
Buyers’ favorite cities
Buyers generally choose Marrakech, nicknamed the pearl of the south, which attracts many retirees for its souks, its ramparts, its wonderful palm grove, its unique infrastructure…It is also a city of contrasts: you can have the most modern villa whether in the center or on the outskirts. At the same time, you can admire traditional architecture that highlights a culture dating back a thousand years.
Although it is Morocco’s top destination, it is not the only city in the country that attracts buyers. In fact, the cities that appear as favorites are also:
Casablanca: Morocco’s economic capital, with its port city on the Atlantic Ocean. There are so many construction projects in this city that Casablanca is always under construction.
Agadir: Gentle and exotic are the words with which we describe the city of Agadir. You will have the opportunity to have your own villa with sea views.
As you have just seen, not only is the real estate market in Morocco an opportunity to be seized, but it is also possible for a foreigner to buy a property in Morocco. Housing prices are very attractive compared to Europe and there are good opportunities to monetize the property with very attractive rental yields if you are an investor looking for a relatively safe asset.
Buying a villa in Morocco can also be an option for those looking to retire with their savings in a country that offers extraordinary gastronomic and cultural diversity.
But to guarantee the purchase of your dream villa in a foreign country, it is recommended to contact a real estate agency. VILLAS MASTER offers you registered properties and protects you against possible scams. We will also help you with all the administrative formalities.
