Morocco Property Guide
Buying Property in Morocco
One of the main aims of the Moroccan government has been to attract foreign investment in the country, in view of this, strong efforts have been directed in attracting more foreign nationals to purchase and invest in property within Morocco. This has resulted in more simplified methods in which foreign nationals can easily purchase, invest and take possession of property in the Kingdom of Morocco.
The first step to buying a property in Morocco is quite similar to other countries around the world, where there would be a verbal offer by the buyer to the seller.
This can be done officially through an agent who would be acting as an intermediary between the potential buyer and seller. Here at Mazene, we have qualified staff and a legal team who will take you through the entire buying process, from beginning to end, with complete peace of mind.
Anticipating the seller accepts the offer, or asks for a higher offer, and the buyer obliges, an opening contract is drafted. This is usually done by a lawyer. The lawyer will carry out necessary checks on the land or property, and then proceed to prepare the documentation. As mentioned before, Mazene can provide you with all legal professionals to deal with your purchase.
From here the buyer must obtain financing for the purchase of the property. If the buyer wishes to transact funds from abroad, they need to open a euro account with a bank in Morocco, which is very simple, and transfer the funds, which will then be converted into dirham which will be paid to the seller in the final period of the purchase. We must also mention at this stage, that a deposit should be paid to the seller of anything upto 30% of the total purchase price. The buyer has 30 days from when the initial contract is signed to place the deposit agreed between the two parties.
For buyers wishing to apply for a mortgage here in Morocco, there are some mortgage lenders, which provide mortgages at great rates, specifically for foreign nationals interested in buying real estate in the Kingdom of Morocco. Through these mortgage lenders many buyers which we have dealt with have found the entire process to be much easier. For buyers wishing to apply for a mortgage in Morocco click here:
Eventually, the two parties will have the final contract executed, which will result in the remaining sum being paid to the seller; at this time the property is then registered with the government of Morocco in the name of new owner.
The whole buying process can be concluded in a matter of days, taking into consideration the speed at which negotiations and payment of offer are completed.
There a certain fees which come with buying property or land in Morocco, please see below:
House for habitation – 3 years or more terrain without a building and obligation to build within 7 years:
> Registration fees: 2.5 %
> Notaries tax : 0.5 %
> Funciary conservation :1 %
> Notary’s fee : 2.5 %
> Current funciary conservation (if necessary) : 0.5 %
> Sundries (fiscal stamps etc.) 1,500 to 3,000 DH
> Ad Valorem rights: 1.5 % up to 50,000 DH + 2 % above this
> Surveyor: 2,500 DH approximately
Offices for commercial use or terrain without obligation to build:
> Registration rights: 5 % (Registration rights for the first sale of a commercial property is 2.5%)
> Notaries tax: 0.5 %
> Property registration: 1 %
> Emoluments, fees: %, with a minus of 2.500 DH
> Sundries (fiscal stamps etc.): approx. 2.000 DH
Agricultural Land
> Foreigners are forbidden to buy agricultural terrain. The only way to legalize this is to change the judiciary status of the land by declaring it to be “non-agricultural” terrain.
