Morocco # English board

Before I moved to the US I did invest in a 75m2 apartment when the market was reasonable. Now with the real estate bubble over there I can get the double of what I paid.

I'm not planing to live back in Morocco and I'm thinking if I should keep this apartment or not. I'm paying the mortgages, the electricity, phone, Internet and nobody lives there. And that's makes me crazy.

When I ask my friends here, most of them said that I should keep it (BTY all of them work hard here to have one day a home there). Others said I should get rid of if and bring my money here since the $$$ is very low.

I'm really confused and need some genius ideas from you guys. Sale it or keep it or maybe lease it???

Cheers

Hi Chaiba Kadim,

the question is : how you get the money out of morocco ?
morocco have a strict policy regarding transferring DH abroad , some banks come up with something called : convertible DH account unfortunately they charge too much , it s risky and you don t get a good value for your money

selling or not ? it s entirely up to you i have been in the same situation as you i inherited few buildings and they were costing me a fortune just to keep them close and secure : council tax , electricity , phone line rental , security(la3ssase)...........

if you decide to sell the best option is to sell to someone living abroad this way you can get paid by money transfer outside morocco without that your money get stuck inside morocco , and the paperwork , mo7afada registration etc do it in morocco
leasing it or renting is the worst idea ever , simply because most cases end up in court , the lodger refuses to leave , and even after a long court battle if you manage to win the case they destroy your appartment,there are some horror stories about leasing and renting , not worth it too much unnecessary stress.

best of luck



Edited 2 time(s). Last edit at 11/06/2009 12:00PM by printemps1.

if you don t need it , you don t use it , and it costing you money , sell it

Thanks for your answers.
For the transfer issue:
I can tread with some fellows here so, take dollars here and give them dirhams over there. Or as you said sale it to an immigrant.

But my concern is more about the property itself. I say, maybe someday I will need it, what if I go there from time to time at least I will have a place where to stay ... you know this kind of though
And what's really makes me think about that, is when you see all people dreaming about having a property in Morocco and how is the ultimate goal in their lives.

Also "maybe I'm wrong" but I still have this attach to the land at least you have your own place somewhere in this world

For the leasing, I don't really trust how stuff works there. It's not as clear as here. Also my parents are so peaceful people that there is no way that they can deal with any problem that I'm sure will occurs if I rent it.

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:: chaïba sawfa ya3oud ::

In which town in Morocco, if you don't mind me asking, you have this flat?

It's located at Sala, in a cute complex facing the Atlantic. From the master bedroom you have a nice view on the ocean. I got it very cheap, immediatly after the prices exploded in this area, specially due to the projects going on at the Bouregreg Valley, a Carfour store 10 minutes walking, and much more construction going on.
It's just that I don't really benefit from all that

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:: chaïba sawfa ya3oud ::

I think you should definetely keep the flat. If mortgage is too high - maybe you can sell it and buy something cheaper. But if you can afford it - don't sell it. Even if you don't use it often - think about your mortgage payments as a pension scheme

Oh, yes,- and never rule out possibility of moving back to Morocco. You might change your mind in future for whatever reason.
Unless you're there and renting weekly or monthly, to lease it for long periods wouldn't advise either - just headache and worries if you will need to pay colossal sums of money for them to get out

If i were you I think that i will rent it...

My parents don't want me to rent it they don't want problems and neither I.
So I think I will do like most of "zmagriya" close it.

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:: chaïba sawfa ya3oud ::

Hi chaiba kadim,

I think you should keep it if you can aford it... I bought as well a flat in morocco, it's only a place to stay once a year for holiday and like you i got it very cheap. But I am not planed to sell it, its a kind of investment and it really makes us happy my wife and I, to have a place for us and specially in morocco; our beautiful country.

hi guys,
if you don`t mind me asking ;how much do you want to sell it ? i`m planning to buy a flat as i live half time abroad half time in morocco .regards

prices vary from a town to an other , the location makes a lot of difference

Hi Hanine012;
Morocco does not follow any rules, it's very confusing. Even with the crises and all this stories we heard, the real estate in Morocco is still growing. Like what "thetiger" said, the prices vary from town to town and from neighborhood to another one.
I don't know other cities well but Ican give you an idea of where I used to live "SALE" in the Old Medina it became like Marrakech, hard to buy and practically no offers. Around it, two years ago an investor got a big lot that used to be for an industry in Tabriquet, they sold the apartment as Economic ones = less than 20M. I know some guys they flip it for 35M months after. Same thing happen to Dohha in Hay Salam.
If you go away from the Medina, the prices are more reasonable, A standard apartment is between 26M and 26M. Lately some investors moved to High standing apartment which is new in Sale and prices are much higher 46 to 60M but they are really nice.
So it depend of your budget and if you don't mind to stay in remote area (you will definitely need a car to move around).
For my apartment I bought is in 2003 for 23M now I can sale it easily for 36M.
Hope it was helpful.

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:: chaïba sawfa ya3oud ::