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Five years it has taken me to bring it back to its former glory, restauring old zellije, XIV century old carved wooden balconies and plaster arch which I found condamned into a wall. I did not invest in one of the hundred of thousands of new deelopments few kilometers of the coast of Spain. I know nothing about that, apart from seeing that they all look pretty much the same and seem far away from what a lot of the tourists coming to Morocco are looking for. I see more wealthy Moroccans interested in that sort of European get a personal loan with bad credit style living than foreigners. On the other hand Fes, like Marrakech is flooded by tourists looking for exoctic, out of time, historical type of holiday and those people who have understood that are actually earning good money and enjoying loans short term a good return on investment. Most people that I know, including myself had to move to Morocco not get a personal loan with bad credit only to follow the purchasing process, but the restauration, the start up and the consolidation. I would doubt of any investment in Morocco advertised as a self-managing money making deal. I would like to understand how the legislation surrounding guest get a personal loan with bad credit houses in Marrakech works.
I have heard a number of things surrounding 3 and 5 bedroom riads which leads me to believe that nothing under 5 bedrooms can be classed as a guest house and that this legislation came into play recently.
As my husband and I are considering buying a riad to renovate in the mdina and then running it as a guest house to cover costs we would like to stay on the right side of the law. We dont want to make a mistake and buy something costly which we cannot recoup any rental from, in which case we will stick to looking for something of a smaller size for family and friends but again we are unclear if we are outside of the law if we take rental from this on a regular basis. If anyone can untangle this one I would be grateful is it is holding up our decision making process until we understand this better. The truth is that legislation tends to change all the time and not just in general but from town to town. What has been happening in Marrakesh for example is different than Fes, the city where I decided to invest. When I bought my house there almost six years ago I looked at properties that could be developed into a 4 bedroom guest house which was the minimum you had to have to be able to hope to get a licence to operate as a business. It was mandatory to have a dedicated soundproof room for customers to make calls!!! At the same time in Marakesh foreigners where complying cash advance indianapolis to none of the above and still setting up beautiful businesess. All that has changed now and and I think a lot of those silly restrictions do not apply anymore.
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At the end it did but it has taken me 5 years to finish my project and still had to bribe. What you need to be careful with is how you intend to operate. I mean, will you set up a company that will purchase a property and make a business out of it or will you just be a private owner that will want to run his house as a business or set up a separate company that will rent the restored property off you to run it as a business? This option will greatly influence your ability to repatriate some of the money you earn from your business or from its sale should you decide after few years to leave morocco.
I think Fes would present more opportunities than Marrakesh were the prices have gone way up and you face a lot of competition. Fes however is a more complicated place: the quality of the artistic value of the houses in the medina is higher but that makes it more complicated to restaure. One thing for sure is that you must be there all the time to follow things up. One day you could find wall collapsing in a room full of guests and people dying because instead of fixing the cracks on the walls( what you asked and paid for) they just put a layer of plaster and made it all look nice. You only have to look at other hotspots, UAE, Brazil, and India. However the bottom line is if you can make a profitable long term investment in those countries and be assured that we are not going to get ripped off in the process.
Morocco on the other hand is an emerging market built on potential and little else. Both agree that we have a good case but the first firm and now the second firm cannot be bothered to chase it up. One of my partners went to Morocco and forced a meeting with the developers and our Lawyer did not turn up (twice). He even went to court and was told that we had to sue the agent in the UK and the developers in Spain (their head office). I understand that Spanish firms have exported a lot of their unscrupulous practices to Morocco and unfortunately the Moroccan government do not know how to deal with it or are unwilling to do so. This has been going on for some years now and the apartments were supposed to be ready at the end of last year. Guess what, the work has been halted due to the recession. In the same period our other investments in India have doubled. For me, Morocco was an expensive lesson well learnt.
Any developer who is selling off plan in the current economic climate is going to be unstable. Even if they are solvent, why finish a development where a low percentage of the flats have been sold?
These companies are in this for the profit, and will be prepared to engage in court cases if they turn out cheaper than completing an unsaleable project.
I have been in Morocco in and out for 3 Years and can understand how rife the corruption is in the government departments. Finally I managed to make a mutual agreement for the tenant to vacate. As I understand in Morocco is that if you dont make the right tenancy agreement then you have to pay the tenant all the rent back to vacate from your property by the Moroccan Law. Most people prefer to rent appartments through estate agents.
The problem with the people there is that they like to capitalise on every opportunity they can have on a foreign investor. In morocco there is no regard for society and every one there is for themselves. For example when people board the bus in Morocco, everyone tries to push through the que. Why do they do that when everyone will eventually board the bus. Finally the moroccan dirham currency is not recognised outside Morocco.
There are control restrictions and taxation to convert the currency for exportation. As an investor do you realise that the hospital and medical bills get a personal loan with bad credit are expensive (I once paid 2000 dirhams in a clinic to have xrays and injection to kill the pain)? Do you realise the Moroccan mobile meditel and Maroc telecom is more expensive in tariff than England? Do you realise you have to pay garbage tax on your property? Do you realise you cant buy a car in Morocco until you have a Moroccan residence card? Do you realise that when you go to shop in the souk there are get a personal loan with bad credit no set prices displayed and that you have to bargain all the time? Do you realise that to marry a moroccan you need to make a dosier of approx 13 documents of yourself plus your fiancee, and you need to seek approval from the judge for marriage? Do you realise that you cant deposit dirham into your bank account until you have a moroccan residence card?
Do you realise that for any minor fault the moroccan police will ask you for bribes?
Do you realise that you can go to jail for giving a bank cheque from an account with insufficient funds? Do you realise that Morocco has big problems with prostitution, peadophilia and child labour? Do you realise that the minimum wage in Morocco if you happen to be bankrupt and work is approx 1550 dirhams? Do you realise that in August the temperatures are extreme of approx 45 degrees? Do you realise that electric bills are more expensive in touristic areas than local areas?
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