Every four years the world goes mad with football fever and this year all eyes are turned to South Africa. For many fans this will be their first taste of this beautiful country but for the discerning property buyer with an eye for quality, this year could be the first visit of many with a winning opportunity in Knysna joining the likes of Roger Federer, Ernie Els and Nick Price in your overseas holiday home.

The Garden Route runs along the southern coast of South Africa for some 396 km and is a memorable journey through intense, verdant landscapes, from the cosmopolitan city of Cape Town to “The Friendly City” of Port Elizabeth. The area offers extreme diversity from unspoilt beaches to ancient forests and National Parks. Nestled approximately half way along this majestic coast line rests the town of Knysna. It is one of the southern Cape coast’s best known and popular holiday destinations.

Knysna and The Garden Route has a Mediterranean maritime climate, with moderately hot summers and mild winters. Any time of the year is good for visiting the area, depending if you enjoy a peaceful retreat during the winter months, or a bustling holiday destination during the summer. South Africa as a whole is such an easy place to travel to as it only has a one hour time difference with the UK taking away the threat of tiresome jet lag.

Knysna itself has many attractions in the surrounding area, one of the most spectacular being the Knysna Forest, the largest indigenous forest in South Africa comprising of tall and ancient trees of local and exotic species. Animal life is limited to a few small antelope and a large variety of birds, such as the famous Knysna Loerie. Home to the once great herds of Knysna Elephants, it is believed that only one lonely cow remains today. A visit to South Africa is not complete for many travellers without a visit to a game reserve – easily accomplished from Knynsa where there are several opportunities to catch a glimpse of the ‘big 5′.

If a golf buggy is more your style than a safari jeep then the Simola Golf and Country Estate is probably the most desirable golf address in Africa. A Jack Nicklaus Signature Golf Course on South Africa’s Garden Route coast offering a lifestyle unsurpassed anywhere in the world. It is here you will find “The Theatre of dreams” – over 8000 square feet of opulent, luxury living. This property has undoubtably been built for a celebrity type lifestyle. The design of the house is contemporary and dramatic, cantilevered off the hillside, it is split over four levels with strong elements of stone and glass. The spaces are visually connected but separated by various water features resulting in a calming, tranquil feeling which compliments the internal spaces.

Simola is Knysna’s newest upmarket development and no expense has been spared in unlocking its true potential. All who visit, play or live at Simola applaud it rapturously. Jack Nicklaus designed the stunning signature 18-hole golf course around the lush indigenous vegetation and forests and the result is one of the most stunning new courses of the millennium set over a 325ha estate. The five star hotel, which opened last December has an exceptional spa and restaurant with views that are arguably the best in Knysna.

Theatre of Dreams is priced at £1,757,500. For more information please visit www.bw-international.com or call 01344 843000.

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In the past decade, Morocco has managed to double tourist income and there has been heavy investment in holiday properties over this period. The government are doing their bit by actively encouraging foreign investments to help raise up local living standards.

It’s not all good news though – despite the higher number of tourists visiting Morocco in 2009, the income from tourism declined. However experts believe that this is a mere blip and that the tourism income will be back up to predicated levels for 2010.

All this bodes well for overseas property investors: the more tourists, the higher the demand for rental property – and the stronger the market, the better the rental prices will be. With a strong rental market, the buy-to-let market will also increase so prices over the long-term should increase.

Morocco looks set to give overseas property investors who invest now good short, medium and long-term return on investment. Although other countries may out-perform Morocco in these areas, Morocco looks to have a stable property market therefore would be ideal for a property investor not looking to take too many risks.

View Morocco properties for sale
A free guide to the Morocco buying process
A guide to Moroccan property

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Morocco is an excellent place to buy as it offers a lively culture and history whilst being just a few hours flight away from most major European cities, making it attractive to a large number of tourists. There are plenty of different properties and areas in Morocco to choose from – from properties in the bustling ancient cities of Tangier, Marrakech, Fez and Casablanca through to the arid desert.

Moroccan towns and cities are home to some of the liveliest markets around whilst the beautiful coastline offers some peace and quiet for those looking for a relaxing holiday break. As Morocco has coasts on both the Atlantic set and the Mediterranean, tourists to Morocco have a choice of fantastic beach locations. For the outdoor-adventure types, it is even possible to ski and snowboard up in the snow-capped Atlas mountains. There really is a huge amount of different activities to participate in and it’s easy to see why Morocco is becoming one of the most popular holiday destinations around.

For overseas property investors this is excellent news at it means there is plenty of demand for holiday homes, meaning property prices are growing steadily, whilst rental prices remain solid and dependable.

As is to be expected, there is a wide range of property on offer from new-build apartments to the traditional riads and dars. The clever planning means new mixes well with old without jarring or looking out of place.

Popular Morocco property buying locations

For property buyers looking to buy in a city, the most popular cities are Fez and Marrakech. Fez was Morocco’s first Islamic city and these Islamic roots are clearly visible, lending an air of culture.

Marrakech is a city where most tourists will end up for at least part of their Moroccan holiday. Marrakech has an established tourist and property market and it is possible to find some fantastic restored riads for sale. However because of the tourist market, property prices here are about the most expensive in the country however rental yields are likely to be amongst the most stable and dependable. The outskirts of the city is worth a look as the modern housing built on the outskirts is often available at a more reasonable price than in the city centre.

The Moroccan coastline is also a popular place to buy. Mediterranea Saidia is one of the more popular resorts and will be home to a variety of buildings including 5 golf courses, bars, restaurants and plenty of hotels and clubs. This area is tipped to be a good area to invest in as the northern coastline is being targeted by the government to attract tourists in over the next few years.

The Moroccan Property Buying process

Once you have found a property you wish to buy, the first thing to do is to find a notaire. It is also a good idea to find an independent solicitor who will be able to check all the documents regarding the property buying process.

You should first put in a verbal offer on the property. Once this has been accepted by the vendor, you will need to sign a legally binding preliminary contract. You will also be required to pay your deposit. This is typically ten percent for a resale home and up to 40 percent for off-plan properties.

Your notaire will then get the title deeds for the property. For new build properties, this is fairly straightforward however be warned that for older homes, it can take up to a year to finalise as every member of the vendor’s family must give their approval for the sale to go ahead.

Once this has been sorted, around a month before completion you will be given a draft of the final contract. This must be signed and returned to your notaire. The final contract signing must be done in the presence of your notaire however if you are unable to travel to Morocco to sign the paperwork, you can appoint someone and give them power of attorney so that they can sign on your behalf. Once the contract has been signed, the remainder of the property purchase price is due along with any fees and taxes.

Moroccan Property Legal Issues

Although you do not legally require a solicitor in order to buy a Moroccan property, it is highly recommended because your notaire will not provide you with independent legal advice. It is advisable to have all three contracts translated into English by a reputable firm to ensure you are fully aware of everything that has been written into the contract. For new builds, the contract will sometimes give guarantees as to the quality of finish and construction therefore it is to your advantage if you are fully versed on these terms.

Although it is fairly common for properties to be sold without the correct title deeds, it is strongly advised that you do not purchase a property in Morroco without title deed documentation. This is because if you are not in possession of the title deeds, you do not officially own the property, regardless of how much you paid for the property.

Moroccan Property Financing

You are able to take out a mortgage in Morocco for up to 70 percent of the value of the property. This means that you will have to find 30 percent or more to fund the property purchase. Moroccan banks also will only lend up to about 40 percent of your net salary. Mortgages are repayment mortgages only – interest only mortgages do not exist.

Interest rates on Moroccan mortgages are currently around the seven percent mark. It may be worth seeing if you can raise finance in your own country through remortgaging other property or taking out a loan as this may work out cheaper than getting a Moroccan mortgage.

Moroccan Property: Fees and taxes

There are two main types of tax status in Morocco, tax resident and non-tax resident. If you spend more than 183 days per annum in Morocco you will be classed as a tax resident. Double taxation treaties are in place with many countries meaning you won’t be taxed twice for any income earned. It is advisable to talk to a tax specialist so that you know what fees and taxes are due in which countries.

When purchasing your Morocco property, budget around:

• 2.5 percent for estate agency fees

• 2.5 percent registration tax
• 0.5 percent notary tax
• Local taxes

Unless your property has been your principle place of residence for ten years, if you sell the property you will be liable for 20 percent capital gains tax.

Morocco does not have inheritance tax.

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The Moroccan government is said to be embarking on a programme of economic diversification which makes the country less dependent on industries such as agriculture, and boosts sectors such as tourism. The reforms could see the north African country becoming a more appealing destination for investors looking to buy property and eral estate overseas.

With the introduction of a new flight path between Madrid and Tangiers by low cost airline EasyJet, the country is becoming ever more accessibly and this bodes well not just property prices in the country, but also rental returns. Several low-cost airlines already fly to Morocco from a number of European destinations however this is the first time that a low cost airline has offered a direct link to Tangiers.

With King Mohammed attempting to attract 10 million tourists to the country each year by 2010, Morocco is shaping up to be one of the hottest countries for foreign property investment.

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The housing market in the area is buoyant with prices having gone up by around 50% in two years. For those looking to buy or move to Marrakesh, it has a reputation as being a very tolerant Muslim state although there are some concerns over terrorism in the area. Traditional Moorish houses called riads are incredibly popular, and buyers should expect to spend around $400,000 Euros on a small riad.

There are also plenty of new developments springing up on the outskirts – tending towards luxury villas, most offer private pools and are tailored towards wealthy professionals and overseas property investors. The majority of these luxury developments go to foreign buyers therefore if you are after a real taste of culture, you would be best buying further in. Many of these luxury villas command a higher price than the traditional riad – prices start from around $900,000 although prices will vary from development to development.

Rentals in the area are hard to predict although there are some schemes which allow a guaranteed rental return for two year periods. Tourism in the area is increasing and King Mohammed is hoping that by 2010, 10 million tourists will visit the country a year. This all bodes well for the rental market, particularly with budget airlines looking to fly into the country.

If you are looking to buy, foreigners can generally borrow two thirds of the property purchase price from a Moroccan bank. If you require more than this, it is worth checking with banks in your home country to see if they will lend to you. Any property bought in Morocco can be sold at any time, although capital gains tax at 20% will be due. Foreigners are positively encouraged to buy to help boost tourist numbers.

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When you have found your perfect property, it is best to secure the deal by placing a holding deposit of around $4,000 (£2,000). It can be advisable to place a refundable holding deposit on any property you are interested in before you go to see the property to stop any price hikes and to stop some other investor snapping up the property.

About a fortnight after you have agreed on a price, contracts should arrive. Generally these are in French with an English translation. Within the contract, there will be a request to pay the balance of the downpayment – this is generally around 40% of the property purchase price. The contracts and payment should be sent in a timely fashion.

Once the vendor has received the payment and contracts, the property will be secured into your name. You should receive a receipt for the downpayment along with a final copy of the contract. The property sale can now complete.

On the day of completion, you will be required to sign at the notary for you to take possession of the property. The balance of the property price must now also be paid. There will also be transaction costs to pay which are normally about 5% of the property purchase price.

You might prefer to have a lawyer or notary to formalize a lot of the details and finalize the sale on your behalf. To set up a power of attorney, you may be required to visit the Moroccan consulate in your own country. Although this may cost you a little bit of money, it may save a lot of time in the long-run.

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The country is becoming more accessible thanks to low-cost airlines, and as the tourism increases, so do the potential revenues from property investment. According to recent figures, Morocco’s economy increased by 8.1% in 2006, much of which is thanks to the burgeoning real estate trade.

The appeal of Moroccon property is far reachin with captain of the England football team, John Terry, recently buying a pad in the country. He has bought a three-bed house in the exclusive Le Jardin de Fleur in Saidia on the Mediterranean coast. When asked why he chose Morocco, Terry explained, “The weather appealed to me, as did the short flight time. When you are looking for a holiday home, some places can be four or five hours away – too far! Morocco can be reached in just two and a half hours which is ideal for me.

“The country is also full of great beaches and swimming pools and the fact the villa is in a gated community really appeals as this gives security for my family…It’s not about throwing my money at any old property – this is an investment for my pension and retirement.”

And it seems it isn’t just John Terry who is attracted to the area. Other British footballers who have bought in Morocco recently include Gary Neville, Phil Neville, Rio Ferdinand and a number of Chelsea players.

If you don’t have the budget to equal these footballers, there are plenty of cheaper properties on the market. On Le Village de Sport development, there are townhouses and villas for sale at reasonable prices – a townhouse will set you back about £160,000 and a villa is anything from £260,000 upwards.

Given the influx of tourism that is expected and the immense investment that is happening throughout the country, it looks like Morocco could be an excellent place to buy for future returns.

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Overview

Morocco is located in northern Africa but only 3 hours away from the UK and only 35 minutes away from Spain at Algeciras and Tarifa by fast ferry. Morocco is very diverse geographically with huge stretches of coast both on the Atlantic side and on the Mediterranean side. Internally there are great plains and three large mountain ranges where in places skiing is possible. A big part of the country is covered in desert providing some hot weather for the southern part of the country. The power in Morocco has changed hands a number of times in the past century – divided up between Spain, France and Britain – along with centuries of Moorish and Berber culture Morocco has a very interesting mix of new and old.

The country still has strong ties with Spain who retain a number of enclaves (much like Gibraltar) at Ceuta, Melilla, Penon de Velez de la Gomera and Penon de Alhucemas. It also retains close links with France, and Morocco is a popular holiday destination for the French. The legal system along with the education system is modelled around the French system. Morocco has good relations and strong links with the UK and America with strong textiles and manufacturing with M&S having around 30% of its knitwear produced in Morocco.

Things began to change in 1999 when the new King Mohammed VI came to power. The new King is a reformist moderniser andhe has set about improving links with the rest of the western world and improving human rights, corruption and religious extremism, as well as introducing more equality for women. The King was educated in Europe and spent lots of time in America and France where he studied law and wrote a number of prominent articles regarding the North Africa MAGREB (Morocco, Algeria and Tunisia) countries. An interesting fact is that the King was once an international standard golfer

After 6 years of power, Morocco seems a stable place to invest with low inflation and a stable currency – the Dirham. The currency is not fully exchangeable outside Morocco but is worth around 16/£ and 11/Euro it moves very much in line with the Euro.

There are no laws or complications that would stop foreigners investing in property or land and the legal system is based on the French system with notaries which some of you may be familiar with. The legal costs are around 5%, much less than the 10-15% in France and Spain. 

Infrastructure

Key areas of improvement are employment and tourism. In 2004 the tourism figures were around 5.6m. This involved huge investment of $5bn from the King and his Government and large investment in the ports areas from the Americans. There is a huge port being built in between Tangier and Tetouan – provisionally named the Golden Mediterranean. This will take freight away from Tangier port, returning it to a more tourist destination. The new port is intended to be the main hub into Africa, with good road links being built in the surrounding areas. Americans have the contract for the port, bringing foreign investment into the area.

These projects involve the improvement of the roads – a new motorway between Tangier and Tetouan is being built along with the new airport at Tangiers. The new motorway will make a good coast road and inevitably new developments will spring up around it, as the coast is not very well populated unlike Spain. The main property areas offering the widest choice of property are around Tangier on the northwest tip, Casablanca on the Atlantic coast and inland at the very cosmopolitan Marrakesh. Inland and the Atlantic coast have fairly established tourist resorts and therefore property prices tend to be higher but there are new developments along the Atlantic coast offering value for money along with most of the cities which still have riads (old traditional houses set around a courtyard) at realistic prices and with many needing either some TLC or major renovation. Access has been the problem in the past even though Morocco is so close to Spain but with the investment in infrastrcuture, this is changing fast.

Airports are being upgraded and new ones built, with a new airport at Tangier and with the ‘Open skies agreement’ being signed ahead of the 2007 schedule in December 2005, Monarch, RyanAir and EasyJet have all been rumoured to have signed up to Tangiers and Tetouan airports. EasyJet have recently announced that they would fly into Marrakech from £31 which will open the floodgates for bargain flights. There are rumours that EasyJet will fly to Tangier next.

These deals will begin to accelerate in 2006, as Morocco is very much an untested market for the budget airlines. It will also put pressure on the flag carrier Royal Air Maroc to follow suit – it has recently committed to increasing its fleet by 50% in 2007.

Tetouan which is about 1 hours drive west of Tangiers. It has an international airport that is little used, but the large hotel groups, Club Med/Sofitel/Accor in the area have been lobbying the governor to open it up more regularly as it is currently being used for internal flights only. Car rental at the moment is expensive but this should change when the budget airlines become more established.

A new train station has just been built at Tangier and the train network in Morocco is excellent. It was built by the previous European rulers, France and we all know how good the French train system is! In 2008 there are plans to build a road and rail tunnel from Gibraltar. There is a plan to build hotels housing approximately 60,000 beds. Most of this development will take place in two main areas – Tangiers-Tetouan and Saidia. This is estimated to take place between now and 2010 and there are also funds for existing Moroccan hotels to apply to upgrade and refurbish.

Properties to Buy

Developments have recently started to spring up on the Mediterranean side around the port of Tangier and towards the town of Tetouan. We saw three developments that were being offered by UK agents these were situated at the Marina Smir development at Restinga where Phase 2 is almost complete. This is based around the successful 2 bed, 1 bathroom apartment with balcony with floor areas being around 71sqm. All but a handful of the 180 apartments have been sold.

The Marina Smir development started just over 12 months ago and sold for around £33k but now the selling price is just over £50k. The building work is expected to be completed ahead of schedule for the 2006 summer season.

The Mirador golf complex of 144 apartments is all but sold out. Apartments are 1km from the existing 18-hole golf course at Cabo Negro green and fees charged are around a reasonable £20 per day. A further 200 metres to the other side is an unspoilt beach and a shuttle bus is provided to the golf course and beach.  During the first phase, prices here started at £32k but these have now risen to £40k.  This development should be completed around April 2007 in time for the summer season. The development is now sold out with 90% of the apartments having sold in the first two months.

Development at Playa Vista further up the coast will be a self contained resort with direct access to the beach and a new marina with sea views to all apartments.  Approximately half of the 700 apartments have been sold. Prices started at £40k pre-release and now stand at £52k. 

The build quality at the development we saw at Marina Smir Phase II was exceptional and certainly comparable with similar developments in Spain. The big plus point for Morocco is the time scales which are likely to be achieved as labour is more readily available in Morocco than it is in Spain where delayed developments are commonplace. 

Richard Padgett of the Playa Vista development company said “It is no surprise that the pioneering investors are streaming into the Northern Moroccan Mediterranean Coast with its endless white beaches & 300 days plus sunshine every year. What has been surprising are the numbers of apartments clients are purchasing, it is not unusual for buyers to order 10 to 20 apartments at the present pre-construction prices. However with a new phase of apartments starting at £29.5k for Front Line Ocean views and nestling next to the 200 berth Marina, it is difficult to understand why buyers are not purchasing in the 20′s to 30′s.

“With the King of Morocco’s summer palace sited only a few miles away from Playa Vista on the stunning coast line of clear blue & turquoise sea. Buyers are secure in the thought that their overseas property is located in the region that is fit for a King”

In Saidia, which is around 700 miles from Tangier, large developments are planned and this area is close to the closed Algeria border and has two international airports and some very good beaches.  Again golf courses are being built to broaden the appeal to likely visitors. This development will come on stream in 2008 with guide prices starting from around £75,000 for a 2-bed apartment.

The first phase of the Jardin de Fleur in Saidia a 72,000 sq meter development have just been issued (Jan 06) with large 2 bed apartments of 140sqm being price at £107k fully furnished, The 3 bed Hibiscus Villas will be around the £180k mark on a 400sqm plot.  There may also be rental guarantees for this development along with a 60% local mortgage.

There are two larger developments on the more traditional Atlantic coast being built by Emaar one called Bahia Bay between Rabat and Casablanca, centred mainly on golf construction is expected to start in early 2006 on the 531-hectare site.  In Marrakech there is a development called Amelkis II again which is a luxury residential golfing complex that will allow individual buyers to purchase plots of land and design and build their ideal home. These developments involve around $300M of investment on a 1.25 million sq metres, which have just started.

Another new development at Asilah was recently announced, which is just 15 miles south/west of Tangiers along the coast.  The cost of a 2-bed apartment starts at £57k, the first phase of the 400-apartment development sold out very quickly and the second phase is selling well to as prices are good value at £600 per sqm. 

Other developments on the horizon are a Larache near Asiliah and two more near Cabo Negro.

Rentals

The season on the Mediterranean coast currently lasts for 10-12 weeks and housing demand exceeds supply which results in high peak rental rates. The demand comes mainly from Moroccans travelling back from Spain and France and travelling north as the weather is cooler than the southern part of the country.

A two-bed apartment fetches around 150 euros per night in the peak season and around 75 euros per night outside July/August as many amenities close down outside of these dates.

The key to improving yields is to extend the season to a more European market after flights direct from the UK open up.  Assuming you managed to rent 85% of the peak weeks this would equate to 8,000 euros before costs, which would more than cover costs for the year. Anything outside the peak season would be a bonus, and with 330 days of sun there should be plenty of opportunity.

Most developments provide full management services along with collections to and from the airports if necessary. Unlike Spain, site charges are only expected to be around 400 euros per year. Tax of rental income is exempt for the first five years and capital gains tax is also exempt below £40,000 with the rate after this being 20%. There are also no inheritance tax laws, this is only subject to an administrative charge and full repatriation of funds is also in place

Weather

The weather is fairly consistent for much of the year with lows in December/January at around 60 degrees and the high season in the early 90’s.  Morocco claims to have around 330 days of sunshine, which is the same as Spain.

Finance

Most investors are buying with cash, or developers are underwriting 60-70% LTV. This means deposits of 30-40% are likely although this will reduce over time as the market matures and when capital becomes more available – many of the Moroccan banks are French owned. I have spoken to Simon Conn at Mortgagesoverseas.com and he said, ”They are currently working on a couple of products in Morocco and we hope to have this up and running within the next 3-6 months

Cost of living

Generally, Morocco is not a rich country with average daily wages around the 10-euro mark. Therefore the basket of goods is much lower than Spain and the UK. The only item, which can be more expensive, is alcohol as Morocco is a Muslim country. 

- A cup coffee in an upmarket Tangier Café is about 8 dirham which equates to 50p    
- A meal for 2 in Tangier Mogodom restaurant including wine was 250 dirham, which equates to only £15

In Conclusion

- Property prices are very good value being less than half of that in Spain.
- Huge investments in tourism infrastructure by the government.
- The economy very stable as is the currency with good GDP growth and inflation under control
- Build quality is good and more that comparable to Spain.
- Good rental yields are achievable.
- Tourism increased 18% in 2004.
- Good capital appreciation is achievable.
- Good climate all year around.
- Improving access to finance.
- Cost of living so much lower than Spain/UK

If anyone wants to contact me to discuss any of this further I can be contacted by email: rxcbs@yahoo.co.uk.

I can also provide details on the majority of the developments around Tangiers and have good links with the developers..  I have also got a good contact with the developers of Le Jardin De Fleur at Saidia.

I made a purchase at Mirador Golf in the first phase, and I am convinced it will be a good long-term investment. I recently purchased another unit at the Paradise Beach resort in between Asiliah and Tangier.

This article was written in October 2005

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2. Vision 2010 is a vision of Morocco’s King and Government where they have pledged to make Morocco a ‘premier destination’ by 2010, doubling tourist numbers to 10 million a year.

3. Infrastructure Improvements are currently underway and Americans are investing billions in new ports. New airports are being opened all over Morocco and there is a lot of investment in new motorways and high speed rail links.

4. A tunnel under the sea is planned between Morocco and Spain. It is expected this will be open in 2025.

5. An ‘open skies’ agreement has been signed by the Government. This guarantees that airports will be of a world class standard bt 2010, in line with their Vision 2010 policy. This will help budget flights from low cost airlines, making Morocco more accessible to a wider number of people.

6. New Developments ‘Dubai-style’ are being planned all over Morocco. All developments conform to strict environmental controls meaning that the over-development seen in places such as Spain should not be a problem, and all kinds of pollution are kept to a minimum.

7. Morocco boasts a year-round warm climate with over 1,100 miles of coastline, most of which is unspoilt. It also has extensive white, sandy beaches and miles of beautiful scenery.

8. Morocco is the latest ‘hot spot’ for celebrities, with the likes of the Beckhams, Jude Law, George Clooney and Brad Pitt having bought there recently. This puts Morocco into the media spotlight and will help tourism in the country.

Because of the reasons outlined above, Morocco is a prime place to invest. With the government’s vision 2010 policy, tourism is set to increase which will also be a big boon for the economy, which will probably push property prices up in the tourist hot-spots.

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