Moroccan Mortgage

Nov 2007

Moroccan developers protest the potential loss of building-sector tax breaks.

The 2008 Finance Act passed by the cabinet on November 7th raised the issue of property tax breaks.Due to a change in the system, developers will now have to pay 15 % corporate tax in 2008 and 30% in 2009. The VAT (Value Added Tax) on sale prices will also rise from 14% to 20%.

This could cause property developers to re-evaluate projects

Furthering the massive boosts in Morocco’s economy, this month (September) Morocco welcomed a five-year, $700m aid package from the US Millennium Challenge Corporation (MCC) .

The grant was finalized at a signing ceremony in Tetouan on the last day of August, and will be used to help Morocco combat poverty and develop the Moroccan economy. The plan will stimulate economic growth by raising productivity and improving employment opportunities in certain key sectors, and aims to reduce poverty rates in target areas.

The moroccan government expects the projects included in the program to raise the country’s economic growth rate by 1.1%,  increase gross domestic product by $118m per annum and reduce poverty levels of 20% by 2012.

$111.8m will be spent to promote a project called “The artisan and the Medina of Fez“, to benefit  links between the crafts and tourism sectors and the cultural assets of the Fez medina.

The government of Morocco chose Abu Dhabi-based Reem Investments to develop an $1bn project in Marrakech.

The 200-hectare project, named Atlas Garden, will consist of three hotels, a fitness club, 18 hole golf course, market and shopping centre, as well as villas and apartments. (more…)

More good new for Moroccan property invetors from Obelisk

King Mohammed of Morocco has announced big plans for the country, including a key strategic vision to boost tourism figures to 10 million by 2010 — all good news for Morocco property investment.
(more…)

I was recommended to use sirocco, but preferred to look myself the first time.
I spent a lot of time looking at some very good forums about Moroccan property.
I am still cautious about buying property off-plan. Architects and interior designers may be able to visualise virtual real estate, but not me