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Palais Attia, La Palmeraie, Marrakech, Morocco

£5,425,000

The property comprises a large house, two summer houses, an outdoor swimming pool, electricity substation, outdoor tennis court, pool house, staff quarters, stables and garden, all in the latter stage of construction. Prior to construction of the house, the land formed part of the oasis of palm trees owned by the King. The property extends to approximately 6 hectares and the total built area (house, pool, sports facilities, and staff quarters) is 2,906.58 sq m.

Location: The Property is situated approximately 8 km (about a 20 minute drive) north of the centre of Marrakech in La Palmeraie, located on the outskirts of the city. La Palmeraie is the well known prestigious oasis of palm trees. The area has a low density population and local residents are a mixture of wealthy Moroccans and foreigners.

Construction: The construction started in 2004 and was almost completed in 2008. No further work has been done since that time.

Please note that the photographs featured are not what the house looks like now as the works were not finished and therefore the house was unattended for long periods of time. The house has phenomenal potential for an incoming buyer to realise a dream home featuring impressive proportions throughout the house and extensive space in the surrounding garden. The house currently has a reception, formal and informal dining room, games room, large study, music room and 7 bedrooms with several staff rooms resulting in an abundance of space for entertaining guests in comfort.

Please be aware prices may vary due to fluctuations in the exchange rate

A BUYING GUIDE TO MOROCCO

Unless you have burning desire to buy a farm in Morocco (foreigners are not allowed to buy agricultural land), the property market is well established for Western buyers.

One barrier to remove is language, unless you speak good Arabic or possibly French. Otherwise, you will need an English-speaking local lawyer, and a very useful resource to find one is the UK Government’s website. This carries a list of lawyers known to the embassies there, (although this obviously comes with no specific recommendation).

You will also need a notary, and again the site carries a link to a list drawn from the National Chamber of Notaires.

For both, visit: https://www.gov.uk/guidance/buying-property-in-morocco

The notary, just as in other countries such as France and Spain, typically represents both seller and vendor. He/she will check the vendor’s identity; that they actually have a right to sell the property to you; and that the physical aspects of the property – size, construction etc – are accurate.

Once a price has been agreed, it is normal practice to pay a deposit of around 10%. You are then committed to go ahead with the purchase, and a signature on the final contract should take 6-8 weeks. Your lawyer should take care to ensure that the property is being sold with the consent of all interested parties (e.g. direct family members of the vendor).

Finance

Foreign nationals are allowed to take out a mortgage to finance their purchase, up to a maximum loan-to-value of 50% of the purchase price.
Your purchase will need to be paid in the local currency (the dirham). If you are transferring funds from the UK, it is often worth shopping around for the best currency conversion rate as this can make a considerable difference.
Costs

Every purchase is different, but as a rule of thumb, budget for 12%-17% of your purchase price in additional fees, taxes and charges.

As a buyer you will typically pay:

  • Your lawyer (we strongly recommend you use one), at a cost of up to 5% of the property value, plus 10% VAT.
  • A registration duty of 6%
  • Notary fees of between 0.5% and 1%
  • A land registry fee of 1%
  • Stamp duty of 1%
  • The ‘simsaar’s’ (local agent’s) fee of typically 2.5%

 

Please note: This article reflects Aylesford’s current understanding of property legislation in Morocco. It is offered for general guidance only; specialist legal and tax advice should always be taken for any property transaction.

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