Useful information for investors
in Morocco
House Buying Process |
Restoration Process |
Guest House Rules |
Financial Information
The house buying
process
There are some important things to consider before
you buy a house or riad in
Fès.
Or even start looking for one in fact. Here are some points to
consider:
Your price range: Think about
how much you are prepared to spend on your house and what sort of
house you can buy with that budget. Remember to consider
restoration costs when deciding a budget.
The location: There are
many different areas in Fez with many different architectural
styles, and prices!
The type of house: A large
riad, a small house/dar or something in between?
The
condition: The condition of a house can seriously affect the
price.
Unless you are experienced in restoration you may miss vital
warning signs that the house is going to require a lot of work,
and money to restore it.
The purpose
of the house: For example, do you intend to make a Maision
d'hote, hotel or guesthouse? Perhaps you are just looking to make
a small holiday home or even try some property development.
The
restoration costs: Don't break the bank buying the house.
Remember that it usually costs the same to restore the house as it
does to buy it, sometimes more! Speak to people with experience in
restoration to get a ball park figure of the restoration costs.
Try not to visit too many houses/riads in one day. Take a
camera and make notes so you can review the houses you viewed at
the end of the day.
Once you have decided upon a house that you would like to buy
you will need to make an appointment with an adul or notaire.
How we can help you buy a house in the
Fes Medina
We can assist purchasers throughout the entire process; from
choosing a suitable budget to changing the locks of a newly bought
house. Have a look at our
services page to see how we can help you buy your dream riad
in Fez.
Fees associated with buying a house in
Fès:
Figures expressed
as a percentage of the purchase price.
Getting title - Coming soon
Restoring a house or riad in the Fes Medina
The
Restoration Process |
Building
Permits |
Architects and Engineers
The Restoration
Process:
Although each
renovator has different goals (creating a guest house or holiday
rental, a hobby or an investment) and constraints (time and
availability of funds) the order of the work in a good restoration
is principally the same.
To avoid workmen
and artisans damaging each others' work it is important that the
renovator completes the restoration in the correct order;
Structural problems are solved first, followed by any new
modifications to the building's structure, followed by the 1st fix
plumbing and electricity and so on.
Below is an example
of a Gantt Chart for typical restoration. You can click on the
image to enlarge it:
Click image to enlarge
When choosing an architect and/or a contractor it is important
that you feel that this is someone you trust, can communicate with
and has similar tastes and values to yourself. In addition you
should certainly see some of the contractor's previous and current
works to make sure that you feel comfortable with their standards.
References from previous clients are great also.
If you decide to move to Fez to supervise the restoration of
your house or ryad yourself then it is important that you have
somebody who has experience about restoration in
Fès
to help you. Use the same techniques in the paragraph above to
find good consultants and craftsmen.
How we can help you restore your house
in the Fez Medina
Once you have bought the property and decide to begin the
restoration project we provide a range of services for all needs
from planning the finances of the restoration to choosing colors
and patterns of bathroom tiles.
Have a look at our
services page to see how we can help you restore your property
in the Fez medina.
Building Permits:
Before you start
your restoration you must first get a building permit. Currently
there are four types of building/restoration permits (roxa
e'sla) available to house owners in Fez:
-
V2 - This is the simplest type of permit and is suitable for
minor work such as re-tiling and plastering. No modifications
-
V2+ - The same as V2 but with the addition of the option to do
structural work.
-
Authorisation to restore a traditional house - Allows the owner
to add bathrooms, kitchens as well as doing simple repairs to
the house.
-
Authorisation to create a guest house or maison d'hotes - Allows
the owner to restore a house with the intention of opening a
guest house.
There is an
information leaflet in the local planning department (Baladiya)
explaining what papers are necessary for each type of renovation
permission. Typically you will need a copy of your passport and a
copy of your deeds. If you are doing structural work you will need
a letter of supervision from an engineer. If you are making any
modifications you will need (several) copies of architects plans
(pre and post renovation) of the house or ryad.
Getting a building
permit can be a long and frustrating process (especially if you
plan to make modifications to the property). Not only can an
architect draw the necessary plans that you may need for the
permit, it is also likely that they will provide invaluable help
in facilitating the application process.
Architects and
Engineers in Fes:
-
Rachid Haloui.
Architect.
e-mail:
rachid@haloui.com, tel.: +212 (0) 35 62 00 25, +212 (0) 61
13 56 70
-
Youssef Berrahou.
Architect.
tel.: +212 (0) 35 61 22 63, +212 (0) 63 08 08 32
-
Abdelali El Qarqabi.
Structural Engineer.
e-mail:
qarqabiabdelali@yahoo.fr, tel.: +212 (0) 60 37 53 74
-
Zaina T Charaf El Ouedghiri
.
Structural Engineer
e-mail:
elouedghiri@menara.ma,
tel.: + 212 (0) 35 94 16 72, + 212 (0) 61 64 57 16
Types of guest
houses and rules
Coming soon
Financial information
Banking
|
Tax
information |
Finance available |
House Insurance
|
Financial assistance
Financial advice here is given informally. We strongly
recommend you speak to a financial advisor before investing in
property in Morocco.
Banking in Fes -
Foreign investors are
advised to open a convertible bank account. This should allow
investors to expatriate their investment capital and any profits.
To do this all capital brought into Morocco must be registered
with the Office des changes, within six months. Please see
below for assistance about setting up a convertible account.
Taxes for buyers - Please see
our
House Buying Section (above).
Taxes for house
owners - Municipal taxes or 'Rates' in Morocco are calculated
at 10% of the yearly rental value of the property.
Taxes for
sellers - Capital gains tax is calculated at 20% of the
difference between the purchase price and the sale price, less
purchase and renovation expenses and interest payments. A minimum
capital gains tax is set at 3% of the selling price.
Exemptions for properties less than 1,000,000 Dh: If the
house or riad has been the vendor's main dwelling for the past 5
years then they are exempt from capital gains tax.
Exemptions for
properties more than 1,000,000 Dh: If the dar or property
has been the seller's main dwelling for the past 8 years then they
are exempt from capital gains tax.
Taxes for rental
- Coming soon
Finance available in
Morocco - Coming soon
House insurance - Try
Hiscox.
Financial
consultants and accountants in Morocco
-
Abdelrahim Tada.
Local accountant in Fes.
e-mail:
audigec1@menara.ma,
tel.: +212 (0) 35 62 32 87
-
Abdelatif El Quortobi. Accountant and business consultant.
(Casablanca based)
e-mail:
aquortobi@wanadoo.net.ma, tel.: +212 (0) 22 26 36 70, +212
(0) 61 16 54 85
-
Abdelhay Bahhad.
SGMB Banker to see about opening a convertible account.
e-mail:
abdelhay.bahhad@socgen.com, tel.: +212 (0) 35 94 94 50
-
Fouad Ouzzine.
Director of the Center for Regional Investment, Fes.
tel.: + 212 (0) 35 65 20 57
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