If you have ever visited the city of Marrakesh (also known by the French name of Marrakech), situated in the mid-southwestern region of Marrakesh-Safi, Morocco, you will know why demand for Marrakesh mortgages is so high. This is a beautiful part of the world and one which continues to attract property investors and Marrakesh finance mortgage providers. The city is just a relatively short flight from Europe and boasts beautiful weather, which has led to the creation of numerous golf resorts set against stunning scenery.
The Marrakesh mortgage market caters for not only those looking for apartments and luxury homes in the city of Marrakesh (often referred to as the Medina) but also the array of stunning villas with extensive grounds on the outskirts. In just a few miles you can go from the hustle and bustle of city life in Marrakesh to the laid-back, peaceful and tranquil country life in the nearby Hivernage region. It is not difficult to see why Marrakesh is proving to be one of the more popular luxury property markets in the region.
While it is safe to say that the Marrakesh mortgage market is developed, those looking to invest in the area will need to be aware of local regulations. On the surface the purchase of a property in Marrakesh, and indeed across Morocco, appears fairly alien to overseas investors. It is therefore important that you take local advice regarding the process to ensure that you abide by the rules and regulations and protect your investment. As a rule of thumb we tend to allocate around 12% of the purchase price to cover local taxes.
Unfortunately, under-declaring the full purchase price of a property has in the past been a widespread practice across Marrakesh and Morocco. While some may see short-term benefits to this practice, when you go to sell your property this can cause problems. As a consequence, we prefer to abide by the local rules to ensure no unexpected surprises further down the line.
While mortgages in Marrakesh will need to be repaid in the local Dirham currency, surprisingly this does not mean you have to open an account in the country. Securing mortgage finance in Marrakesh is relatively straightforward in theory as long as you know who to talk to and the information they require. There is no shortcut to mortgage finance, there are rules, regulations and criteria, but we have access to the full market as a consequence of our independent status. This has allowed us to build up very close relationships with both domestic and international mortgage providers to the benefit of our clients.
We know the information they require, how to present it and what assets and income the mortgage finance companies will take into consideration. Using an array of retail and private banks we can put together a basic mortgage arrangement or one which may be complicated by residency, worldwide assets and different currency income streams. It is our ability to structure a deal around your specific circumstances which allows us to present the finished article to mortgage providers.
We have built up some valuable experience in the Marrakesh property market, creating strong relationships with both local and international mortgage providers. It is our ability to find a mortgage to suit the exact requirements of our customers which makes us stand out from the rest. As opposed to structuring your situation around an off-the-shelf mortgage, we can put together a bespoke mortgage package unique to you. So, why not give us a call today for a no obligation chat about your current situation and plans for the future then we can discuss potential solutions and current interest rates.
Keep up to date with all the latest market news and mortgage advice
By clicking “GO” you consent to receiving marketing communication from the Enness Group