A review on a book called Buying Properties in Morocco? Are you kidding?
Well, no. I am not about to do a book review, but I really like to share some interesting things that I came across in the book. I read this book out of curiosity, but also I already owned a property in Morocco. 😉 But still I thought I might learn a thing or two from the book.
The book is written for British residents who wants to buy a property in Morocco, so it mentioned Double Tax treaty between the two countries, tax rates and immigration issues relating to British residents.
It’s interesting to note that now more than one in ten Britons live overseas. With 400,000 owning a property abroad. Foreign currency exchange experts, HiFIX recently published figures which stated that the British equity in overseas property now stands at a staggering £52 billion, with an average of 500 Britons leaving UK shores every day to start a new life or take a job overseas. In the last 5 years, the number of people buying overseas has risen by 60% from 129,000 to 211,000 in 2006.
During this period, property became the cornerstone of British investment portfolio as they have seen pensions and stock market undercut by the increasing volatility in the equity markets. What more, when British property markets continued to boom, house buyers, especially first time buyers have been priced out of the UK market. With promised of greater returns and more knowledge about investment in overseas, the Brits have invested overseas by truck loads.
Indeed for the umpteenth time I have been to Morocco, it never fails to impress me. Facing Europe, it is 14km by sea to Spain is port Tangier where many poets and writers (Paul Bowles) have chosen to stay in the city. Its west coast boasts of more than 1000km of Atlantic coast with its capital Rabat and economic capital, Casablanca; down south Agadir, Layounne and Dhakla, are modern cosmopolitan Saharawian cities with a beach front. On the north the Mediterranean sea. Towards the inlands from the North you can be find one of the oldest medieval city of Fez, and the imperial city of Meknes. On the middle is the Mountain range of Middle Atlas with Alp-like ski resorts, notably Okaimden, and on its South a wide plain of Sahara Desert, with red city Marrakesh.
Morocco as a property investment haven is thrown in a positive light as the country’s forward-thinking monarch King Mohammed VI take over the throne in year 2000, who shares many of the aims and ambition of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, is set to put Morocco as an international player and (already) a political power in the region.
The book not only tells you where to invest, it explains about cultures and social protocol, what it’s like to live in Morocco, the buying and legal procedure, relocation checklist, and at the end of the book provides appendices which covers property matrix and summary of regions in Morocco, important web addresses and some common Moroccan phrases and languages.
A good one-stop property guide for relocating and purchasing properties overseas.
Paperback. Publisher: Howtobooks 2008; Length: 233 pages; Source: Library Loot. Finished skim reading at: 18 April 2010