How to Buy Luxury Property in Marrakech – Foreign Buyers’ Exclusive Guide

Marrakech is one of the most colorful and iconic Moroccan cities. It is also one of the most popular locations for foreign buyers seeking luxury properties in Marrakech. Marrakech is one of the top-selling cities in Morocco for foreign buyers to acquire luxury, high-end properties, and villas. With the needed information and the most important steps and considerations for legal issues and finances, this will be an easy guide for you buying luxury property in Marrakech.

What Makes Luxury Property In Marrakech Special

Marrakech is an exotic, dynamic, and colorful city, with endless, rich architectural and historical features. In Morocco, it is one of the most visited, and as such, it is the most sought after for tourists, along with high net worth individuals, eager to buy luxury properties in Marrakech. The opportunities in the Marrakech real estate market offer choices as diverse as historical tearooms aka riads within reach of the fortress in the city, through to desert extravagances in the Palmeraie. The season in Marrakeck makes it pleasant for spending and long term investments for modern tropical villas making the region a year round vacation.

Key Points for Your Luxury Property Purchase in Marrakech

Hivernage: It is one of the most sophisticated neighborhoods for Buy luxury property in Marrakech. It is characterized by its upscale hotels, fine dining, and distance to the city center. It is convenient for individuals who appreciate modern facilities while having quick access to Marrakech’s cultural sites.

Palmeraie: This sprawling region is well known for its large estates and luxury villas in Marrakech which is why many individuals choose to buy luxury property in Marrakech. It allows for relaxation and a calmer lifestyle, which is why many individuals choose to buy luxury property in Marrakech.

Medina: For individuals who truly appreciate the history intertwined with architecture, the Medina is the finest operating heart of Marrakech. When you buy luxury property in Marrakech, the Medina boasts luxury riads which marry the authentic Moroccan style with modern touches.

Legal Considerations for Foreign Buyers When You Buy Luxury Property in Marrakech

Can Foreigners Buy Property in Marrakech?

In short, yes to buying luxury properties in Marrakech. There are no restrictions on foreign ownership in Morocco, and foreigners buying properties in Morocco must abide by the laws and regulations in the country. Foreign buyers will need to work with a notary to provide and work on the documentation required, and there is a process that must be followed for the legal transfer of ownership. Additional information on property laws in Morocco can be found on the Government of Morocco’s official website.

The Role of a Notary When You Buy Luxury Property in Marrakech

A notary is required in Morocco for all property transactions. This legal patron is responsible for safeguarding the legitimacy of the property sale and verifying the history of ownership, along with ensuring compliance with the region’s laws. With foreign buyers especially, it is important to have a notary that is trusted and has sufficient and sound knowledge of Moroccan property laws.

Financing Your Luxury Property in Marrakech

Financing Options for Foreign Investors

Foreign buyers can secure financing to purchase a Buy luxury property in Marrakech, but it can be complex compared to other countries. Most Moroccan banks are reluctant to give mortgages to foreigners, mainly to non-residents. That said, a few international banks and private lenders will give loans for high-end properties, but with tougher terms and higher interest rates.

For more information on financing property in Morocco, have a look at this guide from the Moroccan Banking Association.

Mortgage Options for Foreign Buyers in Marrakech

If you intend to get a mortgage to buy  luxury property in Marrakech, you will need to provide proof of your income, employment, and credit history. As a foreign buyer, in most cases, you would need to pay a higher down payment, around 30% or more of the value of the property. It is advisable to connect with a Moroccan banker or a financial consultant in Morocco who understands the foreign buyer’s mortgage situation.

Understanding The Costs Involved When Buying Luxury Property In Marrakech

When purchasing luxury property in Marrakech, foreign buyers need to understand the costs involved in their purchase, including taxes and fees, which are:

Registration fees: these are usually around 5% to 7% of the property value.
Notary fees: this will normally be around 1% to 2% of the property price.
Stamp duty: this tax is applied to the deed of sale and usually is around 1% of the property value.
Annual property tax: this will totally depend on the property size and location, however, annually it normally is around 0.5% to 1% of the total value of the property.

Additional costs involved when you buy luxury property in Marrakech

Beyond the basic taxes, buyers should keep the additional costs of legal fees, surveyors, and even renovations on their minds. When you buy luxury property in Marrakech you should also consider higher maintenance costs. The size and amenities of the property will depend on the high costs of luxury property maintenance in Marrakech.

 Next Steps for Buyers

Buying luxury property in Marrakech is a great investing opportunity in Morocco. From neighborhoods in the vibrant city like Hivernage to the calm luxury of the Palmeraie, as the buyer, you have a variety of options to choose from. However, as a foreign buyer, the property purchase process is complex legally and financially.

For a seamless buying process, engaging an experienced local real estate agent, a trusted notary, and the appropriate financial advisors will eliminate most of the risks. Marrakech offers a variety of real estate options for foreign buyers, including luxury villas, traditional riads, and even palaces.

For more information, contact us our expert agents to learn about luxury properties in Marrakech.

FAQs

What are the best areas to invest in Marrakech?

The areas best for luxury investments in Marrakech are Hivernage, Palmeraie, and the Medina. These areas are a great combination of beauty and luxury and offer high rental potential.

Can non-residents buy real estate in Marrakech?

Yes, Marrakech permits non-residents to buy real estate, but not without following some legal processes, especially notarial obligations and understanding property taxes.