I bought 10 Tangier City Apartments in January 2007 from a Spanish and British based company called Prestige Properties Overseas. They seemed such a great deal, low price with potential rental income and 70% 30 year mortgages available. As the UK market eased abroad seemed like a good option to me.
I have encountered similar problems as you and others re reliable info about completion. My problems were made more difficult as i believed Moroccan mortgages were available on these. It took over 12 months of wrangling with a company i'd paid to find mortgages called Spanish Mortgage Allliance sending bank statements etc, to finally find i was offered just 3 mortgages, on 7 year repayments deals. in fact it was found Morocco offers only 3 mortgages per applicant. This summer i was rushed into believing completion was near by Sirocco Estates who i believe are agents and developers for Tangiers City Apartments (can anyone verify this?) they offered me a deal canceling 5 of my apartments and switching the deposits to two other accounts so that i would buy 3 apartments with mortgages and two out right. However they took around 3000 euros per apartment as a canceling fee blaming the developers for this and not them. But i still believe they are connected if not are indeed the developers.
I wasn't too worried about them over running as i hadn't arranged finance for them and having visited the site i saw how much time was needed before the nearby road was built. without this road completed it will be difficult to rent these apartments.
On a more positive note i was impressed generally with apartments and the pretty courtyard that should now be complete. i think the location is good, when the nearby sports centre and supermarket are finished and of course the road (they say by the end of the year??) it will look very different. exactly what their capital value is or will be is another matter. I still see the same apartments for sale for the same price i paid in Jan 07. when i discuss this with sirocco staff they say price will inflate once road etc are complete. but they are only as valuable as what someone will pay, and at the moment no one can raise finance in UK as easily as they could when i bought them which i believe will have a knock on effect on their value for the next few 'credit crunch' years. the rental side of things seems more positive though having researched into the various European companies setting up in Tangiers who will need cheap ish (400-600 euros a month) places to stay in secure 'European block' accommodation. I think keeping this block European will increase it's value also.
i think everyone who has bought on Tangier City Apartments (90% British i believe ) should get together and form a management company as well as help and inform each other of progress and problems with Sirocco etc. Any news on snaggings by the way? i went to approve mine and they in a right state. another friend had no ventilation in the bathroom as both walls faced interior so they ran a flume into the general stair well. i think these things need checking. moroccan building companies are cheap but notorious for all sorts of short cuts. do we get any guarantees on their work? is their a surveyor who could check the building before we sign to receive our apartments?
i recommend we all contact a couple called Anette and Peter from SWEDEN who have bought on Tangiers Apartments and have a company furnishing apartments and letting them as they are based in Tangiers. I met with on my last visit, they a lovely people and trustworthy. they have made weekly visits to the site and have pushed Siricco to get their act together. i tried posting their email address but wasn't allowed until i've made 5 postings i will try again later. look below.
i think they could be good people to help us all come together. please let me know how you are progressing and anyone else. best wishes, sean.