Hi, Thought this maybe of interest to you, ive come across a development in Tangier City Center, apartments range from 2 - 3 beds, prices are cheap starting at only 22k for a 2 bed & 27k for a 3 bed. The smaller 2 bed is about 68 sqm & smallest 3 bed is about 88 sqm.

Development consists of 6 blocks, 5 blocks have already been sold & the developer wants to sell of the last remaining block asap hence the price. The ground floor will consist of commercial shops, there is then a further 4 floors & Penthouse, downside is no lifts, this is a downside but its a price worth paying.

Note these are city center apartments so there are no swimming pools on the development, however there is underground parking for residents.

The development is about 5 mins walk from the popular Kabash, & about 10 mins walk to Tangier Beach. In my opition these would be good units to rent out to professional's & those wanting to explore Tangier. The city center is going through alot of development & these will make a good ROI.

I've been advised by the agent prices are due to increase by the wkend, not sure on how true this is but we've seen this happen with other developments so it maybe an idea to act quickly if your interested

Demand has been high since they were released on Thurs 18th Jan, if your interested let me know & i'll advise of further details / forward plans, i'll require an e-mail address so i can forward on details.

I have reserved a couple of apartments in the Tangier City development, i have been out to view them and they did not in anyway look like councel properties the qualities are not luxury of course but for the money i am paying i am very happy. all i am going to do is rent them out on long term basis and forget about them. The money i will be asking for to rent them i will have no competition, they will pay for themselves in around 7 years maybe even sooner.

I bought two apartments at Tangier City Apartment in May 2007 and paid a deposit of over 32000 pounds. Was told they would be completed end of August 2007. After a number of missed dates i still have not heard anything. Last date i was given was Jan'08.

If any other investor has any more information,who has purchased here, please kindly update us.

Thanks

MoroccoInvestor

Hi, have also invested as have our friends who live in Tangier. They have said that the internal courtyard and external perimetar need to be completed. The units now have front doors, widows, electric etc and are looking finished. Would expect everything to be complete by end of April if not sooner, that will give us time to get it furnished and rented for June, July, August.
Spoke to Sirocco recently and they are as eager for completion as us and the developer.
Hope this info helps.

Hi Sdvpm, thank you for the update. i too was also in Tangier last month for couple of days looking at some other development and had informed Sirocco that i would like to view the appartments and had given them contact numbers to arrange a meeting, but they didn't bother contacting me

By the way this is the last email i had from Sirocco on the 16th Jan saying they will be completed end of Feb, copy of email below:-

"Once again we are sorry for the inconvenience that this is causing you.
The Tangier City apartments are nearing completion and the titles have now been achieved by the developer. Urbamed SARL the company who you are buying the property from have to be sure however that the apartments are finished off to an acceptable standard before completions start to take place. We are now predicting this in around a months time.
Our representative in Morocco will be pleased to meet you at a time that is convenient to both of you and show you around Tangier City so you can see the progress to date.

Best Regards
Mark Wilkinson"

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You say they will be completed in April and Sirocco are saying Feb. but i am not holding my breath.

To be honest this experience of buying overseas, off plan especially, has completely put me from investing further in Morocco.

Good luck guys, this is smart investing, unlike the sheep who follow the herd to Dubai which is all over done now and so far away.

Morocco is the new face of modern Africa and a welcom alternative to Spain et al.

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Been investing abroad a few years. Always amazed people invest in places that produce just a few months rent per year

Hi, I agree I wont invest anymore in Morocco, thats not because of my experience with these appts, I just think its not prudent to put all my eggs in 1 basket. We have got these appts at abrill price, city centre location, the gateway to Europe/ Africa, nearly finished. I nearly went with Paradise Beach in Asilah, thank god I didnt they wont be ready till 2011. Another 3 years of stress.
imo this investment is great, stressfull but great. My next investment will be Berlin

I cannot get an undertaking from the builder as to the date he is due to complete on.

Hi

I reserved one apartment in early Jan 08 and I have to pay the balance of my 30% but my solicitor was unsuccessful in getting a completion date or amendments to the contract so what does that say?

I like to know if anybody else has a legal representative working on their behalf that can contact my solicitor with a possible view to getting some answers. The agent has told me that the developer wants me to pay the balance of the 30% within a week but it appears they are not releasing legal information that can bring clossure to the development. What's do you think?

Hey I've done Morocco and Berlin!

Something that has given me stress is the worry over the logistics involved should I die, worst still if my wife and I died, as our executors would have a heck of time trying to unravel everything.

I imagine all sorts fo complexity that none of us have considered, like how next of kin prove they are entitled to all the funds.

Berlin is a bit of a slow burn and the rules and regs to drive me a little mad.
We also went outside of Berlin and it is here I think the real opportunities lay out near the Polish border which is still cheap with high yields (10 - 20%) driven by the fact the border was recently completly opened meaning many Poles are buying and rneting in Germany as it is cheaper than thier border cities (Sczechin). There are now NO 1 bed appartments left for rent in the area we have invested (Penkun) such is the demand from Poles.

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Been investing abroad a few years. Always amazed people invest in places that produce just a few months rent per year