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Morocco property Morocco, the farthest west point in the Arab world, is becoming a hotspot property investment destination. Investing in Morocco property involves researching the legal and ownership issues, taxation and rental options. Discuss and debate these issues with investors who have bought a property in Morocco and share your views and opinions

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Tangier City Apartments Investors - Page 2

 
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  #11  
Old 14-05-2008, 03:27 PM
sdvpm sdvpm is offline
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Quote:
Originally Posted by Na Fianna View Post
Can anybody tell me if they have completed on the properties in the Tangier Apartment Development or is completion moved yet again.
No not completed yet, awaiting title deeds, electricity, courtyard and finishing apartments.
It will be upto 3 months before complete.possibly 6 months for the roads to be tarmaced outside the 6 blocks
But it will look great, I have some photos if you would like me to forward them to you.
Also gone with a company called justmorocco.co.uk for furniture, very happy with them.
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  #12  
Old 17-05-2008, 10:07 PM
tim giles tim giles is offline
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Smile tangiers city aparments

hi, we have just returned from tangiers last week,the delay is has been because the developer has been working on other jobs at the same time.we have been told will be about another 3months approx?we were inpressed with the location,close to a railway station,cafe bars ,shops and a bank.a new road is being built to connect with the coast road by the main railway station.a supermarket is suposed to be being built near by soon.
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  #13  
Old 22-05-2008, 09:44 PM
sandals sandals is offline
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This has taken for ever
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  #14  
Old 23-05-2008, 02:20 PM
MoroccoInvestor MoroccoInvestor is offline
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Exclamation Will they ever be finished

I am going over next week, 30th May, to view progress. Will update you guys on progress on return.
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  #15  
Old 23-05-2008, 02:22 PM
MoroccoInvestor MoroccoInvestor is offline
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Hi, any chance you could email the pictures?
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  #16  
Old 23-05-2008, 05:17 PM
Jesus of nazareth Jesus of nazareth is offline
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Who are you asking MoroccoInvestor?
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  #17  
Old 24-05-2008, 12:27 AM
camel with three humps camel with three humps is offline
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Over active member
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  #18  
Old 29-06-2008, 06:23 AM
um zineddine um zineddine is offline
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hi everyone,
I bought a property off plan with siroco estate, sunset aprt in fez, they said it should be ready in juin 2008, they send me picrtures it looks great, but when i read about your expereince, i am a bit worried, how about your projects, is it complete? let me know.
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  #19  
Old 07-07-2008, 11:09 AM
seanmcallister seanmcallister is offline
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Default Tangier City Apartments

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.

Quote:
Originally Posted by MoroccoInvestor View Post
Hi All,

I bought two apartments in Tanginer City Apartments development back in May 2007 from Siroco Estates and put down a deposit of £32000 pounds. So far I have had a bad experience with them.

We were told these would be ready end of Aug'07. August came and went and no word, so i contacted them and I was told they would now be ready end of Oct'07. This came and went, and then i was told they would be ready Jan'08. It's nearly middle of Jan'08 and still no word on completion

I would be very interested in hearing from other investors on their experience and would like to form a action group to either get our deposits back or get some answers on when these will be completed. I am planning on visiting the development site end of Jan’08 and have asked to meet with both the Siroco estate and the developer (Urbamed S.A.R.L.) representative. I will update this thread if i get them to agree (i doubt very much).

From my own experience I would say to anyone thinking of buying off plan abroad is “think again” ! You have no guarantee when the development will be completed and the contract will not stipulate it. Once your money is in the hands of the foreign companies you have no control and the agents/solicitors/developers will wash their hands of you.

Anyone wanting to contact me can do so by emailing me via this forum.

Agents: Siroco Estates
Solicitors: Law & Taxes, S.L.
Developers: Urbamed S.A.R.L.
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  #20  
Old 07-07-2008, 11:11 AM
seanmcallister seanmcallister is offline
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i am making four more postings so that i will be allowed to write Anette and Peter's email address here for all interested.



Quote:
Originally Posted by seanmcallister View Post
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.
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