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.

MI

I hope you have luck in resolving your situation, as investors we buy off plan in the hope of making a better profit. You also have to be aware of the pitfalls and problems that go with it.

I have off plan in Morocco that I am still not sure will materialise but if it does i will make a heallthy profit, to be sure buy on completion but know that you will pay a premium for this.

MP

Without wishing to be spikey I wonder why people worry when the completion date is?
I see this complaint all the time on forums.

As far as I'm concerned, its ready when its ready. In the meantime Im happy to keep my capital in the Bank and who knows the price may even rise in the meantime!

One observation Ive made is it is vital to only buy from robust developers that have a real vested interest in good customer outcomes (for exaple Proerty Logic in Saidia have announced they will absorb the recent out of the blue 6% tax hike)

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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

Investy:
I agree with you to a certain point as to when the property finishes. I feel that you are missing two very fundamental points.

1) The deposit that you have paid 30% to 40%. whilst you waiting completion has an opportunity cost.

2) There are people who bought for retirement, so any delay means that the period which was intended i.e. retirement would be reduced.

3) They may have organised there life in a manner which tied up with the
completion date and can hace contractual ramiifications.

4) The sooner they complete the less chances of getting caught with new taxes etc. A good example is the recent increase in VAT, designed to milk non Moroccans .

Going back to the original topic of this post, Tanginer City Apartments development. As i understand these were due to complete in "Summer 07" as i was initially interested, but having investigated further i understood 6 blocks of apartments were being built, 5 of these blocks were being sold to local people & the final block was released to those people overseas who wanted to purchase, as for the location Sirocco were misleading potential purchasers, "city center" is not what i would refer to the location as.

However going forward, yes those who purchased on this development should get together & seek legal advise, Sirocco at the end of the day are just agents, they will get paid their commission & move onto the next development, contacting the developer is what is reqd but obtaining contact details for them may prove to be impossible.

Let us know how you get on, as for completion dates, most developments over-run in Morocco, ive yet to see one complete on time & most contracts do not seem to have any clauses.

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Vimal Parmar

Hi
I have only paid a reserve on one of these apartment. I was informed by my solicitor that the developer with not give a date of completion or amend the contract in any way and now the company I am purchase the apartment through have told me the developer wants all outstanding balances paid in a week. But yet they are unwilling to divulge certian legal material. I think your right this needs to be addressed as I only seem to see negative feedback form this development.

My solicitor cannot get a date for completion

Hi

My solicitor cannot gain access to legal information she requires to assist with the purchase from the developers. They will not amend the contract and the completion date seems to be one that can drag on for months. I have been told that the developer wants to complete. I am starting to wonder is their other reasons behind the dely. I think my solicitor might like to get feedback from other solicitors facing the same problem on this development. What do you's think?

Hi Na Fianna,

If the developer does not agree to a completion deadline in 6months, 12months, etc, my advice would be not to proceed . Do not sign a opened ended contract no matter what assurances you are given.

by the way which solicitor are you using? Please let us know how you getting on. good luck.

Can anybody tell me if they have completed on the properties in the Tangier Apartment Development or is completion moved yet again.