Need advice!

[commandos1985]

Good day everybody!
I really need your advice, please! is it profitable to buy apartments in Tanjah Resort?
is it safe?
Are there any problems (with documents, development, etc.) ?
What about rental contracts and 10% during 10 years? is it real?

Is there a more interesting place in Morocco to invest in? (and safe )

Thank You very much!!

[Investy]

I considered Tanjah but it wasn't quite safe enough for me - I'm a nervous investor that likes to sleep at night.

I went for Saidia (lejardindefleur) as its the first Government Plan Azure project with big name hotels on the development and masses of infrastructure.

[Jesus of nazareth]

Originally Posted by Investy

I considered Tanjah but it wasn't quite safe enough for me - I'm a nervous investor that likes to sleep at night.

I went for Saidia (lejardindefleur) as its the first Government Plan Azure project with big name hotels on the development and masses of infrastructure.

How can you sleep at night when Fadesa is making such a cats ar$e of it?

[Investy]

A new firm has been appointed to oversee the whole Saidia project. Adohha "is approaching the review with new gusto and an emphasis on quality"

Im not buying from Fadesa myself.

All investments carry some risk or downside issues. This was the least worst option for me.
Tanjah didnt seem robust or significant enough for my tastes

[Jesus of nazareth]

Originally Posted by Investy

A new firm has been appointed to oversee the whole Saidia project. Adohha "is approaching the review with new gusto and an emphasis on quality"

Im not buying from Fadesa myself.

All investments carry some risk or downside issues. This was the least worst option for me.
Tanjah didnt seem robust or significant enough for my tastes

If Addoha get to oversee Saidia then you will be able to sleep at night, they are the developer for Tanjah which is going to be an all 5 star resort. Maybe some of this 5 star quality will rub off onto Saidia.

[Investy]

Originally Posted by Jesus of nazareth

Maybe some of this 5 star quality will rub off onto Saidia.

I hope they remove the chintzy sh1te looking lamp posts - small details matter.

[esmerelda]

Originally Posted by commandos1985

Good day everybody!
I really need your advice, please! is it profitable to buy apartments in Tanjah Resort?
is it safe?
Are there any problems (with documents, development, etc.) ?
What about rental contracts and 10% during 10 years? is it real?

Is there a more interesting place in Morocco to invest in? (and safe )

Thank You very much!!

If this is the resort called Tanjah Golf (formerly Tanjah Beach) There has been considerable correspondence on other property forums about this development. At the risk of repeating myself yet again...we put deposits down on this in Juy 2006. We were advised that build would begin that all permissions had been given, build would begin in Oct, our apartment was beachfront, an innovative exchange bond would offer low money down spread over the 3 yr build period, that there would only be one phase of building, that the road we had noticed on the plan was a minor road. None of this was actually true.

Permissions had not been given -only outline planning, build was therefore delayed ( & as of a couple of months ago when I passed the site yet again STILL had not started), the apartment was not beachfront but (just as we had suspected from the plan) right next to the road, the exchange bond deal was amended, there IS an additional phase going to be built - (so consider your exit strategy if you are looking to flip & think about the impact of those cranes on any rental potential) oh yeh & the "minor" road is actually rather busy even in winter & they go at a clip (notwithstanding the motorway).
The agents couldn;t even be bothered to show us the site despite repeated phone calls & we were in the area a week!

Needless to say we walked away...along with many others. That was in NOv 2006!!! I am sure all those units have since been resold, I hear that they do actually now have permissions in place but frankly our experience with it was so totally negative that I couldn;t in all conscience recommend it. yes people can say they brought it to the market too early but crikey they are supposed to be professionals at this & it was amateur night from start to finish.

Watch the rental guarantee as well - how is this going to be done & is there any implication on to how many days you can use your unit?

More interesting places to invest in ?- Morocco is heaving with offplan developments, opportunities to buy land & build your own, renovations etc . We ended up doing a renovation & it worked out very well for us.

Safe? what investment is safe?...define safe? I'd say if you want safe.... just stick your money in a high interest account (but not more than 35k) & forget about property in an emerging market.

[manor park]

esmerelda

I understand how you feel about Tanjah, I reserved at the start of 2007 but had read accounts from the people who went on the viewing trip etc.

I decided as this was low cost to get into I would give it a try. It has still dragged on but we do finally seem to be getting somewhere. All the permissions are in, the contracts are due out shortly and work (I am told) started on site today. Still a long way to go but after waiting over a year its good to see things moving.

The company doing the rental, CPS. will be offering several options, I am still waiting for the full details but you can opt for a short term deal of a couple of years or up to ten years with the rental set. You do not get any use on the long deal but I am not sure on the shorter deals, you also have to have their furniture package.

I also thing you can have a non guaranteed rental deal, where they will look to rent on you behalf and with this you can have as much use as you want.

As I said there is still a long way to go but hope that 36 months down the road we will have a nice apartment at a very reasonable price.

MP

[esmerelda]

IF work has genuinely started on site then I wish you all the best with it. (I only say IF because I have heard the work started twice already). For me the issue of the road remains & will continue to do so. I wouldn't want to rent a "beachside" apartment that is next to a really busy road (particularly in August when Asilah is PACKED.
Also what I witnessed over the past 18 months in almost monthly visits to the area was the waterlogging of the site. This is a known problem in the winter - what I was surprised about was the amount of surface water still on the site in June. So I would pay particular attention to how they are proposing to sort that out, foundations etc.
Also what is happening to the maintenance works for the motorway? will that remain on the edge of the development? Just a thought?

I take your point about relatively low cost but do not regret our decision to withdraw as we renovated a 5 bed house in Asilah medina for less than the introductory price of a 3 bed penthouse on Tanjah & are renting it out now. Yes it was more work but we believe that it has been far more rewarding in so many ways! To be fair, I discovered that off plan does not suits my mentality, there are just way too many unknowns that you the investor are not in control of - I lost so much sleep worrying about Tanjah....never lost a wink on the renovation even though the financial outlay was considerably more. So horses for courses & I wish all the Tanjah investors the very best of luck.

[newkidontheblock]

Hi esmarelda, i have read about your renovation on other posts and it sounds like you have done a really good job bringing it together.
What i would like to know is what level of work is going on in the area. When i was last over at the Tanjah site i saw very little building work in the area and would like to know if other projects have begun.
i also wouldnt hold my breath on work starting at Tanjah. Had too many false dawns already