Marrakesh Property FAQs
Q. What country is the Resort based in?
A. The El Oasis de Marrakech Resort is based in Morocco.
Q. Where is Morocco?
A. Morocco is just below the Southern tip of Spain on the Northern tip of Africa.
Q. What is the nearest town or city?
A. The development is in the south of the city of Marrakech.
Q. Where is the nearest International Airport and what is its distance from the Resort?
A. Marrakech has an international airport just 25 minutes drive from the development.
Q. Is the airport open 12 months of the year?
A. Yes! Marrakech's international airport is open all year.
Q. What is the traveling time to proposed Resort?
A. Marrakech is just 3.5 hours flight from the UK, with its airport situated 25 minutes by taxi from the Resort.
Q. What is unique or makes this a good investment?
A. 75% Loan to value of the purchase price
25% Deposit payable on Exchange of Contracts
Guaranteed rental to cover mortgage costs and use of property at cost (not necessarily your own unit)
Use of units in other developments at cost
Q. Is the title to the property leasehold or freehold?
A. All properties are free hold.
A. The entire Resort will be built to a European 5-star standard.
Q. How many units are there?
A. A development of 1014 units.
Q. What type of units are there?
A. 1 and 2 bed apartments also 28, 3 bed duplex penthouses.
Q. Will the units have balconies?
A. Most units will have terraces and balconies.
Q. Are there any gardens with the apartments?
A. Yes, some ground floor apartment have gardens (details upon application).
Q. What other amenities will there be?
A. Indoor spa and fitness club, gym swimming pools, restaurants, bars, medical centre, bank, pharmacy, 24hr/365day security, supermarkets, tourist shop, hair salons, boutiques, car wash and laundry facilities.
The entire development is gated.
Q. Are there any golf courses in the area?
A. The Palmarai golf course is just 5 minutes away from the site. Currently an 18 hole golf course but work has been commissioned to turn the course into a 27 hole golf course. This is a very well known golf course in Marrakech.
Q. Is there a furniture pack included? If so is there an itinerary, if not what will the approximate cost be?
A. Furniture pack's are not included, but there will be an option to purchase.
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Q. What is unique?
A. 2 free Plasma screens for the lounge and the master bedroom included with all purchases
Q. Is car parking included, if so how many spaces?
A. 1 parking space for each apartment and visitor parking.
Q. What is the style of build?
A. There are three design styles, the 'Marrakchia', the 'Andaloussia' and the 'Cherkia' each with it's own unique style.
Q. Are there show apartments ready?
A. Yes, the offices onsite also house the show apartments.
Q. Can we book inspection trips?
A. Yes you can, liaise with your agent or Dreamworld to arrange for your pick-up from the airpotrt, tour of Marrakech, jtour of the sites and your return to the airport. Please be aware we require 5 days advanced booking.
Q. Is there a sales person on-site?
A. Yes, the mangers name is Corrine who speaks English, French, Spanish and German.
Q. Is there a reservation fee payable?
A. No, your administration fee will hold the property in your name.
Q. Are there any other fees payable?
A. Yes. Buyers will have to pay a non-refundable Administration and Management fee to Dreamworld of €2,200 when booking their reservation.
Q. Is there a rental package for this development?
A. Yes as part of the purchase package the first 2 years rental income is guaranteed at 3% net of the purchase price under a bank guarantee. The package also includes your mortgages being paid and your service charges and two weeks free usage. This comes as an entire package.
Q. What sort of capital growth has been experienced in this area and what are the prospects?
A. Shown in the Times, The Telegraph and Homes Overseas Magazine, "Property prices have doubled in the last two years and that it is anticipated that prices will double again over the next two to three years.' Dreamworld's own research has indicated that there will be capital growth of between 20-25% per annum in Marrakech; however we would anticipate a more realistic 15 - 18% per annum in the medium term.
Q. Does the client require a foreign bank account?
A. Yes, buyers must open a bank account in Morocco initially to pay the Exchange Deposit, for mortgage purposes, for completion monies and for paying utility bills.
Q. Do I have to go to Morocco to open my bank account?
A. No, Dreamworld has arranged that the purchasers can open a Moroccan Bank Account with a UK High Street Bank; details will be provided on reservation.
Q. Are mortgages available, if so who are they done through and what types are available?
A. Yes, the agreed loan of up to 75% of the purchase price over a period of 15 years with a grace period for the first 2 years. This unique loan package is only available through Dreamworld.
Q. Is life insurance mandatory on the mortgage?
A. Yes, life insurance on the mortgage loan is mandatory and is a condition of the loan.
Q. Are copies of the purchase contracts available and easily obtained?
A. Yes Copies of which are available through Legal Alliances Worldwide Limited.
Q. Who are Legal Alliances Worldwide Limited?
A. Legal Alliances Worldwide Limited are the Lawyers who have represented the buyers interests in the negotiation and formation the Purchase Contracts and are the specialist who are expert in Moroccan Law and Procedure.
Q. Who do we need to contact at Legal Alliances Worldwide Limited ?
A. Your contact at Legal Alliances Worldwide Limited is Mr Phillip Morris, he can be contacted on +44 121-200-1897 .
Q. How safe is my deposit money?
A. Dreamworld has secured through Legal Alliances Worldwide Limited the use of the VEFA. This is a Statutory contract which provides specific safeguards and guarantees for your deposit monies. The VEFA places a Statutory obligation on the Developer to refund any deposit monies in the event the development does not complete. The VEFA is further secured by an independent bank guarantee for each purchaser. Under the terms of the VEFA your deposit monies are not released by the Notary to the Developer until these guarantees are received not only by the Notary but also Legal Alliances Worldwide Limited on your behalf. The VEFA has to be registered with the Authorities. As far as we are aware this level of protection for purchasers is unique in Morocco.
Q. Do I have to go to Morocco to sign the contracts?
A. No. The VEFA includes a Power of Attorney for Legal Alliances Worldwide Limited to sign the VEFA in Morocco (which must be done in front of a Moroccan Notary) on your behalf.
Q. Are the contracts assignable?
A. Yes.
Q. What are the anticipated purchase costs?
A. Approximately 7%. More details can be obtained from LAW Ltd.
Q. What is the tax on rental income?
A. Buyers will not have to pay any rental income tax in Morocco for 3 years and thereafter between 22% and 44% based on 60% of the rental income. Tax on the rental value of the property (equivalent to Rates) is not payable in the first 5 years and thereafter at 13.5% payable annually. Buyers should take their own independent advice in respect of their tax liabilities.
Q. Does my property come with any other guarantees?
A. Yes. Written into the VEFA there are the following guarantees:
1 The structure of the apartment is guaranteed for 10 Years 2 The Lifts in the apartment buildings are guaranteed for 2 Years 3 The air conditioning is guaranteed for 2 Years. 4 The kitchen appliances are guaranteed for 2 Years. 5 The plasma televisions (1 in lounge, 1 in master bedroom) are guaranteed for 2 years . 6 The plumbing and electrical services are guaranteed for 1 Year.
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