Buying property in Morocco

Who can buy property in Morocco

There are no restrictions on who can buy property in Morocco. However, foreigners can’t purchase agricultural land due to a law protecting local farming.

You’ll need to obtain a Moroccan tax number, and opening a Moroccan bank account is advised. Hiring a lawyer is recommended to help you navigate Morocco’s laws and procedures.

The buying process in Morocco

• Once you’ve found the property you’d like to buy, put in a competitive verbal offer with the estate agent.
• If accepted, a legally binding contract, known as a purchase contract, is drawn up by a notary.
• This provides a description of the property, the agreed sale price, and the suspensive conditions.
• Once both parties sign the contract, you’ll pay a deposit of typically 10%.
• The notary then registers the new owner with the land registry.

Fees and taxes in Morocco

• Registration duty usually ranges from 4% to 6% of the property’s value and is paid to the government.
• Stamp duty is approximately 1% of the property’s value, and notary fees range from 0.5% to 1%.
• Land registry fees amount to 1% of the purchase price, while estate agent fees are usually between 2.5% and 5%.
• Legal fees range from 1% to 5% of the property’s value, excluding VAT.
• Capital gains tax on a property is usually 20% on the net profit, but it can be waived if the property has served as the main residence for at least six years.