This exclusive El Oasis de Marrakech Resort FEATURES A 2 YEAR 3% RENTAL PACKAGE WITH NO MORTGAGE PAYMENTS. The development is superbly situated only 10 minutes from the international airport and less than 10 minutes from three superb golf courses. Designed to reflect the historic city of Marrakech, the Resort has been split into three distinctive design styles, the ’Marrakchia’, the ’Andaloussia’ and the ’Cherkia’. Each of the three design styles reflects the principal design influences found in this beautiful and exciting part of Morocco. The Resort sits between the majestic Atlas Mountains and the Sahara Desert and is minutes away from the bewitching charms of the ancient Medina and the enchanting Jemaa el Fna.
This property is available with the following number of bedrooms:
1 Bedrooms from £ 91,106
2 Bedrooms from £ 132,194
3 Bedrooms from £ 302,709
Brief Details- Distance to Airport: 10 minutes from International Airport
- Distance to Golf: 10 minutes from 3 courses
- Completion Date: 31st March 2008
RENTAL PACKAGE- There will be NO MORTGAGE REPAYMENTS or maintenance bills to be paid for the first TWO years of ownership, buyers will get a GUARANTEED 3% net return on their investment and TWO WEEKS personal use per annum thrown in for good measure.
The Resort will enjoy a low build density and beautifully landscaped common areas with swimming pools, Spas health center shopping and commercial areas and ample parking. Every detail has been carefully considered to ensure investors benefit from the exciting future of Marrakech.The El Oasis de Marrakech resort will have the following facilities:
- Green Spaces - More than 30% of the resort will be green landscaped areas specific to each design style.
- Pedestrian areas - The Resort will be connected by landscaped paths and walks.
- Swimming pools - There will beautifully designed swimming pools for communal use.
- Health Spa - The Health Spa will have massage, sauna and wellness facilities.
- Health and Medical centre - An on-site medical and health centre for residents.
- Shopping Centre - There will be a shopping centre and laundry facilities.
Property SpecificationsEl Oasis de Marrakech specifications will be to a five-star standard, and include, but are by no means limited to, the following facilities:
Common Areas Specifications- Mediterranean Marble Stairs
- Mediterranean Marble to walls which are 90cm thick
- Inset ceiling lights
- Elevator
- Mirrors
- Videophone
- Letterbox
Apartment Specifications- Artisan ceiling light
- Inset spotlights
- Electric blinds
- Circuit breakers
- Wall lights
- Fireplaces
- High spec kitchens
- Refrigerator
- Cooker + oven + hood
- Dishwasher
The specification of the development is constantly being reviewed and improved.About Marrakech
Marrakech, the legendary and dramatic city lying at the foot of the High Atlas Mountains, is famous for it’s souks (markets) where you can buy just about anything.
Once a crossroads for caravans coming out of the Sahara Desert, Marrakech is a spicy mixture of Arab, African and European influences.
The Djemma el Fna is really the heart of Marrakech. It is a large central square in the old city (Medina) and during the day it’s a perfect place to grab a freshly-squeezed orange juice and a handful of dates. At the end of the afternoon the Jemma el Fna transforms into an entertainers paradise - if you’re in to snake charming, juggling, music and acrobats. Snack stalls are replaced with stalls offering more substantial fare and the square comes alive with entertainment that hasn’t changed much since medieval times.
This North African city provides a taste of true Moroccan life that is worlds apart from the familiar, package holiday destinations of Tangier and Agadir.
Marrakech, the fourth of Morocco’s Imperial Cities, founded in 1062, is today the commercial centre for the High Atlas and the Moroccan Sahara.
Traditionally attired Muslim inhabitants seem almost untouched by western influence, as they go about their daily rituals; religious observance is part of the very fabric of life in Marrakech. People are friendly and welcoming and evidently proud of their cultural heritage. It is a common occurrence to offer visitors a glass of mint tea - a traditional custom and a token of friendship.
Frequently Asked Questions
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 travelling 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
2 Years interest only mortgage on a based on a 15 year term
2 Years mortgage paid by the developer for the investor
2 Years service charges paid by the developer
2 Weeks free usage of the property outside the peak season
After the initial 2 years there is an option to renegotiate a rental program for a further 3 years.
Q. Is the title to the property leasehold or freehold?
A. All properties are free hold.
Q. What is the specification of the build?
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 types 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.
Q. What is unique?
A. 2 free Plasma screens for the lounge and the master bedroom included with all purchases before the 1st June 2007.
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, we arrange for your pick-up from the airpotrt, tour of Marrakech, tour 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 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. The developers 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, The developer 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 the developer.
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. How safe is my deposit money?
A. The developer 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.
FINANCIAL INFORMATION
PAYMENT TERMS- Decide which property(ies) you wish to purchase.
- Complete a reservation form and provide with a certified copy of your passport and copies of 2 utility bills together with a payment of 2,200 Administration and Management charge.
- We will forward the details to open your Moroccan Bank account through a UK High Street Bank and refer your reservation details to the UK solicitors to commence the procedures for exchange of contracts.
- You will sign the "Exchange Contract" and send it to the UK solicitor and transfer your 25% deposit t from your UK Bank account to your Moroccan bank account.
- Once the Exchange Contract and the Bank Guarantee have been issued to the Notary and also the UK lawyer (Legal Alliances Worldwide Limited) on your behalf from the Developer the Notary in Morocco will then release your deposit monies.
>- On completion you will sign the final contract and pay the balance purchase monies of 75% plus any taxes or itemised expenses. If utlising a mortgage this will also be dealt with through LAW Limited and the Notary in Morocco.
THE MORTGAGE- A 75% Mortgage over 15 years with a grace period for the first 2 years is available
FOR MORE DETAILS OF OUR PROPERTIES PLEASE VISIT OUR WEBSITE
www.poshproperties.co.uk
Here you will also find details of:- 100% Finance Offers on Selected Properties
- How to ’Refer A Friend’ and Earn Yourself £’s
- FREE Viewing Trips
NOTES- Posh Property International is a Member of AIPP - Association of International Property Professionals (See our website for more information)
- Posh Property International Ltd does not claim to be a Financial or Legal Advisor
- Any investment examples are for illustrative purposes only and cannot be guaranteed
E&OE.