Who can buy property in Morocco
Morocco is open to foreign investment and there are no restrictions on foreign buyers plus there are attractive tax concessions, including a low capital-gains tax, no inheritance tax and no property tax for first five years of ownership. Foreigners are allowed to stay for 90 days on a tourist visa. For longer stays, one must apply for residency visa (Carte Sejour), here.

Currency
As most real estate negotiations are conducted in Moroccan Dirham, it is best to open a Moroccan bank account and have deposit funds transferred from an overseas bank in advance so the money has cleared and is accessible.

How to buy property from in Morocco

• Real estate agents are widely used for purchasing property in towns as well as for villas or apartments in the many new developments and resorts. 
• Many homeowners try to sell their homes through word of mouth, saving them the 2.5-3% agency commission. 
• Samsars, local agents, know the local market, and will charge a fee of 2.5% of the sale price. Some will ask for a small deposit. Most samsars do not speak English or French.

The buying process

• A buyer can make a verbal agreement, and submit a deposit (10%), (40% for ‘off-plan’ properties) but the seller may receive and accept a stronger offer. 
• To confirm the agreement, the buyer must sign a Preliminary Contract, which specifies the price and any conditions such as ‘subject to finance,’ or ‘subject to inspection.’ This contract should be reviewed by the buyer’s lawyer, who can sign the contract on the buyer’s behalf. After signing, there is a 3-day cooling off period. 
• The buyer must now sign and return a draft of the final sales agreement. The notary will then send an invitation to sign the actual Final Contract of Sale. Upon signing, the balance, notary fee and transfer tax must be paid.

NOTE: Foreigners cannot buy agricultural land unless the Title Deed is changed to reflect the land will now be a non-farm property, according to the UK Government website.

Fees to be paid by the buyer

Registration Duty          6%
Notary Fees                   0.50% -1%
Stamp Duty                   1%
Legal Fee                      1%-5%
Land Registry Fee        1%
Real Estate Agent Fee  3%
Costs paid by buyer      12.50%-17%

Title Deeds

Property tends to come with either:

• ‘Titre Foncier,’ full Title Deeds registered at the Cadestre Office with detailed information about the size and ownership of the property.
• ‘Adoul papers’ (Religious Notary) which are used for old Medina and Kasbah properties where scribes write details of the property’s previous ownership, which can go back several hundred years.
• ‘Melkia,’ which is a title deed used for properties not registered in the Land Registry. Most dars and riads in the medinas and some land is transferred via melkias. Melkias are written in Arabic, and may be difficult to decipher. Find a recommended adoul (Muslim notary) to ensure that all the owners are identified and that they all agree with the sale. Melkia properties may one day become registered with the Land Registry and become a titled property.

Register or check your title deeds here, Conservation Fonciere.

Most business in Morocco is conducted in Arabic or French so it is recommended to use a local translator (link here with list) to ensure you fully understand all of the documentation.

Ensure that the notary checks:

• The legal owner of the property and if they have the right to sell.
• Proof of the identity of the seller.
• The details of the property are correct, such as size and construction details.
• If any of these cannot be met, proceeding with purchase may be a risk.
• If many members of a family jointly a property, they must all sign the purchase contract for the sale to be completed. 

If buying an ‘off-plan’ property, you need to pay a deposit to the notary who will pay the developer once it is confirmed the project meets all commitments. 

Getting a mortgage
Not all banks offer loans to foreigners. Mortgages are available for up to 70% of the purchase price to foreigners with a maximum length of 20 years. Most mortgages have monthly payments on a variable rate.
Find banks who offer loans to foreigners here.

SCAMS
According to the UK Government website, there are a few things to be aware of when buying property in Morocco:

• Check they are who they say they are to avoid identity theft
• Establish the seller does have the right to sell
• Check the total square meterage of property to ensure it is correct
• Ensure there is no credit still outstanding on the property you wish to purchase
• Declare the full purchase amount on the contract of sale. Under-declaring the purchase amount, has in recent years, become a common practice but doing this will affect you when and if you come to sell.

Banks

BMCI

BMCE

Arab bank 

Article sources:

UK Government 

Global Property Guide

Capnord Property

Affidata.co.uk

Independent

See also:

Visas and work permits for Morocco

Areas to rent and buy property in Morocco

For Sale: Luxury replica of the Alhambra Palace in Palmeraie Morocco