Introduction
There are few places left in Morocco – indeed, in the world – where ordinary investors can afford to buy quality villas right on the beachfront, so when we heard the deal details and saw the waves lapping at the edge of this lovely site near Mirleft, on Morocco’s picturesque Atlantic coast, we knew we’d found what we were looking for.
Where else in the world can you own a beautiful beachside villa that pays for itself? These properties, which are a very healthy 27% under market value, require only 30% down, have AXA-backed security, and 70% LTV mortgages are available through an established Moroccan bank. Each comes with a 7% net rental guarantee that should cover your repayments for nine years; owning one of these villas should pretty much fund itself, while you sit back and enjoy the capital growth – and the sunshine.
Our previous Moroccan developments have been near thriving city locations, bustling Marrakech and historic Fez, but this one is quite a different prospect. Nearby Mirleft is a charming and relaxed fishing village. Its unique microclimate – protected from the desert heat by mountains to one side and cooled by ocean breezes from the other – makes it an exceptionally pleasant place to reside and gives year-round rental potential. Wonderful as it is just to kick back and relax here, there are a number of nearby attractions and it also offers activities including surfing, diving and deep-sea fishing. A gorgeous place to visit or to live, and a beautiful investment in more ways than one.
Already popular with local and foreign visitors, improving infrastructure means this delightful part of Morocco, which is just three-and-a-half hours fly-time from London, is attracting ever increasing international appeal, boosting capital growth, promising great returns, and making this the optimum time in the area’s economic cycle to be getting in.
This is a Gardens of Fedala development, and enjoys their unique benefits of an AXA-backed rental guarantee, making it a safe and highly attractive investment; the last such deal we offered, in Fez, was snapped up in weeks, and we’re sure this one will be just as popular. As well as being a great investment buy, you can stay at your villa for a fortnight’s holiday a year. Properties here have optional private pools and all the usual Gardens of Fedala extras such as an on-site health centre, bar and restaurant, and you even get free return flights for the first three years.
We have secured 80 of the 120 units on this site for exclusive sale to the UK market. They’re being sold on the French market as well, and we expect this great deal sell out very quickly, so get in quick – when they’re gone, they’re gone! So if you’d like to take advantage of this cracking deal and grab an under-market-value beachside villa, in a beautiful, sun-kissed, economically burgeoning corner of Morocco, read on.
Warm regards,
Alise and Jonty Crossick
This development offers a chance to get in early in the property cycle of a breathtaking holiday destination. The development is one of the first to be built in this beautiful seaside location, and is exceptional for the area thanks to its high quality. In addition to this, the developer has taken great care to structure the financial details in such a way as to offer you excellent value, with many extra features included as standard.
Financing
In Morocco it can be difficult to source financing for property purchases. We have sourced an excellent mortgage package through a long-established Moroccan bank, BMCE. They are offering full status mortgages at up to 70% loan to value (LTV) which means that after you have paid your 30% deposit, you have nothing further to pay until completion. Please see page 22 for more information on this mortgage, and the qualifying conditions.
Rental guarantee
All villas come with a nine-year rental guarantee from the management company, at 7% net per annum. This is backed by world-leading insurers AXA. The rental guarantee starts from completion (expected June 2009). It will be paid quarterly and currently translates to a 7% yield – or on an average-priced property, €12,528 per annum1. Your income will increase by a fixed 2% each year to account for general inflation, and may be renewed at the end of the term. The guarantee allows for up to two weeks’ personal use each year for its duration (nine years), which will not affect your yield.
In addition, the 7% rental income is a net amount, meaning all additional costs associated with running your property will be borne by the management company.
If you choose to include a swimming pool with your villa, please note that your 7% rental guarantee will reflect the cost of your villa with pool. The pool can be included with your mortgage.
Transferable benefits
All terms of the contract and guarantees are fully transferable. This means that if you wish to sell your property before the nine-year rental guarantee is up, you can pass this on to the buyer. Other benefits, such as the free return flights and housekeeping service, will also be passed on. This will further enhance the already excellent potential for your onward sale.
Extras
Free flights
You and your partner will get free annual return flights from Europe, including airport transfers, for three years after completion.
Prepaid payment card
You’ll also get a one-off prepaid Fedala Gold payment card charged with 10,000 dirhams (€900), to be spent at any of the facilities in any Gardens of Fedala resort you visit.
Access to other Gardens of Fedala complexes
You may use your villa at Mirleft for two weeks each year, without charge and without affecting your rental guarantee – or, if you feel like a change, you can choose to stay at any of the other Gardens of Fedala complexes in Morocco, also without charge.
Free housekeeping
Your villa will be cleaned and maintained free of charge during your annual stay for the first three years following completion.
The average take-home rental income is €1,044 a month – and that’s guaranteed