Tanger Boulevard, Tangier, Morocco

Tanger Boulevard, Tangier, Morocco

The development consists of a range of 1, 2 and 3 bedroom apartments and penthouses with quality finishes and a Moroccan flavour. The properties sit in a privileged situation overlooking the Mediterranean Ocean

The Developer is a Spanish architecture, engineering and construction company and has developed projects in more than 30 countries. They have been active in Morocco with a series of retail centres, golf course project, public buildings, residential projects and two of the best known leisure and commercial developments in Tangier.

Prices range from £60,000 - £100,000 and the development is currently priced at 15%-20% below other developments in the city of similar quality. There is also the option to purchase parking spaces which are very limited in the centre of Tangier.

Location

Tanger Boulevard is conveniently situated within the city of Tangier and in close proximity to the new Tangier port and marina offering shops, boutiques, bars and restaurants and is only a 5 minute walk to the beach

Key Reasons to Invest

• At present Tangiers is one of the best short to medium term investment hot spots in Morocco.
• The development is being constructed in a prime position, a short distance between the beach, marina and various other amenities.
• Owners will have access to an on site swimming pool, gymnasium and underground parking.
• The complex has a good mixture of both residential and commercial space which will be occupied by designer brands and corporate businesses.
• The whole area will be landscaped.
• Prices are currently around 20% below current market value, but are due to increase over the next two weeks.
• Completion is set for 2010 and mortgages are available at 70% LTV

Payment Terms

• £2875 reservation deposit (45,000 MAD)
• £1175 admin fee (including VAT)
• 20% on signing of contracts (less the deposit)
• 10% within the first 12 months
• 70% on completion - June 2010

Mortgage Option

The developer has negotiated favourable mortgage terms (subject to status) with Attiwarijaffa bank at 70% loan to purchase if required at completion. Currently interest rates would be in the region of 4.7% to 6.6% based on a 25 year loan, capital repayment or interest only taken. This is a substantial benefit to any investor/purchaser knowing the completion balance can be covered by an underwritten mortgage facility at attractive interest rates.

Conveniently situated, Tanger Boulevard will no doubt offer excellent capital appreciation and rental yields not only in the short term but also long term too. Also, with prices due to rise over the next two weeks, the current 20% below market value price makes the investment even more attractive

Key facts

• Deposit 20% on exchange
• Unit types Apartments
• Completion 2010

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