Hi Has anyone heard about this new resort in Tangier? Got an email from Insight Morocco about it and at first look it looks impressive. Quite expensive at 80,000 pounds for a 1 bed but these are beach side. I believe the resort is between Tanja Beach and the proposed site for Tinja (the Emaar project).
Does anyone have any opinions about this? It is being developed by a big middle east developer so less worry about it being built and although is expensive my opinion is this will be a real 5 star development.
Had quick look at project on Insight Morocco's site. There are a few errors that I'm sure they will iron out soon, such as resort being "Nestled along 2.5km of Stunning North African coastline stretching from the Med to the Atlantic." (From what you have said Scott K, the development will be on the Atlantic coast and a good 15 to 20 minute drive on clear roads fromt he Med.)
Payment structure isn't as good for other developments that are available, though it looks like your investment should be more secure here. (20% up front, 30% at start of construction, further installment (can't remeber if 20 or 30%) towards end of build and remainder on completion.) That's a lot of money before completion for a supposedly secure developer. May be worth checking out how secure they are.
On agent's site it mentions that you have choice of payments being held in escrow or a bank guarantee being offered. This strikes me as a little odd. Why not let clients have both? Escrew account is good for holding the funds and only releasing them in drips and drabs as certain development milestones are left. That limits the potential loss should things go wrong. However, things can go wrong and should they do you wouldn't have the bank guarantee (assuming you opt for the escrew account.) Peculiar. Perhaps wording on Agent's site is simply open to interpretation and will be changed.
I see the Moroccan bank that will provide bank guarantee has not been determined. I'd prefer if it were a French or British bank. I'd be hesitant to part with anything more than the refundable reservation fee till bank guarantee was in place.
Still, looks like a good development. Good luck with it if you pursue it.
I think this looks to be the best development on that strip of land. It is a little over my budget, though I could afford a one bedroom. The developers are one of the best in Dubai. I am really holding on for the Emaar development which I think will be the second best development and hopefully slightly cheaper, though with the constant delays in releasing this development I am led to believe that it will be more in the price range of Al Houara.
From what i understand the Emaar project wont have a golf course so prices may reflect that. The date of November is being touted around as the launch date for Tinja so if subsequent phases in Al Houara are launched before then with prices increasing I cant see Emaar coming in cheaper as they dont want to be seen as an inferior product.
Re the Al Houara site and soup dragons comments i spoke to Insight Morocco and they are addressing. They arent allowed to market the mortgage product although i beleive this is with a spanish bank and has very favourable fixed rate terms.
