Tangier Property
Tanger Boulevard provides a unique opportunity to invest in both a city and
beach lifestyle resort. This Tangier development consists of 36,000 m2 of
residential area arranged over two buildings. In total there are 419
specifically designed apartments and penthouses as well as 8,000 m2 of
commercial space and 517 parking spaces. All units will be constructed to the
highest standard whilst still retaining that essential Moroccan charm.
The Tanger Boulevard development is
situated on the main avenue of
Tangier which is also in the
restaurant and shopping district. |
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Tangier Property Morocco - Tanger Boulevard
The development consists of a range of 1, 2 and 3 bedroom apartments and
penthouses, beautifully designed with quality finishes and a Moroccan flavour.
The properties sit in a privileged location 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 projects, public
buildings, residential projects and two of the best known leisure and commercial
developments in Tangier.
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Tanger Boulevard is conveniently situated within the city of Tangier in close
proximity to the new Tangier port and marina, which offer shops, boutiques,
bars and restaurants whilst being only a 5 minute walk to the beach.
Key Reasons to Invest
- At present Tangier 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 15% 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
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Payment plan:
Apartments range from £56,000 - £115,000
Currently priced at 15% 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.
Administration/Enabling Fee: £1,000 + VAT
Reservation fee: £2,300
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 5.5% to 6.5% 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. [Interest rates may vary depending on the client’s records and market variations].
Investing in Tangier Property
Over the last three years Tangier has experienced phenomenal growth. As the new King Mohammed VI seeks to position Morocco as a key tourist destination under the Plan Azur, Tangier has been recognised as a key factor in achieving this goal. The progress can already be seen, a new pleasure port and marina is being built in Tangier as are new conference centres and hotels. The train station has been completely modernised and a new railway line will connect Tangier with the Mediterranean coast, building on the already established train route to Rabat, Casablanca and Marrakech. However it´s not just tourism that will drive the growth in Tangier, it´s also business. The new port, currently being built 30 minutes from the city will be one of the biggest in the Mediterranean and will eclipse its Spanish counterpart Algeciras not just in size but also in the quality of its new modern facilities.
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