Buyers of off-plan real estate investment property at Olive Grove in Morocco
Olive Grove - Talk to other property buyers
If you are buying a property off plan at Olive Grove, Marakesh, Morocco, Eye on Worldwide enables you to communicate with other property buyers at Olive Grove, and to share photos with each other.
----------
New Property Development Details:
Development Name: Olive Grove
Location: Marakesh, Morocco
----------
The property service is free to use and takes just seconds to join.
If you are an existing member of Eye on Worldwide then log in and add this new off plan property development to your list of monitored new developments.
To join now as a new member simply fill in your details below and you will have instant access to the off plan property buyer's message board so that you can start communicating with the other buyers.
Start talking now to your fellow real estate property buyers at Olive Grove in Marakesh, Morocco!
Below are a selection of the most recent messages posted for this development. To read all the posts, contribute your own and view and share progress photos, please regsiter above and log in.
DISCLAIMER: All opinions posted on these message boards are the opinion solely of the poster and do not necessarily reflect the opinion of Eye on Worldwide, its servants or agents.
| Message | Posted by |
What is the latest here-any resolution?
| magnate |
I have been advised by R2I that the owner of the land wants more money and will not now release the land to the developer. The issue is going to court on May17th 2007. | cj49 |
Hi everyone
i am just about to send off my reservation fee.i also cannot find any info on developer . I have gone back to r2i and asked them to verify the information about the developer. what are the problems with the unit allocation?
i do think it looks like a very good investment and am exited. it does look like a genuine discount. i have looked at apartments for sale and yes there are a few that are arount the same price whthin marrakesh but i think they are a little older and not with the same sort of facilities.
Would like to hear from anyone going ahead | lina |
| ak970097
go with your gut feeling,weigh it all up,80,000 euros is alot to tie up for 2 yrs,you could buy now for similar sum and start gaining immediate income? depends what you want from your property,good luck.I may even regret my withdrawal who knows ? | gent |
| No real cause for concern here.Will pm you.I am buying two. | magnate |
Hi there, did anybody decide to go ahead & put the full deposit down for this project?
My husband actually put down the initial deposit of GBP3050 down before telling me! When I knew about the deal, it was such a put off for me since I think the terms & conditions are a bit dubious (especially the allocation of unit part) & as someone else mentioned here, why do you need to pay the full amount upfront in 4 weeks when the developer will take the money from the escrow account in stages anyway? Anyway, I'm so mad at my husband! And he was going to send them the full amount of Euro$80,000 without even finding out more about the developer & asking a lawyer to go through the contract. And we haven't even been to Morocco for goodness sake!
Another thing that jumped out at me is that they STILL haven't obtained the land rights (promised by 31-Mar-07) & everything is supposed to be explained in the "Agreement to Purchase" which they did not state when they will send it out. "Building permit" is not yet approved also!
Overall, I've a bad vibe about this development. Can't google any info about Morocco Multi Development Sarl (MMD) nor the Managing Director guy too.
FYI, I haven't bought any property abroad before but I've been watching a lot of properties TV.
Please you guys, any further info about this development - your opinions, advice etc. is welcomed! I just hope I can persuade my husband to run away while we still can & save our 5-year savings for a more worthwhile property!
Thanks!
| ak970097 |
| debsirn,
have decided not to purchase og. it's not as close to city as i believed, lot further than 3 km [ unless there is another route than one i took] really depends on quality and marketing of resort to rent well,other reason for me is i have already bought outside of medina and have decided to look inside. | gent |
Gent,
Can you please confirm about distance from development to the main road as well as main road to town center? R2I told me it is only 1 km from development to main road.
Do you think distance from main road and transport will be an issue for rental of OG?
I still can not decide yet, how about you?
Do you also have to transfer money to R2I by this Friday?
Many thanks
| debsirn |
| I've put a post for the Atlas Mountain Resort, with the same sort of questions on this post. | kursulen |
| Hi debsirn,
am still undecided on o g you can buy apartmnts nearer to centre ,communal pool ,same price, views of atlas are good but it is some distance off main road, how can we be sure that this development will sell at prices projected ? | gent |
| have found out that if land is not purchased by march we get money back plus interest, any interest will go towards project thereafter, also cant see these properties selling for the amount estimated when selling off plan.there will be 80 m2 liveable + 20m2 terrace, comparisons are bit misleading. | gent |
Gent, do you get more information from R2I regarding to gross living space and interest occur from fund in escrow account?
R2I told me that the reason investor has to transfer full price fund to escrow at the beginning is so that developer has enough equity to get loan from the bank.
What do you guy think about discounted price R2I quote, is it genuine?I am quite skeptical as I found most of the residential apartment in even better location such as in medina is about 800Euro/square meter. It is very hard to find orange to orange comparison with this one.
Have you guy heard information about amelish II and amelsish III that Emmar are going to develope. If it is going to be near the existing one that would be good for OG. | debsirn |
| me neither,would like to hold on to my money untill its needed,maybe developer is using promise of money to fund project and r2i are protecting investors money,however i think interest should accrue on funds not released.lets all put this to r2i. | gent |
Anyone got the preliminary agreement. I just got it yesterday. Will be very appreciate if someone can share opinion about it.
Don't understand why R2I want investor to transfer money to escrow account in full from the beginning, but fund will only be released to developer in different phase as construction progress. | debsirn |
| hi debsirn have been to site.but due to mishap did'nt get photos!
have been told planning is approved and detailed plans are imminent,things are developing fast outside marrakech ,as far as i know there is nothing like this with all facilities, apparently this is to be ahigh end development,if so it needs sound promotion and to the right clients to ensure rentals.as for mr.aloui have heard nothing bad. | gent |
Has anyone got due diligent information about developer (
Abdelaziz Belhassan Alaoui)? He doesn't seems to have any track record of his own development under his belt.
What do you think about rental income at outskirt of Marrakech?I reckon majority of tourists prefer to stay inside Medina.
| debsirn |
| have been to olive grove site and it's alot further from main road by car than 3 km, around 7km then around 15-20 mins to centre of town. lovely spot though ,good mountain views, not sure i want to wait another 2 years though. anyone interested in buying my reservation ? | gent |
| exactly, one cannot promote a 200m2 villa then say this is incorporates 150m2 of garden! | gent |
Preliminary contracts should be issued shortly as they will mirror Atlas-lets swop notes on the contents.Dimensions in gross m2 need to be accurately subdivided into internal living,and external areas otherwise we may all end up with dolls houses Polarisworld style!
| magnate |
| anybody reserved yet ? have asked for more info re living space on 100 m2 aparts. have been informed that developer is now stating 90m2 living area 60m2 terrace ,waiting for firm details before proceeding . all vague at moment but am asking for guarantee of100m2 plus 50m2 terrace. | gent |
Tell a friend
View more off plan property in Morocco.