Syndicate and Agent Medlantic Properties

What's happening at Alcudia Smir?

Syndicate and Agent Medlantic Properties

Postby Colin » Thu Jul 28, 2011 9:46 pm

Hi Guys,
I don’t have a huge amount of detail on the current situation at Alcudia Smir, but have had a brief update from my agent, Hatim from Medlantic Properties. (Who I would highly recommend – http://medlanticproperties.com/)

He tells me that the syndicate has been formed for AP1 and they are currently “working with the developer” (stop laughing!) to get the remaining issues sorted out. The swimming pool is now complete, but there may still be some issues surrounding this.

Because of the issues surrounding the pool he was unable to offer my apartments for rent from an early stage, but since the middle of July has been offering these for rent. It was a surprise to me considering so many factors (mainly the pool, and the fact that the whole place is a building site) that any rental was possible at all, however I am pleased to report that the rent achieved to date, although modest, is very pleasing.

Just thought I would let you know everything I know and also offer a glimmer of hope for the longer term.

Has anyone been over recently and have any more detailed information to share?

Don’t read this…. http://www.albawaba.com/moroccan-proper ... ble-383861

Thanks,

Colin.
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Postby 1frenchy » Fri Jul 29, 2011 1:08 pm

I'm on vacation@ Alkudia smir and this is the first time I see so many people who seek rental, everything here is rented.
our building was full and the pool was filled

Finally, the complex is very well demades

About syndic

The syndic is to be formed
they set the following amounts

6000 dh for big apartment with garden
5500 dh for 3 bedrom
5000 dh for 2 bedrom
4500 dh for solarium

make paiement to


SYNDICAT DES PROPRIETAIRES AP1
ALCUDIA SMIR
numero de compte
IBAN; 0011.726.0000.01.210.0008332-27
BMCE BANK FNIDEQ


The actuel syndic normally walk up intill October 1, 2011
Last edited by 1frenchy on Sat Jul 30, 2011 1:02 pm, edited 2 times in total.
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Postby Colin » Fri Jul 29, 2011 10:15 pm

Hi 1frenchy,

Thanks for the information, do you have any contact details for the people in the syndicate, who do we pay the money to?

I can well imagine how busy it is, I have seen some of the other developments at the peak season and sometimes when I see things out of season I can't believe how empty things are.

Do you maybe have any photos of things looking busy? I will be over in September, but no doubt the whole place will be completely empty by then!

Do you think the pool is good?

Thanks,
Colin.
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Postby Snippy » Sat Jul 30, 2011 10:33 am

Colin,

May I ask how you get the rental income back to the UK? At the moment I'm renting my place but all the rent is being paid in Dhs and the money must stay in the country.

Also, in your experience do you think there is an appetite at the moment for advertising an apt in Alcudia Smir on the main rental websites ie holiday rentals etc.

Thanks
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Postby kenz » Sat Jul 30, 2011 11:55 am

been wondering myself best way of getting money back home for last year, all i can think of is just getting in changed to euro's/sterling over there & taking the hit on getting fleeced with someone taking commission. Unless you have translator with you i have found banks proper hard work. If anyone has better idea would love to hear.

For what its worth i reckon you will only get a couple of weeks rent out of season if you advertise, Bilal at Krystal doesnt seem interested out of season & vista rent have always told us that you might get the occasional few days rent but not to get hopes up, but have also said maybe in future once tamuda bay is more established the season might start stretching out longer. Lets hope so.
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Postby kenz » Sat Jul 30, 2011 11:59 am

Snippy,

check you PM please
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Postby Colin » Sat Jul 30, 2011 4:50 pm

I've yet to take any money out, something I've pondered over for years but was frankly a bit surprised to have any rent to worry about getting out yet!

The banks are actually no use, as you are unlikely to have a residency permit for Morocco (well, I don't anyway!), then you can only have a "convertible" account, my understanding is you can’t actually pay dirham cash into the account.
My thoughts are doing exactly what Kenz suggests, get it changed. You will no doubt loose a little by getting tourist rates, but, unless anyone has any better ideas, that’s all I can think of.

I met Bilal last year, how do people feel he is getting on? Is he managing to get good rental?

Out of season rent is currently nearly impossible I think. Longer term I think it may be possible to find a way of getting Europeans out for the Golf, the Ritz Carlton will help with that.
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Postby 1frenchy » Sat Jul 30, 2011 5:09 pm

III-TRANSFERT DES REVENUS D’INVESTISSEMENT

Les revenus engendrés par les investissements financés en devises sont librement transférables par l'entremise des banques au profit des investisseurs concernés sans limitation de montant ou dans le temps. Il en est ainsi des dividendes ou parts de bénéfices distribués par les sociétés marocaines, des jetons de présence et des revenus locatifs.

Pour effectuer le transfert, l’investisseur est tenu de présenter à sa banque, à l’appui des ordres de transfert, les documents et pièces prévus en annexe II de la circulaire n°1589.

IV-TRANSFERT DU PRODUIT DE CESSION OU DE LIQUIDATION DES INVESTISSEMENTS ETRANGERS

Les banques intermédiaires agréés peuvent transférer au profit des investisseurs étrangers au Maroc, le produit de la cession ou de la liquidation de leurs investissements, ainsi que le remboursement en principal des prêts contractés conformément à la réglementation des changes en vigueur et ce, après paiement des impôts et taxes en vigueur au Maroc.

Pour le transfert du produit de la cession ou de la liquidation des investissements étrangers, les intéressés doivent présenter à l'appui des ordres de transfert, les pièces et documents prévus en annexe III de la circulaire n°1589.

Les cessions intervenant entre les investisseurs concernés par la circulaire n°1589 peuvent donner lieu à règlement, directement à l'extérieur au moyen des disponibilités à l'étranger des intéressés.

(CIRCULAIRE N°1589)

ASK YOU BANK ABOUT TRANSFERT MONEY FOR YOUR INVESTMENT TELL THEM TO CHEK CIRCULAIRE NUMBER 1589 FROM OFFICES DES CHANGES
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Postby Colin » Sat Jul 30, 2011 5:26 pm

Bingo!!! Problem solved.
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Postby sabrina » Sun Jul 31, 2011 10:31 pm

Hi Frenchy,

Is there any demand for the apartments during Ramadan?
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Postby 1frenchy » Mon Aug 01, 2011 8:49 am

Hi Sabrina

we left on Sunday, the parking lot was always full in my opinion this explains that people will stay for the month of August.
The new companies like (Maroc telecom) find house for their staff for a month, this means Alkudia Smir begins to find it in the market place Due to its location.
My remarks were as owners ,for more opinions we must have the opinion of companies that manage on-site.

Regards
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