AP1

[macca]

Hi,anybody still waiting to hear about their apartment on AP1.We are purchasing an appartment there but haven't heard anything yet.Macca

[C&G]

Hi Macca

We have also purchased in AP1 and haven't received a completion date yet. We contacted GFM directly and they said that AP1 is completing now and that they would be in touch shortly. Haven't heard anything yet.........

[macca]

Thanks for that, we feel a little more reassured and less "isolated" now!

[riaz]

I haven't heard anything either. Have you both got your mortgage in place? If so which bank? How long did it take?

[macca]

Hi Riaz,sorry we can't advise as we are using our own funds to purchase-when it finally gets to that point!.I'm sure that sombody will have that information though.Good luck Macca

[C&G]

Hi Riaz

We have made arrangements with BMCE and have recieved our 'pre-approval'. I am going to their London branch next week to open my convertible dirham account and then need to visit their branch in M'Diq to finalise the paperwork. Pre-approval took about 4 weeks.

I found them very good and was able to provide the information needed via e-mail (originals to be taken to the branch for confirmation).

Let me know if you want more details - happy to assist.

[Snippy]

Visited AP1 a couple of weeks ago and all looks good. There are obvioulsy finishing touches that need to be done to the apts but other than I was really impressed by AP1. Saying that I'm still in no rush to complete for as long as I can delay it. Until the hotel is sold and the commercial units occupied there would seem to be little to no opportunity for rental income, other than maybe for the month of August 2010.

In my opinion the developent has considerably potenital but we will not see this until at least the end of 2013 when the development is complete, and hopefully the hotel is sold.

You will need to use your imagination as to how the area will look or grow in the coming 10 years but the signs look right, and the attitute of the King to attract tourism is having such a positive impact on the area. The addition of the Hyper Marche and the McDonalds to the area in the past few years are great indicators that Western influences are creeping in and it shouldn't be long until more flights from Europe are heading towards Tetouan airport.

[Pepe Le Pew]

Hi Riaz

We have made arrangements with BMCE and have recieved our 'pre-approval'. I am going to their London branch next week to open my convertible dirham account and then need to visit their branch in M'Diq to finalise the paperwork. Pre-approval took about 4 weeks.

I found them very good and was able to provide the information needed via e-mail (originals to be taken to the branch for confirmation).

Let me know if you want more details - happy to assist.

One thing with Moroccan Banks and Moroccan Business in general. Make sure you have total assurance in writing before placing deposits and specially paying advance fees to anybody.

This method is to be used with everybody from Taxi Drives to Bank Managers. Don´t fall to the "No problem" or "Pay me what you want" brigade because the chances are that you will get milked in the end.

Obviously with "petty" services you are not going to ask for something in writing beforehand but do agree a fare, a fee, etc, before you take on the service.

[riaz]

Are there any flights from Europe going to Tetuan?

I also agree that rental will be delayed untill the development is completed.
Next August however, Ramadan starts August 11th. You will find all the shops shut and not much going on. The following August it will start even earlier, so we can forget rental income for 2 years. You don't want to put anyone off!