Atlas Golf - Marrakech

[redangel7861]

Purchased a 2 bed penthouse on this development in October 2007.
Not many threads around for this development so I thought I'd start one, with recent construction photo's.

 

[redangel7861]

More photos

 

[redangel7861]

Anyone else purchased on Atlas Golf?????????

 

[Investy]

I've not heard of this one, however, all I here is good about Marakech. Sounds like a real power house economy.

A girl I know said she was impressed by the fact she could ski in the morning and sunbathe in the afternoon!

 

[redangel7861]

Yep, I agree can't go wrong in Marrakech.

Phase one is nearly sold out and I believe Phase two will be released early in summer 08 due to the demand.

This is a massive developemnt by Fadesa in the Prestigious Palameria area - Marrakech . Phase one due for completion in Autums 09 whole development due for completion in 2012. Already made between 35-40% return on investment.

 

[robspall]

Hi - we bought a 2 bed apartment on this development around the same time as you last year. Good to see these pics as they are the first we have seen (the agent we bought through has not been very forthcoming with build updates!!). Can I ask where you got these pls and also if you have any more. Nice to hear the estimated return on investment figure is 35-40% already as well

 

[redangel7861]

Hi - we bought a 2 bed apartment on this development around the same time as you last year. Good to see these pics as they are the first we have seen (the agent we bought through has not been very forthcoming with build updates!!). Can I ask where you got these pls and also if you have any more. Nice to hear the estimated return on investment figure is 35-40% already as well

Hi Rob,

Good to see other purchasers on this thread. I have built up a good relationship the developers London Office. I simply requested the photo's which they forwarded to me. Any more photo's or updates I get I shall be posting on this thread.

AP1 release has been a great success and has nearly sold out.

In general prices in Marrakech have neen soaring and will continue to do so in my opinion.

I've purchased on Block 18 on AP1, do you mind me asking what block you've purchased on???

Regards
RED

 

[robspall]

Not at all, we are AP1 block 24 and went for a ground floor apartment. AP1 was selling fast when we purchased and the one we originally wanted went the day we tried to buy it but we are happy with the one we now have.

We plan to go back out in June for a look round and to see how the development is shaping up, although our plans are just to rent out once completed and hopefully see prices continue to rise over the coming years.

Are you planning to sell yours once completed or hang on to short / medium / long term?

 

[redangel7861]

Not at all, we are AP1 block 24 and went for a ground floor apartment. AP1 was selling fast when we purchased and the one we originally wanted went the day we tried to buy it but we are happy with the one we now have.

We plan to go back out in June for a look round and to see how the development is shaping up, although our plans are just to rent out once completed and hopefully see prices continue to rise over the coming years.

Are you planning to sell yours once completed or hang on to short / medium / long term?

I've purchesed a 2 bed first floor penthouse, all apartments will have great views of the Altas mountains.

I've got a 5-10 year plan depending on the markets at the time. I may even keep it as a retirement home who knows, I'm keeping my options open.

Morocco and especially Marrakech is fantastic and I love it every time I visit.

Regards

RED

 

[robspall]

Excellent, thanks for the info and pictures and hope all goes well for you. I will post any updates we receive on this thread and hopefully others that have bought will find this and post also

Rob.

 

[robspall]

Hi again! We have had an advice from our solicitor that tax in Morocco has increased this year from 14% to 20% and that therefore our staged payments will increase We have queried this but been advised that this was confirmed as being the case by Fadesa.

We do net agree with this as our contract clearly states the amounts we have agreed to pay which include the tax at 14% so just wondering if you are in the same position?

Rob.

 

[redangel7861]

Hi again! We have had an advice from our solicitor that tax in Morocco has increased this year from 14% to 20% and that therefore our staged payments will increase We have queried this but been advised that this was confirmed as being the case by Fadesa.

We do net agree with this as our contract clearly states the amounts we have agreed to pay which include the tax at 14% so just wondering if you are in the same position?

Rob.

Hi Rob.

I am aware of the TVA increas in Morocco, but as far I was concerned this was for new reservations only and not for people who had already signed their contract at 14%. I know that a lot of the developers including Fadesa, are in the process of lobbying the Moroccan hirerarchy to re-consider and as of yet no official announcement has been made.

I will continue to pay at the 14% rate until I hear otherwise as my contract clearly states the amounts inclusive of TVA at 14%.

I know that many constructors in Morocco are absorbing the extra TVA. If I was you do not pay a penny extra until you get official confirmation from the developer or some kind of official statement has been released with regards to the conclusion of the talks regarding TVA.

Regards
RED

 

[robspall]

Thanks for the advice which is along the lines of how we intend to proceed with this.

We were a little surprised that the solicitor had spoken to Fadesa and advised that we would have to pay the 20% going forward rather than contesting this, however we will be paying 14% and then see how things pan out.

Will keep you posted!

Rob.

 

[redangel7861]

Good news for those who have purchased in marrakech:

Search By Headlines - Search, Post and Download the latest news from a large selection of industries

Long may it continue.

 

[redangel7861]

Cousin of mine just got back from Marrakech today. We have both purchased on Atlas Golf. He said AP1 was two thirds finished and they expect completion in Jan 09.

He also said that Marrakech was booming and that new high end developments were spriging up all over the place. The city was buzzing with tourists everywhere.

Bodes very well for people who have invested in five star developments in Marrakech.

 

[redangel7861]

Mor PICS Atlas Golf AP1

 

[flip]

has this sold out yet?

 

[redangel7861]

has this sold out yet?

Very few left in phase 1.

Phase 2 due to be released in the next few weeks. Let me know if your interested.

 

[tony ben]

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Red its making good progress, the imges look great.

 

[barry the builder]

Why did i invest in this

Red its making good progress, the imges look great.

I also brought on Atlas golf, but now wish i never, getting information out of the company is a joke.
I have asked for the bank guarantees on several occasions without success, and i have tried to find out when the golf course will be completed, again with no responce.
At the rate they are bringing the 1,000 plus units on line we will have a building site for the next 10 years.