Need advice!

[commandos1985]

Good day everybody!
I really need your advice, please! is it profitable to buy apartments in Tanjah Resort?
is it safe?
Are there any problems (with documents, development, etc.) ?
What about rental contracts and 10% during 10 years? is it real?

Is there a more interesting place in Morocco to invest in? (and safe )

Thank You very much!!

 

[Investy]

I considered Tanjah but it wasn't quite safe enough for me - I'm a nervous investor that likes to sleep at night.

I went for Saidia (lejardindefleur) as its the first Government Plan Azure project with big name hotels on the development and masses of infrastructure.

 

[Jesus of nazareth]

I considered Tanjah but it wasn't quite safe enough for me - I'm a nervous investor that likes to sleep at night.

I went for Saidia (lejardindefleur) as its the first Government Plan Azure project with big name hotels on the development and masses of infrastructure.

How can you sleep at night when Fadesa is making such a cats ar$e of it?

 

[Investy]

A new firm has been appointed to oversee the whole Saidia project. Adohha "is approaching the review with new gusto and an emphasis on quality"

Im not buying from Fadesa myself.

All investments carry some risk or downside issues. This was the least worst option for me.
Tanjah didnt seem robust or significant enough for my tastes

 

[Jesus of nazareth]

A new firm has been appointed to oversee the whole Saidia project. Adohha "is approaching the review with new gusto and an emphasis on quality"

Im not buying from Fadesa myself.

All investments carry some risk or downside issues. This was the least worst option for me.
Tanjah didnt seem robust or significant enough for my tastes

If Addoha get to oversee Saidia then you will be able to sleep at night, they are the developer for Tanjah which is going to be an all 5 star resort. Maybe some of this 5 star quality will rub off onto Saidia.

 

[Investy]

Maybe some of this 5 star quality will rub off onto Saidia.

I hope they remove the chintzy sh1te looking lamp posts - small details matter.

 

[esmerelda]

Good day everybody!
I really need your advice, please! is it profitable to buy apartments in Tanjah Resort?
is it safe?
Are there any problems (with documents, development, etc.) ?
What about rental contracts and 10% during 10 years? is it real?

Is there a more interesting place in Morocco to invest in? (and safe )

Thank You very much!!

If this is the resort called Tanjah Golf (formerly Tanjah Beach) There has been considerable correspondence on other property forums about this development. At the risk of repeating myself yet again...we put deposits down on this in Juy 2006. We were advised that build would begin that all permissions had been given, build would begin in Oct, our apartment was beachfront, an innovative exchange bond would offer low money down spread over the 3 yr build period, that there would only be one phase of building, that the road we had noticed on the plan was a minor road. None of this was actually true.

Permissions had not been given -only outline planning, build was therefore delayed ( & as of a couple of months ago when I passed the site yet again STILL had not started),the apartment was not beachfront but (just as we had suspected from the plan) right next to the road, the exchange bond deal was amended, there IS an additional phase going to be built - (so consider your exit strategy if you are looking to flip & think about the impact of those cranes on any rental potential) oh yeh & the "minor" road is actually rather busy even in winter & they go at a clip (notwithstanding the motorway).
The agents couldn;t even be bothered to show us the site despite repeated phone calls & we were in the area a week!

Needless to say we walked away...along with many others. That was in NOv 2006!!! I am sure all those units have since been resold, I hear that they do actually now have permissions in place but frankly our experience with it was so totally negative that I couldn;t in all conscience recommend it. yes people can say they brought it to the market too early but crikey they are supposed to be professionals at this & it was amateur night from start to finish.

Watch the rental guarantee as well - how is this going to be done & is there any implication on to how many days you can use your unit?

More interesting places to invest in ?- Morocco is heaving with offplan developments, opportunities to buy land & build your own, renovations etc . We ended up doing a renovation & it worked out very well for us.

Safe? what investment is safe?...define safe? I'd say if you want safe.... just stick your money in a high interest account (but not more than 35k) & forget about property in an emerging market.

 

[manor park]

esmerelda

I understand how you feel about Tanjah, I reserved at the start of 2007 but had read accounts from the people who went on the viewing trip etc.

I decided as this was low cost to get into I would give it a try. It has still dragged on but we do finally seem to be getting somewhere. All the permissions are in, the contracts are due out shortly and work (I am told) started on site today. Still a long way to go but after waiting over a year its good to see things moving.

The company doing the rental, CPS. will be offering several options, I am still waiting for the full details but you can opt for a short term deal of a couple of years or up to ten years with the rental set. You do not get any use on the long deal but I am not sure on the shorter deals, you also have to have their furniture package.

I also thing you can have a non guaranteed rental deal, where they will look to rent on you behalf and with this you can have as much use as you want.

As I said there is still a long way to go but hope that 36 months down the road we will have a nice apartment at a very reasonable price.

MP

 

[esmerelda]

IF work has genuinely started on site then I wish you all the best with it. (I only say IF because I have heard the work started twice already). For me the issue of the road remains & will continue to do so. I wouldn't want to rent a "beachside" apartment that is next to a really busy road (particularly in August when Asilah is PACKED.
Also what I witnessed over the past 18 months in almost monthly visits to the area was the waterlogging of the site. This is a known problem in the winter - what I was surprised about was the amount of surface water still on the site in June. So I would pay particular attention to how they are proposing to sort that out, foundations etc.
Also what is happening to the maintenance works for the motorway? will that remain on the edge of the development? Just a thought?

I take your point about relatively low cost but do not regret our decision to withdraw as we renovated a 5 bed house in Asilah medina for less than the introductory price of a 3 bed penthouse on Tanjah & are renting it out now. Yes it was more work but we believe that it has been far more rewarding in so many ways! To be fair, I discovered that off plan does not suits my mentality, there are just way too many unknowns that you the investor are not in control of - I lost so much sleep worrying about Tanjah....never lost a wink on the renovation even though the financial outlay was considerably more. So horses for courses & I wish all the Tanjah investors the very best of luck.

 

[newkidontheblock]

Hi esmarelda, i have read about your renovation on other posts and it sounds like you have done a really good job bringing it together.
What i would like to know is what level of work is going on in the area. When i was last over at the Tanjah site i saw very little building work in the area and would like to know if other projects have begun.
i also wouldnt hold my breath on work starting at Tanjah. Had too many false dawns already

 

[manor park]

esmerelda

Thanks, after a few false starts I would not have posted that work has started unless I thought that it came from a reliable source (and it was not Dreamworld) we have been told that the maintenance plant is to be moved. probably for the benefit of the Al Hourra development next door which is very "up market". The road does remain an issue for some, I was not to bothered by it. I am also mid way in so noise will not be a problem. There is planned to be bridges over the road and the installation of various roundabouts at the developments along that stretch, I think which must be about five now and it hoped this will force more traffic to use the motorway rather than be slowed down.

I have seen the water on the site but as no expert, I have to leave that in the hands of the surveyors and builders.

Your project sounds fantastic, so well done. I would not have had the time to be involved in something like that. I hear Asilah is really nice, we did not have time to get there when we were out there but I am sure you will do very well with it. I may even want to rent it myself when I go to check on our progress

MP

 

[esmerelda]

Hi esmarelda, i have read about your renovation on other posts and it sounds like you have done a really good job bringing it together.
What i would like to know is what level of work is going on in the area. When i was last over at the Tanjah site i saw very little building work in the area and would like to know if other projects have begun.
i also wouldnt hold my breath on work starting at Tanjah. Had too many false dawns already

Lots of construction going on - too many in Tangier & its immediate environs to count! I don't really count Tanjah as being in the Asilah area as it's about 20 min drive from the town on the other side of Brieche although I did see a bulldozer operating on the beachside of the road to the north of the site it looked like a private build though- .

If you look at Asilah town itself there are 2 large apartment blocks that have been built by the harbour -right on the promenade. I don't think either of these are being actively marketed to english though & I heard that one was completely pre sold a year ago. One is almost built, the other, the foundations were being laid & they were advertising & it looked very nice & spacious - no grounds though as your bang in town but excellent views although noise could be a problem in summer as the promenade is jammed!
.
There are also 2 large developments that are in progress to the immediate north & south of the town. Neither of these are within walking distance of the town centre. I THINK one of these is called Asilah Beach but to be honest I dont take too much notice of the names!!! sorry.

There is another one that has just launched Jardins d'asilah - I know this one cos I was on the site a couple of years ago. On a small hill so some of them will have sea views, about 4km from town. It's a small develpment & I believe the developer has completed 2 apartment blocks in Asilah already & has a good local reputation.

There is also a lot of apartments in asilah itself but these tend to be in the new town & are a mix of local residential/moroccan owned but many of these rent out in the peak season. There are still renovation/rebuild opportunities in the medina but these are getting pretty pricey now, plus there are rural properties for sale (although you need to watch out for all the local land regulations, utilities etc).
So...pretty mixed bag there... best thing I can suggest is go there and have a good look around for a week or 2. If you want to do that I can put you in touch with a local guy who's switched on to local regs & who is straight as a die. (not an estate agent!) Because of the property boom there are a lot of hustlers out there so if that would be helpful, by all means let me know!

 

[esmerelda]

Esmarelda, I am going over sometime in May and am thinking of renting a car for a few days, would there be anywhere to park it near the Medina?

Yes there is - I have a little map but I can't seem to post it in the message!!! As you come into the outskirts of Asilah, the road is signposted Centre Ville showing dead ahead, don't take that road! take the road that forks off to the right long the seafront. Follow it right to the end until it sharply turn left, instead of turning left go straight ahead along the little dirt track - you should see the car park there. It is manned 24 hours & costs 10 -20 DH. You can access the medina through the lower gate from the car park.

 

[manor park]

esmerelda

Your place does look really nice, and as I said I may look to rent when I visit the site . as Bluefish said there are a lot of people who will want to visit not only Tanjah but the other resorts nearby and you shoul push to advertise on as many as these owners sites as you can.

MP

 

[liammcgrory]

Tanjah Beach and Golf Resort - Dreamworld

Hi

any one had bad experience dealing with Dreamworld Ltd

I certainly have

Lodged a deposit in Oct 2006 for 2 bed apt in Tanjah after an inspection visit.
It looked good investment.
After many delays and confusing communications from them about how all it was going and contracts were always just ready to be signed I lodged money with my own independent lawyers to get things moving.

However it did not progress well and after finally not getting the property i was originally assigned i decided to withdraw my interest in Apr 2008. However I am still awaiting my refund of £4500. I have also incurred lawyers exopenses which I failed to get back, because they did investigations.

After many attempts at getting a response from Dreamworld, no emails returned and no calls returned, I finally have taken the action of instructing court action against them to retrieve my refund.

Overall a very very bad experience.

I would be glad if any one out there who has expeienced similar issues please reply.

 

[debseason]

Bad experiences with property agents , developers or mortgage companies.

Sorry to hear you had a bad experience with dreamworld, mine was with a company which I cannot mention right now, as my partner and I are seeking legal action against them - and thanks to someone who gave me a tip on here, we have made contact with a good solicitor.

I don't think some of these companies should be allowed to mislead their customers in anyway what so ever. If any TV directors are looking ....there is a good programme to be made from some of the scams going on in the property business!

If anyone would like to share their stories with me, I would be very interested to collate them and who knows what can happen.

 

[manor park]

Liam

I have a property reserved on Tanjah and it has been very long winded. it looks like we are finally getting to the contract stage though but there are still many things to clear up.

If you go in at a very early stage on an off plan project there will be problems along the way, these extend the build time but should (not a good time to quote this) increase the value of the property by the time its ready.

A couple of reasons that i have stayed with this project are,

No flights there yet, that should come as the rental market grows.

The rental scheme, although still waiting to see the contract on this.

The neighbourhood, there are some fantastic developments going up in this area and this can only be good for Tanjah investors.

This type of investment is risky but can bring big rewards in the future.

As you have opted out I am sorry to hear you have problems getting your deposit back, I have read from a few people that it takes a couple of months but have not seen any reports from people that did not get there money back.

If you want to PM me I can direct you to a couple of websites that have loads of info on this development and buyers good and bad experiences.

debseason

Your first post does not seem to match your last so I would be interested to hear your tale, by PM if legal action requires you not to post it openly.

This forum needs this type of info to aid future investors.

MP

 

[ADEY]

I paid €4900 reservation on 14th NOV 2006 on the assumption that my 25% deposit could be spread over 3 years. About 6 months ago when DREAMWORLD wanted me to eventually sign the contract they changed their mind about the 25% and stated that they wanted 12% down straight away and the rest of the other 12% over 3 years. I had a letter from them when I paid my reservation stating that if ay anytime up until exchange of contracts I was not happy DREAMWORLD would give me my €4900 back.

FOR the last 6 months I have been calling them, emailing nearly every day and they keep ignoring my calls. The original guy, Ifrain Hussain who signed my letter stating they would give the REFUND has left the company, also MIKE TEE and PAUL BLAIR have also left the company. Again Mike Tee and Paul Blair didnt seem very positive people when speaking to them. Then 4 weeks ago, the owner, SIGGY HUSSAIN gives me call after I get a SOLICITOR involved. He promised to give the €4900 back, but still has NOT done so. I called Siggy Hussain yesterday at the DREAMWORLD OFFICE and was told that he was in Morocco and that noone elso could help me in the office.

Personally I wouldnt buy from this company, there seems to be a lot happening in the background that they are not telling us.

I also think the prices are inflated and if they do finish the development I dont thinl you will get any RENTAL GUARANTEE.

You have been warned ! ! !

 

[ADEY]

Tanjah Beach and Golf Resort

Hi Liam,

How are you.

Just seen your post. I have also paid €4900 euros and cant get a refund.

Have u read my post.

Are you using a LAWYER to get your money. Perhaps we could work together.


ADRIAN

Hi

any one had bad experience dealing with Dreamworld Ltd

I certainly have

Lodged a deposit in Oct 2006 for 2 bed apt in Tanjah after an inspection visit.
It looked good investment.
After many delays and confusing communications from them about how all it was going and contracts were always just ready to be signed I lodged money with my own independent lawyers to get things moving.

However it did not progress well and after finally not getting the property i was originally assigned i decided to withdraw my interest in Apr 2008. However I am still awaiting my refund of £4500. I have also incurred lawyers exopenses which I failed to get back, because they did investigations.

After many attempts at getting a response from Dreamworld, no emails returned and no calls returned, I finally have taken the action of instructing court action against them to retrieve my refund.

Overall a very very bad experience.

I would be glad if any one out there who has expeienced similar issues please reply.

 

[debseason]

Re: Solicitors

Liam

I have a property reserved on Tanjah and it has been very long winded. it looks like we are finally getting to the contract stage though but there are still many things to clear up.

If you go in at a very early stage on an off plan project there will be problems along the way, these extend the build time but should (not a good time to quote this) increase the value of the property by the time its ready.

A couple of reasons that i have stayed with this project are,

No flights there yet, that should come as the rental market grows.

The rental scheme, although still waiting to see the contract on this.

The neighbourhood, there are some fantastic developments going up in this area and this can only be good for Tanjah investors.

This type of investment is risky but can bring big rewards in the future.

As you have opted out I am sorry to hear you have problems getting your deposit back, I have read from a few people that it takes a couple of months but have not seen any reports from people that did not get there money back.

If you want to PM me I can direct you to a couple of websites that have loads of info on this development and buyers good and bad experiences.

debseason

Your first post does not seem to match your last so I would be interested to hear your tale, by PM if legal action requires you not to post it openly.

This forum needs this type of info to aid future investors.

MP

Thanks for your reply, I will post info when I can, but for now we are pursuing a developer legally and it isn't Dreamworld. Not sure yet what the outcome will be, but I would like to say to people who wish to invest....be very careful and make sure you are aware of all the procedures involved when you buy. Do not make rash decisions when you are taken on trips by developers!

We all learn from our mistakes, but there needs to be an organisation to help people when things go completely wrong and or for guidance on maing decisons. Developers really take advantage of niave people when they sell property.

I'm quite happy to advise people on here meantime, as through our big mistake, we have learned so much about how not do do things.