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Les Terrasses d’Agadir, Agadir, Morocco Brief Investment Guide • Fully furnished 4-star apartment-hotel development • Price: €109,800 to €202,520 • 50% guaranteed ﬁnance package • 2-year minimum rental return at 8% • All revenue surplus (estimated 13-15%) is split on a 50/50 basis • 28 days free usage per annum • 300 days of sunshine per year: Hot summers, mild winters The Development Les Terrasses d’Agadir is a distinctive new development situated on Morocco’s exclusive Atlantic coast, offering investors the opportunity to buy a fully managed and furnished 4-star apartment – the ﬁrst of its kind in Agadir. Size: The development will consist of 147 apartments/ hotel rooms. Furniture: Apartments/ hotel rooms will be fully furnished. On-site facilities: A spa, gymnasium, two swimming pools and a bar / restaurant. Planning permission: Full planning permission. Completion: December 2009. Finance: 50% loan-to-value. Payment Terms: £1,000 booking deposit (fully refundable for a 14-day period or deducted from initial deposit). 30% deposit required on signing preliminary contract, 20% 6 months later, balance on completion. Rental Yields: Guaranteed 8% for 2 years, with all revenue surplus split 50/50 between client and hotel (estimated returns for client, 13-15% per annum). Price: €109,800 to €202,520 Why invest in Les Terrasses d’Agadir? § Fully furnished 4-star apartment room – a hassle free investment. § 2-year 8% guaranteed yield. All revenue surplus is split on a 50/50 basis (estimated 13-15% ROI per annum). § 28 days free usage per annum at your own discretion. § Projected capital appreciation estimated at 15-20% per annum. § Full usage of all hotel facilities – spa, gymnasium, restaurants. § All rentals are fully managed by the hotel, which is contractually committed for 18 years. § All dilapidation costs are paid from management’s revenue and not client revenue. § No tax on rental income for the ﬁrst ﬁve years. § No capital gains tax after 10 years. Double tax treaty with UK. § Agadir is one of the six Plan Azur Resorts and has the best development infrastructure in Morocco. Tourism here is year-round. § The economy is strong, GDP is high and the government is liberal and modernist. § An increasing number of charter ﬂights into Agadir airport have raised the city’s proﬁle in the UK and upped its hotel occupancy rates by more than 10% last year. Why invest in Morocco? Morocco Joins Europe 2010 will see Morocco joining Europe with the ﬁrst link between Europe and Africa via a 39km rail tunnel from Spain to Tangiers (Morocco) – The Gibraltar Tunnel. Investors & Property Market Astute investors are moving in to Morocco from all over Europe, while property prices are 50-70% lower than elsewhere in Europe. Capital growth is around 15-20% per annum and rental yields are achieving between 7-15%. Government & Foreign Investment Over €10 billion is being spent by the Moroccan Government on infrastructure and the tourism industry. The political system has been liberalized and new policies implemented to attract foreign direct investment into the country. Nokia, Dell and Intel are currently setting up operations in Morocco. Reputable European developers and property giants like Dubai’s Nakheel and Emaar are actively involved in Morocco. The Moroccan government has established very attractive tax breaks for corporate investment. Annual tourism ﬁgures have leapt by 60%, from 4 million in 2003 to 6.5 million in 2006, and 7.5million for 2007. Vision 2010 – Plan Azur & Open Skies Policy Vision 2010, was designed to attract 10 million tourists by 2010; and the Plan Azur, an investment of €10 billion in infrastructure development. Both plans are already in full swing. The implemented ‘Open Skies’ agreement has made a further tourism boom inevitable. Monarch, Ryan Air, Easy Jet, Thomas Cook, Thomsons and Atlas Blue are ﬂying direct to Moroccan airports. Ryan Air has also signed a deal with the Moroccan government to open 20 new routes. Political Stability Morocco has been internationally recognized for holding free and democratic elections. The liberal, modernist government is intent on promoting economic growth and tourism. Stable Economy Current GDP growth is very strong at 9.4%, aided by the Government’s liberal economic policy and important free trade agreements such as; the Euro-Mediterranean agreement with the EU; and the US-Morocco Free Trade Agreement that came into force in January 2006. Location Famous as a ‘winter sun’ destination, Agadir is located on the shores of the Atlantic Ocean, near the foot of the Atlas Mountains. The development is situated adjacent to the King’s Palace, an international exhibition centre and Morocco’s largest retail shopping centre. Agadir Airport is just a 20-minute drive from the development. The following facilities are all within easy walking distance: § § § § § § § § § 10km sandy beaches Agadir Marina (with over 500 berths) Stunning designer golf course Promenade with 15 beach clubs, diving, water sports, yacht club Restaurants, bars and casinos Medical Centre Ten 4* & 5* hotels Tennis courts International exhibition centre & shopping centre Development – Interior Views Development – Exterior Views Sample Floor Plans - 1-bed: 45m2 (plus terrace) • Terrace: ranging from 6m2 to 12m2 • One bedroom • Living room • Kitchen • Fully furnished • Air conditioning • Satellite / cable / plasma TV • Telephone • Access to all hotel facilities • 24-hour concierge • Parking available Sample Floor Plans - 2-bed: 60 to 65m2 (plus terrace) • Terrace: ranging from 7.5m2 to 22m2 • Two bedrooms • Spacious living room • Kitchen (top of the range utilities) • Fully furnished • Air conditioning • Satellite / cable / plasma TV • Telephone • Access to all hotel facilities • 24-hour concierge • Parking available Apartment Sizes Apartment Sizes N °A ppt Le v e l S ize T e rra c e B UILDING 5 501 502 503 504 505 506 507 508 51 1 51 2 51 3 51 4 51 5 51 6 51 7 51 8 521 522 523 524 525 526 527 528 531 532 533 Gro und Flo o r Gro und Flo o r Gro und Flo o r Gro und Flo o r Gro und Flo o r Gro und Flo o r Gro und Flo o r Gro und Flo o r st 1 Flo o r st 1 Flo o r st 1 Flo o r st 1 Flo o r st 1 Flo o r st 1 Flo o r st 1 st 1 T o t a l S ize P ric e € ( inc l. 20% VA T ) 1 09,800 1 24,440 1 24,440 1 39,080 1 39,080 1 24,440 1 24,440 1 64,700 1 64,700 1 24,440 1 24,440 1 39,080 1 39,080 1 24,440 1 24,440 1 64,700 1 64,700 1 24,440 1 24,440 1 39,080 1 39,080 1 24,440 1 24,440 1 64,700 1 73,240 200,080 1 26,880 N °A ppt Le v e l S ize T e rra c e B UILDING 6 45 45 45 45 45 45 45 60 60 45 45 45 45 45 45 60 60 45 45 45 45 45 45 60 60 60 45 0 6 6 1 2 1 2 6 6 7.5 7.5 6 6 1 2 1 2 6 6 7.5 7.5 6 6 1 2 1 2 6 6 7.5 1 1 22 9 45 51 51 57 57 51 51 67.5 67.5 51 51 57 57 51 51 67.5 67.5 51 51 57 57 51 51 67.5 71 82 54 601 602 603 604 61 1 61 2 61 3 61 4 621 622 623 624 Gro und Flo o r Gro und Flo o r Gro und Flo o r Gro und Flo o r st 1 st 1 st 1 st 1 65 65 65 65 65 65 65 65 65 65 65 65 Flo o r Flo o r Flo o r Flo o r 2nd Flo o r 2nd Flo o r 2nd Flo o r 2nd Flo o r Flo o r Flo o r 2nd Flo o r 2nd Flo o r 2nd Flo o r 2nd Flo o r 2nd Flo o r 2nd Flo o r 2nd Flo o r 2nd Flo o r 3r d Flo o r 3r d Flo o r 3r d Flo o r nc l. T) N °A ppt Le v e l S ize T e rra c e B UILDING 6 T o t a l S ize P ric e € ( inc l. 2 0 % VA T ) 202,520 1 87,880 1 87,880 1 87,880 202,520 202,520 202,520 1 87,880 202,520 202,520 202,520 1 87,880 09,800 601 602 603 604 61 1 61 2 61 3 61 4 621 622 623 624 Gro und Flo o r Gro und Flo o r Gro und Flo o r Gro und Flo o r st 1 st 1 st 1 st 1 65 65 65 65 65 65 65 65 65 65 65 65 1 8 1 2 1 2 1 2 1 8 1 8 1 8 1 2 1 8 1 8 1 8 1 2 83 77 77 77 83 83 83 77 83 83 83 77 24,440 24,440 39,080 39,080 24,440 Flo o r Flo o r Flo o r Flo o r 24,440 64,700 64,700 24,440 2nd Flo o r 2nd Flo o r 2nd Flo o r 2nd Flo o r 24,440 39,080 39,080 24,440 24,440 64,700 sses d’Agadir Financial Projections Financial Projections Size�of�Apt. Average�Apt.�Room�Rate Occupancy Revenue�(Nights) Gross�Revenue Managment�Revenue�50% Gross�Owners�Revenue�50% Deducted�Service�Charges Owners�Revenue* 48m2 €�� 150.00 70.00% 254 €�� 38,100.00 €�� 19,050.00 €�� 19,050.00 �€�� 500.00 €�� 18,550.00 60m2 €��200.00 70.00% 254 €��50,800.00 €��25,400.00 €��25,400.00 �€��500.00 €��24,900.00 �€��1,800.00 €��23,100.00 €�� 120,000.00 €��24,000.00 €��7,200.00 €�� 151,200.00 15.28% €��12,096.00 65m2 €��220.00 70.00% 254 €��55,880.00 €��27,940.00 €��27,940.00 �€��500.00 €��27,440.00 �€��1,950.00 €��25,490.00 €�� 130,000.00 €��26,000.00 €��7,800.00 €�� 163,800.00 15.56% €��13,104.00 Ground�Rent�Deducted�(30€�per�m2) �€��1,440.00 Owners�Net�Revenue* Capital�Value Tax(VAT) Closing�Costs�(approx.�5%) Total�Cost Net�Yield 8%�Guarentee €�� 17,110.00 €�� 96,000.00 €�� 19,200.00 €��5,600.00 €��120,800.00 14.16% €��9,664.00 Purchasing Process Reservation: £1000 payment, refundable for 14 days, to secure apartment. Preliminary Contract: Payment of 30% of purchase price. Included in contract: § Delivery date § Price & payment conditions § Rental guarantees § Reimbursement guarantee § Technical speciﬁcations § Co-ownership regulations Completion Contract: Transfer of ownership of the property takes place after completion once the property has been registered in the property ownership records. Signature of the aforementioned contract shall take place after the entire price has been paid, building work completed and a permit to live in the property obtained. Purchasing Costs: Budget 5-6% of purchase price to cover all closing costs. Stamp duty 2.5% Legal fees 1.1% Notary Fees 0.5% Land Registry 1.5-2% Dispatch fees: approx €30, Misc. Certiﬁcates: €30 Purchasing Payment Procedure: 30% deposit on signing the preliminary contract 20% 6 months after signing the preliminary contract 50% on completion: Finance option (50% LTV) available. Contact Us For more information please visit our website at: www.islandsblue.co.uk Email us at: info@islandsblue.co.uk Call us on: 0870 063 7484