Buying new vs old in Morocco 2026: comparing costs, guarantees, taxation

Buying new costs more upfront but offers fewer surprises over 5-10 years. Old-to-renovate offers lower entry price and upside potential but requires expertise and time. How to decide in 2026.

4 segments to distinguish

1. Completed new ("move-in ready")

Apartment in residence delivered less than 12 months ago, still developer-listed. See exactly what you buy, immediate delivery, active decennial guarantee. 10-15% premium vs off-plan. Target: MRE remote buyers, no-patience first-time buyers.

2. Off-plan (VEFA)

Purchase from plan, before/during construction. Lower price, choice of finishes, spread payments. But: developer risk, delivery delays (+8 months average), construction management.

3. Renovated old

Property built 15-50 years ago (or more for heritage villas), recently renovated. Architectural charm, often larger surfaces than modern new (1980s 3-bed Casa = 110-130 m² vs 85-95 today), established neighborhoods. 10-20% discount vs new. Target: location + character buyers.

4. Old to renovate

Most complex — used property to renovate. Lowest entry price (-35% vs equivalent new), value-add potential, but requires expertise, time, budget control. Target: value-add operations, professionals.

Numerical comparison on a real case

95 m² 3-bed apartment Maarif Casa, 4th floor with elevator, basement parking. May 27 2026 comparison:

• Completed new, 2024 building: 1,750,000 MAD (18,400 MAD/m²)
• Off-plan, Q3 2027 delivery: 1,520,000 MAD (16,000 MAD/m²)
• Renovated old, 1985 building refit 2023: 1,530,000 MAD (16,100 MAD/m²)
• Old to renovate, 1985 standard: 1,250,000 MAD + 300k works = 1,550,000 total

At equivalent budget (~1.5M MAD all-in), the 4 options are nearly comparable. Differential plays on comfort, timing, risk.

Purchase fees: no major difference

Contrary to common belief, purchase fees don't differ significantly between new and old in Morocco. VAT applies to developers (included in displayed price) but buyer pays everywhere:

• Registration duty: 4% standard, 3% main residence via loan (applies to both)
• Land registration: 1% + 200 MAD
• Notary fees: 1% (degressive above 5M MAD)
• Banking fees if loan: 1,000-3,000 MAD

Total typical: 6-9% of purchase price. Same for new and old.

Co-ownership charges: new often more expensive

New residence with pool + 24/7 security + recent elevator + double parking: 1,500-2,500 MAD/month charges for 3-bed. Old standard: 400-700 MAD/month. Over 10 years, gap = 100-200k MAD.

Expected capital gain

Over 10 years, reasonable gross capital gain expectation:

• Completed new: +25 to +40%
• Off-plan: +35 to +50%
• Renovated old: +20 to +30%
• Old well-transformed: +40 to +60%

Note: 10-year averages on liquid neighborhoods. Less liquid areas can invert the gap.

Our recommendation by profile

• First MRE purchase: completed new in large program
• First-time rental investor: completed new or off-plan if monitoring
• Experienced investor: renovated old in liquid area
• Property flipper: old to renovate
• Primary residence: follow your heart. Location > state.