Moroccan Expat Loses Life Savings in Agadir Real Estate Scam

The story goes back to 2014 when Mounir Essalmi had decided to acquire an apartment from a housing cooperative in Agadir. He had signed a sales contract for the sum of 500,000 dirhams.

Since that date, reports Hespress, the project has experienced a long delay in delivery and the many excuses given by the seller did not convince the victim. The latter later discovered that the cooperative only became the owner of the project in 2017.

Furthermore, an appraisal carried out by the MRE on the value of the property revealed an overestimation of the initial selling price. The purchase price agreed in the deed of purchase was 16,000 dirhams, while the actual price is estimated at 7,000.

Mounir Essalmi and other members have sent several complaints that have gone unanswered by the Wali of the Souss region. Deploring the lack of real protection for citizens, the victim declared: "I have decided never to invest in a real estate project in Morocco again. I especially regret not having used this money to buy an apartment in France. There, at least, we have legal and moral protection".