1. The costs common to both: what you pay in every case
Before pitting new against old, let us set the baseline. Several acquisition costs apply regardless of the age of the property, on the price declared in the deed (or the market value if higher):
- Registration duties: 4% for built property used for housing, 5% for other built real estate, with a minimum levy.
- Land registry (ANCFCC): a transfer fee of 1.5% for registered property, which makes the transfer enforceable against third parties.
- Notary (or adoul) fees: generally around 1 to 1.5% of the deed value, excluding disbursements.
In other words, the "deed costs" block is largely the same between a new and an old apartment of equivalent price. That is where most comparisons stop — and precisely where the analysis becomes misleading.
2. The line that sets new-build apart: VAT
The great specificity of new-build is property VAT. It does not concern the private individual reselling a second-hand property: it relates to the property development activity. When you buy a new-build home from a developer, the applicable rate depends on the property's segment, and VAT is in practice generally built into the displayed price.
- Reflex no. 1 — inclusive or exclusive of tax? Always have it confirmed, in writing, whether the price quoted by the developer is tax-inclusive or tax-exclusive. This is the first source of unpleasant surprises.
- Reflex no. 2 — the segment. The VAT regime is not the same depending on the nature of the housing.
Practical consequence: on new-build, what you pay "on top of" the property itself is largely visible and bounded (deed costs + built-in VAT). On old stock, it is the opposite — the additional costs are often invisible at signing.
3. The hidden costs of old stock
This is the heart of the matter. An old property displayed cheaper per sqm can end up more expensive in total once refurbished. The items that never appear on the deed:
- Renovation works: coverings, joinery, waterproofing, paint — according to the real condition observed, not the declared condition.
- Upgrading to standards: ageing electrical and plumbing installations, which weigh on both the budget and safety.
- Compliance and condominium: facade refurbishment, lift, common areas — and any charge arrears attached to the lot. To be checked imperatively before buying.
- The condition discount not reflected in the price: a seller often overestimates their property because they lived in it. The gap between the asking price and the real market value is also a cost.
These items are not guessed: they are observed and quantified. That is exactly the purpose of a pre-purchase appraisal.
4. The risks specific to new-build
New-build is not free of hidden costs — but they take another form: they are execution risks. When you buy off-plan, you pay for a property that does not yet exist.
- Delivery delay: the delay is the leading dispute in new-build. It has a cost (extended rent, double burden) rarely anticipated in the initial budget.
- Compliance of the delivered property: real area, fittings, promised equipment — the gap between the contract and reality must be recorded.
- Finishes and defects: the quality at handover determines the costs you will avoid (or bear) in the early years.
Off-plan sale (VEFA) is governed by Law 44-00, which organises guarantees and remedies for the buyer. The good practice: a handover inspection that records the gaps between the promised property and the delivered one before lifting the snags.
5. The line-by-line comparison
Side by side, here is how the two cost structures read:
- Registration duties — new: 4% (residential) / 5% (other) · old: identical. No difference.
- ANCFCC land registry — new: 1.5% · old: 1.5%. No difference.
- Notary fees — new: ~1 to 1.5% · old: ~1 to 1.5%. No difference.
- VAT — new: by segment, generally built into the developer price · old: not applicable between individuals. Clarity advantage to new.
- Works / refurbishment — new: low to nil at entry · old: a major item, often underestimated. Clear advantage to new.
- Execution risk — new: delay, compliance, finishes · old: low (existing, viewable property). Advantage to old.
- Negotiable condition discount — new: little room · old: a documentable negotiation lever. Advantage to old.
The conclusion is therefore not "new costs more" or the reverse: it is that the two options shift the cost to different places. New concentrates the cost in price and execution risk; old disseminates it in works and compliance. Deciding means quantifying these invisible items and bringing them back into the displayed price.
6. How to decide on figures, not on a feeling
Whichever side you lean towards, the method is the same: reconstruct the full cost of each scenario, then compare. That is where an independent pre-purchase appraisal comes in.
- On old stock: a report compliant with RICS (Red Book) standards establishes the real market value, records the condition (wear, apparent defects) and quantifies the works to plan for. You then know whether the asking price already factors in these costs — or whether you should renegotiate.
- On new-build: the appraisal serves the handover — checking that the delivered property matches the contract, documenting the snags, and supporting a possible remedy in case of non-compliance or delay.
This approach is an act of decision and negotiation: the report informs your choice and strengthens your position with the seller or developer to support your position with third parties — it does not replace a judicial procedure, where the judge appoints the expert. Cost: from 3,500 MAD excl. VAT, report in 5 to 8 days (48-72h express), firm quote within 24h.
7. FAQ
Does new-build necessarily cost more than old stock in acquisition fees?
No. Registration duties (4% residential, 5% other built property), the ANCFCC land registry fee (1.5%) and notary fees (around 1 to 1.5%) apply in both cases. The difference comes mainly from VAT, generally built into the developer's displayed price on new-build, and from costs that old stock does not show on the deed. Confirm the rates and their applicability with your notary.
Is VAT added to the price of a new-build home?
For a new-build home sold by a developer, VAT relates to the development activity and the rate depends on the property's segment. In practice it is generally included in the displayed price. Always ask whether the price is tax-inclusive or tax-exclusive, and have the detail confirmed in writing before signing.
What are the hidden costs of an old property?
Renovation works, electrical and plumbing upgrades, facade refurbishment, condominium compliance, possible charge arrears, and the condition discount the asking price does not always reflect. A pre-purchase appraisal lets you quantify these items and bring them into the comparison with a new-build.
What risks are specific to new-build and VEFA?
Delivery delays, the compliance of the delivered property against the contract, and finish quality. Off-plan sale is governed by Law 44-00, which provides guarantees and remedies for the buyer. A handover inspection lets you record the gaps between the promised property and the delivered one before lifting the snags.
Is an independent appraisal useful to decide between new and old?
Yes. The decision is made on the full cost, not the displayed price. A report compliant with RICS (Red Book) standards establishes the market value, quantifies works and wear on old stock, or records compliance on new-build. Our RICS-certified experts deliver a report in 5 to 8 days (48-72h express), from 3,500 MAD excl. VAT, firm quote within 24h.
New or old? Decide on the full cost, not the displayed price.
RICS-certified experts — market value, works to plan for on old stock, compliance at handover on new-build. Reports compliant with RICS (Red Book) standards, across Morocco, in 5 to 8 days (48-72h express).
Note: The rates and costs mentioned (registration duties, land registry, notary fees, VAT) are given as an indication on the basis of the regulations in force and may vary depending on the nature of the property and the applicable finance law. Confirm your situation with your notary or a tax adviser. To quantify the real cost of your acquisition and the property's value, see our property appraisal page or the property blog.