Detailed explanation
VEFA is the dominant acquisition mode for new-build Moroccan residential (roughly 70-80% of new apartments). Law 44-00 (2002, amended 2016) protects the buyer through mandatory preliminary contracts, bank guarantees, milestone-capped payments (30% at foundations, 70% at shell, 90% at delivery, 10% at handover), a 7-day retraction right, and warranties (decennial, biennial, perfect-completion). Every VEFA transaction should include an independent RICS valuation of comparable completed units before signature.
Moroccan example
A Casablanca Bouskoura VEFA apartment is contracted at 1.8 M MAD, with 540 k paid at foundations, and balance staged against construction milestones validated by a court-bailiff.
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