Algeria Info
Joined: 23 Feb 2007
Posts: 14
Home Country: algeria
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 Posted: Sat Feb 24, 2007 10:23 am Post subject: HOUSING IN ALGERIA / ALGERIA HOUSING GUIDE |
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HOUSING IN ALGERIA
GENERAL
The Algerian government has embarked on an aggressive liberalization program to attract foreign direct investment. Ordinance No. 01-03 treats Algerian nationals and foreign investors equally. Investors may enjoy benefits such as exemption from transfer tax on all real estate purchases made for the specific purpose of the investment and exemption for ten years, from the date of purchase, from land tax on real estate which is directly involved in investment.
Owning a property in Algeria which can be rented out or purchasing a property to be used as a hotel or resort can be beneficial. However, it would be wise to think carefully about purchasing real estate in Algeria because of the factor of political strife; conflict is very much still an issue in the country.
In many cases you can rent a property for a short term and then increase or extend the period later. This will give you the opportunity to evaluate the property and the area and assess it's suitability before committing to a longer rental contract. Property owners/agents are often prepared to negotiate on the rental term.
PAYMENT
It is normal practice for rent to be paid in advance although this can sometimes be negotiated. You may also be required to pay a lump sum deposit at the beginning of the rental to be held by the letting agent or property owner. This is to be held for the term of the rental against any losses/damages to the property or its' contents or against any default on rental payments. If all is in order at the end of the rental period this deposit should be returned within a reasonable period.
PAPERWORK
If renting through a letting agent you will probably be required to provide character references and a bank reference, and you may also be subject to a credit check. This is to protect the property owner from the defaulting on the rent payments by tenants. A statement on the condition of the property prior to your occupancy may also be issued which will assist you and/or the agent when assessing/negotiating liability for any damage to the property upon termination of the rental contract. You should ensure you are happy with its content before signing. If the property is to be rented furnished you may be issued with an inventory of its' contents. Again you should check this thoroughly to avoid problems at the end of the rental period. Any losses/damages may be deducted from the deposit/bond you have paid. |
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