Viager (Life-Annuity) Sales: A Complete Guide for Owners and Buyers (2026)

Selling a property as a life annuity, known in French as viager, is a discreet but powerful arrangement that lets an owner unlock the value of their home while continuing to live in it, and lets a buyer acquire a quality asset without a mortgage. At Armonia Solutions, with +25 years of expertise, Armonia Solutions, across Paris, Marrakech and Agadir in rental management and real estate transactions, we regularly advise both sellers and buyers on life-annuity deals. This complete 2026 guide explains what a viager is in the Moroccan context, how the price is structured between the up-front lump sum (the “bouquet”) and the monthly annuity, the legal and tax framework, the risks on each side, and includes a simulator so you can model a deal yourself.

Whether you are an owner looking to secure your retirement without leaving your home, or an international investor seeking a discounted prestige property in Marrakech or Agadir, understanding the mechanics of the viager is the key to a fair and secure agreement. We base every figure below on Moroccan market practice in 2026, and we explain how each variable changes the outcome.

What is a life-annuity (viager) sale in Morocco?

A viager is a property sale in which the price is not paid entirely up front. Instead, the buyer (the débirentier) pays the seller (the crédirentier) an initial lump sum called the bouquet, then a monthly annuity for the rest of the seller’s life. The arrangement is “aleatory”: its total cost depends on how long the seller lives, which is precisely what makes it attractive to some buyers and reassuring to many sellers.

There are two main formats. In an occupied viager, the seller keeps the right to live in the property until death, and the sale price is reduced by an occupation discount to reflect that the buyer cannot use the home immediately. In a vacant (free) viager, the buyer takes possession straight away and can live in the property or rent it out, generating immediate rental income. The choice between the two shapes both the price and the monthly annuity.

Key figures (2026)

The orders of magnitude below reflect practices observed on the Moroccan market in 2026. They are indicative benchmarks and must be adjusted to each case according to location, the condition of the property and the seller’s age.

Legal and tax framework of the viager

In the absence of a dedicated statute, the Moroccan viager relies on the provisions of the Code of Obligations and Contracts governing aleatory contracts. This means the notarial deed is decisive: it is the careful drafting of the contract that secures the rights of both parties. A well-drafted deed will set out the bouquet, the annuity amount and its annual indexation, the format (occupied or vacant), and, crucially, a resolutory clause allowing the sale to be cancelled if the buyer stops paying the annuity.

On the tax side, the annuity is income for the seller and must be declared, while registration and notary fees (typically 5 to 7% of the price) are borne in line with the agreement. Because the treatment depends on each party’s situation, professional advice is essential before signing. Transfer of title is registered with the land registry; you can consult the national land-registration authority for the formalities, and you should always confirm the property is free of any mortgage before completing.

Occupied or vacant viager: which format to choose?

The occupied viager is the classic format: the seller stays in the home and receives a discounted price plus a monthly annuity. It suits an owner who wants liquidity and security without moving. For the buyer, the occupation discount can be substantial (30 to 50%), but the asset is not usable until the seller leaves or passes away.

The vacant viager is increasingly popular with international investors. Here the buyer takes possession immediately, so there is no occupation discount, but the property can be rented out at once, which is particularly relevant in the Marrakech and Agadir short-let markets. The monthly annuity therefore becomes a financing instrument: the rental income can help cover it. The right format depends on whether your priority is a deep discount or immediate use of the property.

How to calculate the bouquet and the life annuity

A viager calculation combines three main variables: the market value of the property, the seller’s life expectancy, and the desired split between bouquet and annuity. You start from the market value, then apply an occupation discount if the seller keeps the right to live there. The bouquet, paid in cash, usually represents 20 to 40% of that value. The remaining balance is then converted into a life annuity by dividing it by the seller’s estimated remaining years.

Life expectancy is the most sensitive element of the calculation. The older the seller, the higher the monthly annuity, because the remaining capital is spread over a shorter period. Conversely, a relatively young seller will receive a more modest annuity but potentially over a long period. Mortality tables provide the reference, but in Moroccan practice the parties often agree on a prudent negotiated duration with the notary. Our simulator below uses a simple, transparent rule of thumb so you can see how the variables interact.

Viager simulator

Estimate the bouquet and the monthly annuity for an occupied or vacant viager. Enter the market (or post-discount) value in MAD, the seller’s age and the bouquet share. Results are shown in MAD with an approximate equivalent in US dollars.

Advantages and risks for seller and buyer

For the seller (crédirentier), the viager turns an illiquid asset into a secure income for life, while, in the occupied format, keeping the comfort of staying at home. The main protection is the resolutory clause: if the buyer stops paying, the seller recovers the property and generally keeps the sums already received as damages. The main risk is choosing a buyer who cannot sustain the annuity, which is why due diligence on the buyer matters.

For the buyer (débirentier), the viager allows acquisition of a quality asset without a bank loan, immobilising only a moderate initial capital. The discount on an occupied viager can be significant, and a vacant viager can generate rental income immediately. The principal risk is longevity: if the seller lives far beyond the estimated expectancy, the total cost rises. A prudent buyer models several scenarios, exactly what the simulator above is for. Before committing, buyers should also verify the legal status of the property, just as they would when facing a right of pre-emption.

Illustrative example (simulation)

Illustrative example (simulation), indicative figures, not a real client case.

An owner of a renovated riad in the Marrakech medina, valued at 2,500,000 MAD (approx. $250,000), wished to secure her retirement without leaving her home. Aged 70, she opted for an occupied viager with a 45% occupation discount, bringing the value used down to 1,375,000 MAD (approx. $137,500). The bouquet was set at 35%, i.e. 481,250 MAD (approx. $48,125), paid at signing. The remaining capital, 893,750 MAD, was converted into an annuity over an estimated fifteen years, generating a monthly annuity of around 4,965 MAD (approx. $497), indexed annually.

On the buyer’s side, a British investor based in Agadir, the deal made it possible to acquire a prestige heritage asset without taking out a loan, immobilising only a moderate initial capital. Betting on the continued appreciation of medina property, and given the discount obtained, the anticipated long-term return remained attractive even under a conservative longevity scenario. This illustrates how a viager can align the interests of an older owner and a patient investor.

Best practices and common mistakes

The most common mistake is to underestimate the importance of the deed. Because there is no dedicated viager statute in Morocco, everything rests on precise drafting: the indexation of the annuity, the resolutory clause, the handling of charges and works, and the exact definition of the occupation right. A vague deed is the main source of later disputes.

Other frequent errors include choosing an over-optimistic life expectancy (which inflates the annuity and may strain the buyer), forgetting to clear an existing mortgage before signing, and failing to budget the 5 to 7% of registration and notary fees. The good practice is simple: model several longevity scenarios, agree a prudent expectancy with the notary, and confirm the legal and mortgage status of the property in advance. For the practical step that precedes signing, see our guide on the final visit before the notary.

The viager and Moroccan property culture

For international buyers, the viager sits at an interesting cultural crossroads in Morocco. The concept is well known in France, but in the Moroccan medina it meets a property culture in which homes, and especially family riads, carry deep emotional and heritage value. Many older Moroccan owners are attached to staying in the home where they raised their family, yet need liquidity for retirement; the occupied viager answers both needs at once, which explains its quiet but growing appeal. For a British or international investor, success depends less on driving a hard bargain than on demonstrating respect for the seller’s wish to remain at home and trust in the long relationship the contract creates. A viager is, in essence, a years-long agreement between two people, so reputation, patience and a reliable local intermediary matter as much as the numbers, a cultural nuance that purely transactional buyers often overlook.

Frequently asked questions

Is the viager legal in Morocco? Yes, the viager is perfectly legal in Morocco. It relies on the Code of Obligations and Contracts provisions on aleatory contracts. In the absence of a specific law, the drafting of the notarial deed is decisive for its validity.

What is the difference between the bouquet and the annuity? The bouquet is the capital paid in cash at signing, while the annuity is the periodic income paid to the seller until death. The split between the two is negotiated according to the seller’s liquidity needs.

What happens if the buyer stops paying the annuity? The resolutory clause in the deed allows the sale to be cancelled. The seller then recovers the property and generally keeps the sums already received as damages. This is the seller’s main protection.

Can a property still under a mortgage be sold as a viager? It is possible but complex: the outstanding loan must be repaid or taken over within the transaction. A notary and the bank concerned must be involved to secure the operation and lift any mortgage.

How is the seller’s life expectancy calculated? It is based on mortality tables and the seller’s age. In Moroccan practice, the parties often agree on a prudent negotiated duration with the notary, because it directly determines the annuity amount.

Is the viager suitable for foreign investors? Yes. Many foreign investors use the viager to acquire a discounted property in Marrakech or Agadir. A vacant viager even allows immediate rental income. Local support is nonetheless recommended.

Is the life annuity taxable? The annuity is income for the seller and must be declared. The tax treatment depends on each party’s situation, which is why consulting a professional is advisable.

Can the annuity be indexed? Yes, and it usually is. Annual indexation protects the seller’s purchasing power over time and should be written explicitly into the deed.

Conclusion

The viager is a flexible tool that can serve both an owner seeking security and an investor seeking a discounted, mortgage-free asset. Its success rests on three pillars: a precise notarial deed, a realistic life-expectancy assumption, and a fair split between bouquet and annuity. Use the simulator above to test several scenarios, and never sign before the legal and mortgage status of the property has been fully clarified.

At Armonia Solutions, we support both sellers and buyers through every stage of a viager in Marrakech and Agadir, from valuation and deal structuring to managing the property afterwards. If you are considering a life-annuity sale or purchase, contact us for a tailored assessment of your situation.

Sources

Agence Nationale de la Conservation Foncière, du Cadastre et de la Cartographie (ANCFCC), ancfcc.gov.ma, for title transfer and registration.

Armonia Solutions, How the right of pre-emption works in Morocco.

Armonia Solutions, The final visit before signing at the notary in Morocco.

Moroccan Code of Obligations and Contracts (Dahir of Obligations and Contracts), provisions on aleatory contracts.