Real Estate in Morocco

 

A growing number of people are interested in buying property in Morocco, Real estate in Morocco, with its ancient towns, coastal resorts and snowy peaks. This North African kingdom boasts 1,400 miles of coastline, year-round sunshine and an open invitation to foreign investment and has seen a sharp increase in the numbers of house-buyers from abroad over the last four years. 

In the 21st century, Morocco is the country on the African continent that is experiencing one of the fastest growing and fastest paced real estate markets in the region. There are a number of reasons why this is the case, chief amongst them is the fact that Morocco has enjoyed relative stability for an extended period of time. In addition, the climate in many parts of the country is very appealing to people from many different countries around the world. 

The Moroccan government realised that the way forward for their nation in terms of creating employment and boosting the economy significantly was to increase tourism and to create an environment so attractive for investors that they would come in their droves and buy up real estate stock.

To that end the government has been promoting Morocco around the world – there is a permanent stand at Walt Disney World Resort in Florida heralding the virtues of this North African nation that practically touches Europe across the Mediterranean Sea that divides it from mainland Spain for example, and now the skies over Morocco are open to cheap flight operators from across Europe and the UK. The nation has year round sunshine and is directly south and a short flying time from affluent Western Europe and all of these factors are starting to affect Morocco positively.

In 2006 in the first nine months alone tourism traffic was up almost 10% on the previous year with revenue generated from tourism up almost 30% which proves that the government are targeting the ‘right’ sort of tourist – i.e., the ones who come, stay, enjoy and spend money in Morocco! Looking to the longer term the Moroccan government has plans to increase tourism until 10 million visitors annually enter the nation by 2010. There are even plans afoot to build a tunnel under the sea to connect Morocco to Gibraltar in Europe…

‘But why all this information about tourism’ I hear you ask?

Because it is the tourism market that real estate in Morocco are targeting. On the one hand they are targeting those seeking villa and apartment rental and on the other hand they are aware that today’s holiday maker is tomorrow’s second, retirement or holiday home buyer. And investors really are in Morocco buying up and developing real estate stock. Already six brand new coastal resorts are in the planning and development stages, money is flooding in from Dubai and Qatar based development companies and European buyers are purchasing off plan knowing full well that their real estate assets are appreciating even before they are completed and handed over. Buyers in 2007 have a chance to buy in ahead of the continued predicted rise in tourism and before Morocco is established in many people’s minds as a place to invest in real estate.

Consider buying off plan and flipping stock or better still, simply buying and renting to the tourism market on the Atlantic or Mediterranean coasts or in the mountainous ski resort of Oukaimeden. Rental income is earned tax free in Morocco for the first five years and those who hold property for ten years or more pay no capital gains tax when they resell, furthermore one is not subject to local inheritance tax in Morocco either. In conclusion - Morocco offers an investor a wealth of opportunity. Basically an investor needs to consider his preferred investment approach and his target market and then seek suitable real estate with room for growth or with prospects for returning good yields.

Buying a House in Morocco is aimed at anyone seriously considering purchasing a property in Morocco to live in permanently, rent out, or transform to a guesthouse. Extensively researched and informatively written, it will give readers a rich insight into what to expect and how to go about fulfilling their dream for a new home.

Morocco offers an enormous range of housing, from the traditional dars and riads of the medina to the villas, new developments and old Moroccan style farmhouses of the countryside. The regional guide also covers the different types of properties to be found in each region, such as
· Swiss-style chalets in Ilfrane.
· The riads (grand courtyard homes) in Marrakesh.
· Elaborate Andalusian villas in Tangier.
· Kasbahs in the Draa Valley.

In line with the Moroccan government’s aim to quadruple tourism to 10 million visitors a year by 2010 the appeal to potential homebuyers will keep increasing. Approximately $5 billion is being invested in six luxurious coastal resorts including golf courses and luxury villas and on improving the country’s infrastructure and accessability. This spells good news for the letting market, for guesthouse owners and for those who are purchasing homes as an investment.

Real Estate in Morocco.