Morocco popular with investors

Morocco is increasingly regarded as a good property investment. And its not just buyers, but companies too who are seeing vast opportunities in this popular North African country.

Significant growth in the tourism market is set to continue, more flights are available than ever before and many Brits put off by falling property prices in Spain are looking just across the sea to Morocco instead.

The British are by no means the only potential investors. It is also popular with property investors from Spain and Germany, according to analysts Global Edge.

Most popular are Marrakesh and coastal towns. Tourism minister Mohammed Boussaid confirmed Morocco's holiday sector is currently in a very healthy state. It attracted a record number of people last year, as about 7.4 million tourists chose to visit places such as Marrakesh and Tangier.

The positive growth in the tourism sector over the last few years has prompted him to predict that it could attract ten million visitors a year by 2010.

'Tourism's January growth was 12% and February's growth was of 15%, so we are seeing an acceleration in tourism growth, without a doubt,' said Mr Boussaid. This is likely to be a positive development for many owners of rental accommodation in Morocco, as many depend on tourists to provide rental yields.

The arrival of international companies like UK estate agent Hamptons International, which is opening an office in Casablanca, is set to further boost potential for investors.

The firm, which is owned by Dubai-based, listed property company Emaar Properties, will provide its clients with services including lettings, development consultancy and mortgages.

In Morocco, King Mohammed VI has outlined the future for his country in his Vision 2010 strategic development plan. It envisages an increase of annual tourists to 10m by 2010, creating 600,000 new jobs.

BOOKMARK THIS PAGE (What is this?)