Last year Morocco showed that its tourism industry is growing. A 13% increase in the number of visitors has not only helped boost the economy, but it has also exposed more overseas property investors to the country's growing rental property market.
Foreign investors are flocking in droves to the African country and are snapping up properties just as quickly. Morocco's Ministry of Tourism has been heavily promoting the country's many attractions. The good weather, the laid back culture and the location are bringing visitors from all over Europe. The rental income potential is increasing along with the country's popularity and it has many investors excited.
What makes the Moroccan rental market a strong one isn't just the increasing number of visitors. The country has a strong infrastructure and offers public services that will keep the tourism industry growing well into the future. Foreign investors are also encouraged by Morocco's mission to bring as many as ten million visitors to the country annually by the year 2010.
The government of the Kingdom of Morocco has also recently signed an investment agreement with Pearl of Kuwait Real Estate Company. The agreement leaves the company responsible for promoting tourism in the south city of Agadir.
The project's $75 million price tag will be assumed completely by the company. The 40-month project will consist of a tourist hotel, residential housing and cinema halls. The aqua park will also receive additions by way of modern apartments and an entertainment centre. Morocco's Ministry of Tourism is actively seeking foreign investors to help meet their 2010 tourism deadline.
Property investors looking to land a rental property will want to invest early because Morocco is sure to gain more interest over the next two years.
