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Tangier emerges as hotspot for property investors from East and West

It is the closest African city to Europe, has been fought over in history and has an unrivaled culture associated with painters, musicians and authors.

'Tangier is loved by the British and the Americans and now others are realising what a wonderful place it is. Its history means it is attractive to many cultures,' said Len Dixon of Morocco Alive, a consultancy based in Tangier.

'It has a captivating quality. It is famous for its grand souk that is dominated by the Sidi Bou Abid mosque whose minaret rises above the city,' he added.

The growth in interest has been led by Spanish real estate agents and developers who are looking to new markets as a result of the downturn in their own. But there is also interest from around the globe, especially from France, Belgium, the UK, US and the Russians.

Although Morocco is increasingly popular, a wide range of investors are looking to Tangier in particular. 'Some are buying international real estate in a bid to get on the property ladder for the first time, others are seeking holiday homes and there is also a lot of interest from buy-to-let investors seeking a good return for their money,' said Alex Bridon who has set up an agencies in Tangier and Marrakech.

He also sites Tangier's proximity to mainland Spain as being another reason that there is so much interest.

A new pleasure port and marina is being built 35km east of Tangier as are new conference centres and hotels. The new port is 30 minutes from the city and will be one of the biggest in the Mediterranean, eclipsing its Spanish counterpart, Algeciras, not just in size but also in the quality of its new modern facilities.

Tangier itself is an International Free Trade Zone and therefore exempt from certain taxes to encourage foreign investment. VAT tax is only 5%.

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