Moroccan Sands, a property company in the country of Morocco, has just launched a new property initiative known as La Perle de Tangier.
The project is a real estate development plan that will have a multi-purpose mission when completed. It will be used by some for commercial purpose, used by others for residential purposes and still used by others for hospitality services. The project is a multi-billion dollar endeavour, and it is one that puts a very nice exclamation mark on the hot Moroccan property market as the year 2008 nears the close of its first month.
In fact, the property market has developed to such a degree that many people have started referring to Tangiers (a city in Morocco) as being the new Dubai. Whether or not that is true is a matter of opinion, but what is certainly true is that places like Tangiers do have a Dubai-like effect in North Africa as they stimulate investment and economic growth within the property markets of not only Morocco but of neighbouring countries as well.
There is still much demand in Tangiers and cities nearby, with the need only beginning to increase as a larger number of foreign property investors turn their sights away from conventional markets and towards newer markets that are just beginning to develop. This increasing demand has, of course, resulted in an according increase in prices and that ultimately is a trend that is expected to continue as property continues to be developed and demand continues to increase.
In 2007, the average property value in Morocco gained approximately 20%, and most analysts believe that another year of double digit growth is in store for the markets. Ultimately that can become a self-fulfilling prophecy as positive analysts tend to lead to increased interest and the higher demand will, of course, cause prices to go up.
