Morocco
Hi there, I have sold property in Morocco and own in Morocco. I carry out a lot of economic studies and political reports there, based around the reforms in the residential market. Morocco is a massive country and is very area specific. The most important factor of investing in this sort of market is deciding where you believe the future markets will be. I laugh when I see capital gains figures (aka capital growth) they mean NOTHING. That growth may be one town in the mountains above Finidiq. Morocco is a great country, but you go for either Marakech or North Morocco. I wrote this for a report, I cant give you the finished copy but this may be of help. If you need help do call me on (0034) 678 806 445.
I am highly knowledgeable in foreign investment, I work as a consultant. Part of my job is watching employment drop, education rise, population grow at 1.6% and I can tell you exactly where has been given an award to be revamped in 2008 as the number 3 spot in Morocco, number 3 for tourism, but by far the smallest area, so much more money per km2.
Many investors know that geographic diversification can improve investment returns without increasing risk
Morocco is an emerging market, where one can pay very low prices per square metre for a stunning residence in a typical medina or by the beach, and generate above average rental prices throughout the peak season.
Morocco is currently undergoing massive economic reforms. Now is the time to invest in Morocco, with a tunnel now confirmed that will link Spain and Morocco, described by Spain’s transport minister as being as important as the Suez Canal in the 19th century and Panama Canal in the 20th century. If we compare this tunnel to the channel tunnel we would expect to see capital growth in the immediate area, i.e. Asilah to Tetouan, purely on speculation of construction, let alone if we consider that the infrastructure will certainly be improved dramatically in the coming years. To connect the tunnel exit to the capital of Morocco, Rabat, a major new highway is being built. Also a major port is being constructed in the north of the country, which is one of the largest commercial ports in the world. This will certainly create plenty of jobs. The country has seen massive employment increase in the last 3 years, partly due to the development of properties, but mainly due to multi nationals being attracted for the first time to the country.
France has started outsourcing a lot of their customer care services to Morocco, as labor is more affordable and their second language is French. This is very similar to Britain out sourcing their work to India for example. We have seen phenomenal growth in Morocco, the economy is booming, employment and minimum wage is higher than ever before, the king is attracting massive investment globally, like 30 billion dollars from the United Arab Emirates for the Plan Azure and other national development. The king is to create tourist resorts along the Atlantic and Mediterranean coast line to boost the number of visitors each year. We have seen 26 percent growth in less than 12 months. Tourism is expected to be up to 10 million visitors a year by 2010. That would be equal to 30 percent of their population. The king is a young monarch, with a vision to westernize the country. He has also handed back a lot of power to the people, in 2007 for example we will see for the first time that the public are to elect a prime minister, previously the monarch has always elected his own. Morocco is a constitutional monarchy, just like the United Kingdom.
Great things are happening in this country, which contribute to a solid and diverse investment. King Mohammed VI's Vision 2010 plan is key to the growth of Moroccan property investments and the tourist economy as a whole. It is set to offer the world-class standards expected by today's foreign investors and spur on economic growth.
We have identified Smir, close to Tetouan and the Spanish enclave of Ceuta, as the place to invest. The heart of this area is its established marina, marina Smir. This marina is modeled around Puerto Banús, one of the most luxurious and expensive marinas in the world.
Morocco is being compared to Marbella 12 years ago. It is only 14 km across the straits of Gibraltar away, and both countries share hundreds of years of history. In Marbella you would expect to pay double or in some cases up to 500 percent more for a property in a comparable location.
The country has also began allowing non national air line companies to fly into their country. Open skies agreement began in January 2006. Now easyjet, ryanair and other low cost airlines have already negotiated and finalized direct flights into the countries major airports. We expect to see Tetouan as one of these airports when it opens in 2007.
With such economic growth, political reform, booming tourism market and open minded head of state, investing in Morocco could be the best thing you ever do.
For free assistance and questions call me on (0034) 678 806 445
quote totally property. Anyday but the 25th Dec!!!
