For a little bit of paradise and a safe return and appreciation on your property - Morocco is one of the best emerging markets.
Morocco is strategically located with both Atlantic and Mediterranean coastlines, and a rugged mountainous interior. Being Europe's nearest exotic location, only three hours flight from the UK and offering many attractions, as well as the excellent climate, it is becoming an increasingly popular tourist destination.
This country's close association with France (it was ruled by the French from 1912 to 1956) means that it has been popular with French buyers for a long time. British buyers are as yet still to discover Morocco's charms in any great numbers. However, this is changing as increasingly professional practices are beginning to appear and instill a greater confidence in the buying process.
Buyers have been focusing mainly on Marrakech, with traditional Riads (houses built around a central courtyard with a fountain) being particularly popular. Whilst Marrakech is home to many attractions including the nation's best golf courses and hotels, and having the Atlas Mountains on its doorstep, it does lack a coastline. Nevertheless, opportunities for purchasing coastal properties do exist.
Already luxury developments in the most sought after areas are changing hands for large amounts of money. Good value properties can still be found, but Morocco's popularity as the most exotic short-haul destination available to Western Europeans is starting to have an impact on property prices as well as the tourist industry.
Presently Morocco is one of the world's leading areas for property investment due to a vast number of factors. Morocco property is currently at the beginning of an expected property boom, with King Mohammed at the head of a multi billion dollar initiative to drastically increase tourist numbers by 2010.
Although priced very reasonably Morocco property is being constructed with luxury in mind and already attracting the rich and famous. The harbours being constructed under the development program are creating a new hot spot for the financially elite.
Here are a few good natural and economic reasons to invest in property in Morocco:
- Beautiful sandy beaches.
- Stunning Golf Courses, Tennis Clubs, Riding Clubs, Water skiing, Sailing, Scuba diving, Hunting, Hiking, Camel treks, Culture.
- Mediterranean climate - Hot summers and mild winters.
- French, Spanish & English widely spoken as well as traditional Arabic.
- Sight Seeing - Fascinating Medinas, historical monuments and buildings.
- Costa del Sol is just 30 minutes away by hydrofoil from Tangiers.
- Cheaper flights with low cost carriers, including Ryanair and Easyjet leading the way.
- Property prices are at least 50% less than other European resorts.
- Low cost of living - experience a luxury lifestyle at little expense.
- Booming property market, with some areas averaging over 30% per annum
- Between 0% and 20% tax on any capital gains.
- 0% Inheritance Tax to family.
- No annual property tax for first 5 years.
- Rental occupancy reaching 85% most years during the Peak Season.
- 70% mortgages available from local leading banks.
- Huge project (Vision2010) to increase tourism backed by King Mohammed and the UAE. Aiming to improve infrastructure and increase tourism to 10m visitors per year. (progress so far - 8.5 million international passengers in 2006 compared to 5.5million passengers in 2003).
- Increased tourism generated by the Vision 2010 project will create huge requirement for rental accommodation.
- Vision 2010 to provide new roads, marinas, trains, 5 star resorts, shopping malls, golf courses, beach clubs. With investments in excess of 10 billion pounds sterling.
- Open skies policy activated on 1st Jan 2006 will allow low cost airlines to service Morocco and create more competition thus lowering fares.
- Yacht club & berth fees for under £27 per month.
- Safe investment- Notary supervised property registration similar to France & Spain