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More on Property in Morocco

Jul 16, 2008
If you ever wondered whether the property market in Morocco was secondary in any way to the government, to the economy and to the future successes of the nation you would be wrong, and a recent report from MAP (the Maghreb Arabe Presse in Rabat) supports this viewpoint.

By now all investors and would-be investors will have heard of Morocco's Vision 2010 blueprint for the nation - well, a very significant and long-term strategic part of this plan is to improve tourism numbers so that they reach an annual sustainable average of 10 million by 2010.

And part of the plan to boost these numbers has always been to develop key resorts across the nation. These resorts combine hotel accommodation with privately owned accommodation - hence the massive and undeniable correlation between desired tourism growth and the development, promotion and desired success of the property market in Morocco.

The government is so committed to the development of exclusively desirable real estate within these key resorts that it has agreed plans with Dubai based Emaar Properties to develop at 6 destinations across the nation. So synonymous with luxury and quality is the Emaar name that this is having a two-fold benefit to the country.

On the one hand it is raising the profile of Morocco and the country's commitment to the development of exclusive and truly sumptuous resorts, and secondly it is ensuring that interest is intense and it is already returning positives for real estate as a contributing sector to the overall economy.

And that's not to say the government has lost sight of the plight of its own people in all of this. Whilst there are those who are undoubtedly benefiting from the increased underlying affluence of the nation and getting to the point where they can better afford to buy their property, the government in Morocco is building low cost housing and providing access to funding for greater numbers of its people to ensure that the divide between the rich and the poor does not become a gulf it cannot bridge.

According to a survey conducted by property investment magazine Jet-to-Let, Morocco is the sixth most popular country for prospective foreign property investors in 2008. This is a drop of two places from 2007's survey, but being in the top 10 for two years running is still a laudable achievement for Morocco.

This should all be music to the ears of investors looking into where they can find pockets of property potential with long-term backing for market successes and desirability.

The earlier mentioned report from Maghreb Arabe Presse was based upon information supplied by Housing Minister Ahmed Toufiq Hejira. The report shows that since property became such an important part of the nation's agenda for economic diversification and expansion, foreign direct investments into property in Morocco have reached 0.91 billion U.S. dollars - from 245 million dollars back in 2002. What's more, there has been an almost 33% increase in the numbers of jobs in the construction industry in the same period.

According to the Association of Independent Tour Operators (AITO), the strength of the pound against the euro is directly impacting on the travel industry.

Derek Moore, chairman of AITO commented: "Britons are shunning the most expensive European countries in favour of cheaper alternatives, including Morocco. This means that owners of rental accommodation in tourist hotspots such as Marrakesh will find their services are in high demand.

"The current financial situation will result in the North African nation becoming more and more popular with holidaymakers. Consequently, there will be an increasing number opting for countries on the edge of the eurozone like Morocco."

All in all, Morocco is doing all it can to promote a healthy and balanced, desirable and yet achievable property market as a key contributor to the long-term success of the nation's economy.
About the Author
Property Select offers a comprehensive selection of overseas Property in Morocco, including a news feed, members club and reviews of the latest property developments from around the world.
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