Morocco set to see massive growth in economy
Marriot Hotel Group has displayed its faith in Morocco region by announcing that it is planning to build another 40 hotels in the Middle East/Africa region in the next five years.
Those who have invested in rental properties in Morocco could see a rise in the number of tourists visiting the destination this year. There is a massive potential for, not only tourism growth but travel growth, in terms of business travel and short intercontinental and even national breaks. The plans by the Marriot Hotel Group are a testament to the development and rising wealth within the region.
The established markets were nearly all in a deep recession; meanwhile the Moroccan economy was still growing strongly (5% GDP growth in 2009) on the back of a bumper crop season and construction. Because of this, development continued; with the internal housing market remaining strong even the luxury developments aimed at foreigners continued to spring up. Booming economy means increasing demand for housing; an increasingly healthy construction industry, property market and all round growth.
In more good news for investors, Buy Association said that capital gains of up to 35 per cent are possible in Morocco. The portal noted that the government of the country has been taking action to help boost the economy and property sector, including providing financial incentives for Moroccan expats, funding the construction and renovation of roads, airports and also engaged in slum clearance projects.
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