Casablanca tipped for Morocco buyers
Those thinking of buying Moroccan property may find the Moroccan city of Casablanca to be the ideal location as it offers good investment prospects, it has been suggested.
According to the Times, Jonathan Seale of CBRE said that in prime central Casablanca investors may double their money within ten years. He noted that the city and Rabat are less dependent on overseas buyers than places like Marrakesh and local estate agents have said prices have not fallen in these cities.
According to Elisabeth Ober of estate agency Aylesford International, In Marrakesh, however, values became over inflated and a recent drop during the world economic crisis has been a “good thing”. The publication added that the best Marrakesh bargains are available in the suburbs.
The country has seen its economy and property market remain healthy despite the world economic downturn, with property prices rising since 2007, Global Arab Network stated. The portal predicted that this is likely to continue with major plans to increase tourism and investment in the country. It also advised that it is wise to carry out extensive research before buying, with employing a realtor to check legal documents being an important move.
Meanwhile, Alex Peto of property firm Aylesford told the Daily Telegraph that an investment in Marrakesh over five years is likely to be a profitable one.
In related news, Air Arabia Marco earlier has said it had set up its new base in Casablanca and started flights from London Stansted with four flights per week. This is expected to boost tourist numbers, which in turn could make it easier not only for those buying property there to reach it, but also raise demand for holiday homes.
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