Foreign investments in real estate in Morocco hits an all time high
As more and more overseas investors are choosing to buy property for sale in Morocco, Foreign investments in real estate in Morocco have catapulted to 7 billion Moroccan Dirhams in 2007. State MAP news agency has reported that from 245 million dollars in 2002 it has reached 0.91 billion U.S. dollars last year.
Housing Minister Ahmed Toufiq Hejira has said that the astonishing boom recorded in the real estate sector has created 839,000 job openings in 2007, which is an increase by 32.8 percent from 2002.
Independent analysts at Amberlamb have said that government efforts to diversify and generate economic growth in a more long-term sustainable manner and make the economy less dependent on the agricultural industry are now paying dividends.
The housing minister also said that the prices of housing units is moving towards record heights and said that the reasons are due to the demographic and urbanist boom and the scarcity in construction land lots. Moroccan government has revealed plans to construct 130,000 low-cost housing units in cities and rural areas in the next four years.
Low-income families will be able to get housing loans through the guaranteed loans program known as Fogarim.
Louise Hillcoat of Amazing Morocco said that foreign investors would benefit most if they took advantage of the low prices. She stated that this allows investors to benefit from capital appreciation triggered by the growing level of demand. Morocco is recommended by property experts as it offers far more affordable property values than the nearby Mediterranean nations. Morocco is also praised for its excellent infrastructure, amenities and Mediterranean climate. These factors, combined with its relatively low cost of living, are said to make it perfect for foreign property buyers.
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