Middle East developers consider Moroccan investment is profitable
People who are thinking of buying a foreign property have been advised that investing in Morocco could be highly profitable.
Middle East developers regard North Africa and Morocco in particular, is remarkably immune from the economic challenges facing many other countries around the world. Many upmarket developments are being created in areas such as Tangier and Marrakech. The Kuwaiti Gulf Holding Company’s $1.3 billion Villa Royale project In Tangiers has already began and Dubai’s Emaar Properties, Sama Dubai and Qatar’s Diyar are all forging ahead with their developments in Morocco.
Homes Overseas magazine stated that Moroccan government has spent more than £7 billion on building new homes and improving its infrastructure. Developers are also encouraged by the Moroccan government’s Vision 2010 which aims to attract 10 million tourists by 2010. This is having a knock-on effect on the Moroccan housing market, as more foreign property purchasers and developers invest in the country.
Commenting on the market’s future prospects, the magazine said: “Unlike other markets, Moroccan real estate market still maintains intrinsic value in ongoing developments and overseas property buyers could be able to collect strong capital gains in the Moroccan market.”
In related news, Morocco’s government has invested £9 billion in improving its transport network and more than £7 billion will be spent on improving ports, airports and roads.
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