Morocco emerges as one of the best places to consider in 2009
As the economic recession grips the EUI, rising property prices, expats who want to dodge the money trap of the eurozone are laying down their bags further afield.
According to Chintan Mahida, a spokesperson for property firm Nubricks .com, Morocco is now considered as a safe bet among homemakers. Apartments, duplexes and villas available with private gardens and pools and located nearby to central airports, the marina and natural surroundings, start from under £69,000. She noted that recent research by holiday companies Thompson and First Choice has shown that more people are beginning to prefer non-traditional destinations; a factor she said was partly influenced by the low value of the pound against the euro.
The North African destination has a number of attractions that could tempt real estate buyers. The country, which benefits from year-round favorable weather conditions, is not much further from UK and uses French as its national language. Some of the seaside resorts are extremely popular, especially those with marinas and cities are growing in popularity as short break destinations and therefore year round rental yields.
Furthermore, Moroccan government has committed itself to a ten-year infrastructure improvement plan with a view to boosting tourism, according to the Press and Journal reports.
According to a statement released by the High Planning Commission (HCP), the economic growth for the first quarter of 2009 will be 6.6%. HCP said that Morocco’s economy expanded by approximately 4.8% in the final quarter of 2008, with overall growth for the year estimated at 5.8%, agriculture sector set to produce increased income and the authority said that farming GDP could rise by 22% during the first quarter, according to Reuter’s reports.
In related news, John Howell of the International Law Partnership recently selected Morocco as one of his top ten property investment destinations for 2009.
Popularity: 25% [?]
