Morocco is the one to watch in 2009 for Brits
Moroccan property market will be the one to watch in 2009 for UK property investors, according to an industry expert.
John Howell, senior partner at the International Law Partnership, told the Press and Journal that the market is likely to pick up in the coming months as demand for housing grows and the North African destination has a number of attractions that could tempt UK buyers. He added that the country benefits from year-round favorable weather conditions, is not much further from the UK than Spain and uses French as its national language. Moreover, Property editor Paul Collins Speaking to the Telegraph said this is partly because of the continuing economic difficulties in Britain which is contributing to a surge in the number of people moving abroad to non-European destinations, such as Morocco.
Industry experts said that Morocco also have posted “phenomenal” growth recently and the growth could be sustained in the near future, they offer a better opportunity than developed markets, which are expected to produce little or no expansion in the next year. Moroccan property investors could be interested to learn that the government is to continue increasing investment in infrastructure with a view to boosting tourism despite the ongoing global financial crisis. This will have a profound impact on the housing market, as the influx of extra tourists will create the need for new leisure facilities and housing.
According to the Scottish newspaper Sunday mail, houses in the North African country have charm while also being more affordable than many European locations. The property prices on an average in Morocco are around half that of Europe’s most popular resorts.
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