Morocco set for record level for foreign direct investment
The housing market in Morocco is expected to remain healthy despite the financial crisis around the world as a government official said foreign companies will continue to invest in Morocco next year.
Mohammed Aref Hassani, acting director of Invest in Morocco, told Reuters recently that the North African nation remains an attractive proposition for international investors due its robust banking sector and relatively affordable operating costs.
Commenting on investment in 2009, he said: “Companies will look to countries with a strong investment climate, attractive financing, a competitive workforce and logistics. With the collapse of the conventional market, investors are turning to Morocco for cheap retirement properties, resulting in increased investment. A large influx of foreign property investors and holiday home purchasers has come to Morocco in search of the next big market in the last few years.
Mr. Hassani also said that this increase in interest is compounded by a growing tourism industry which is helping to fuel the demand for luxury developments and second home communities. Large scale luxury developments by Middle Eastern groups are also currently underway in Morocco.
Anas Sefrioui, Addoha, a real estate developer based in Morocco said that Morocco is enjoying the recent cash flow brought from foreigners as close as Spain and all throughout Europe thanks to big public infrastructure projects, booming tourism, falling income taxes and a promising start to the farming season.
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