Morocco Real Estate News

Morocco’s emergence as a hot property destination for foreign investors is extremely stunted by the credit crunch but its economy has remained strong with masses of growth potential.

A number of trusted organizations including the African Development Bank and the International Monetary Fund have predicted that the Moroccan economy with growth of over 5% this year. The main reason is the record levels of rainfall which is leading to massive growth in food production and agricultural exports. But even taking food out of the equation Moroccan economic growth was still recorded at 1.9% across all other sectors in the first quarter of this year.

According to John Howell a senior partner with the International Law Partnership calls the North African nation as a more adventurous destination for foreign investors, but one that can offer “considerable reward”.

In an interview with AboutProperty.com, he listed reasons that its closeness to Europe is good for UK consumers looking to purchase bricks and mortar away from their home shores. “It is French speaking and so communication is less of a problem than other destinations and it has good weather almost all year round’” he explained.

Finance minister Salaheddine Mezouar stated that significant growth is expected this year, standing by original forecasts.He explained that the country’s economy is still in line for its 5.8 per cent target, according to Reuters reports.

“We are still convinced that our economy has the potential to achieve growth of more than five per cent in 2009 despite the context,” Mr. Mezouar was quoted as saying.

According to Deutsche Presse-Agentur reports, Moroccan tourism minister Mohammed Boussaid said that Morocco is expecting to see a growth in visitor numbers from Europeans as they choose the north African destination over more distant locations in order to save money.

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