Morocco’s resilient economy spurs property investment
Morocco’s economy has become unperturbed to outside events and its economic growth is set to continue in the near future, experts have predicted.
Moody’s Investors Service annual report into the Moroccan economy has revealed that Moroccan economy is booming and property development is taking hold in a big way. The government’s plans to create more jobs, industry-specific reforms and boosting tourism by 2010 to make its economy independent of agriculture are likely to boost the property market in the next two years.
The CIA World Factbook has reported that Morocco has an estimated GDP of $127 billion as of 2007. Commercial Site Development Services (CSDS) Ltd, a U.K.-based Moroccan property agency has said that ‘Vision 2010′, the strategic tourist development program by the government has already developed more than 20,000 new hotel beds on the market and thousands of others have been renovated. By the year 2010, Morocco will have more than 250,000 hotel beds, including 180,000 located in or around the cities.
Economic growth in the country has created perfect conditions for foreign property purchasers, as house prices are going up. Morocco enjoys great financial solidity due to the economic reforms by the Government. The reforms by the government such as the free trade zone, cheaper land acquisitions, the Investment Protection Agreement and Double Taxation Agreement encourage the influx of foreign capital in Morocco.
Reuters has reported that that income from the holiday industry rose to £3.8 billion in 2007 which is 12 per cent higher than 2006. Reuters further added that the property market is likely to keep on expanding at a substantial rate during the next few years.
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