Tourism could boost Moroccan rental market in 2010
Plans by the Moroccan government to boost the country’s tourism industry could have a positive effect on its rental market, reports Reuters.
The North African country’s holiday sector is currently in a very healthy state. The number of arrivals kept growing last year despite the global economic downturn, with an increase of 6 percent. Public works spending is projected to grow by 20% in 2010, while state investment is expected to rise by a similar percentage. Despite the global crisis, the increase in government spending combined with good harvests since 2008 has helped the Moroccan economy grow at impressive rates.
‘We aim to realize growth of 10 percent (in 2010 tourism numbers), or three times the world trend that is forecast,’ newly-appointed Tourism Minister Yassir Znagui said. Government officials said the rise in tourist numbers hoped for this year would not come at the expense of profitability. The country’s buy-to-let market would be significantly boosted by an influx of leisure travelers from overseas, as this would create high demand for temporary accommodation.
The positive growth in the tourism sector over the last few years has prompted Othman Cherif Alami, Chairman of Morocco’s National Tourism Federation (FNT) to predict the country will achieve 6 percent growth in foreign currency earnings. This is likely to be a positive development for many owners of rental accommodation in Morocco, as many depend on tourists to provide rental yields.
The country was recently recommended to foreign property buyers by Home Move, which described it as one of the strongest investment options in the world.
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