Morocco Real Estate News and Property Market Trends

Low-cost airline Ryanair has announced that it is to launch a number of new services to Morocco as it has signed a deal with the Moroccan government to open 20 new and carrying one million passengers within 5 years which is a largest ever single expansion.

The agreement after six months of negotiations and Ryanair will gain access to most regional airports in Morocco. As a result of the new flights, air passengers will benefit from more frequent and easy access to popular Moroccan tourist destinations.

This could potentially impact on demand for rental accommodation in these areas, a development which may be of interest to foreign investors. In addition to this, investors will be flocking to already booming Moroccan housing market because of the large number of low-cost flights to the country, making even earlier undiscovered areas extremely accessible.

Michael Crawley, deputy chief executive of Ryanair has said that this singularly important initiative in the development of tourism and business for the country signifies the confidence of ryanair in the attractiveness of Morocco as a holiday destination. He added that the introduction of the new services displayed the airline’s commitment to Morocco and consumers in the country.

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Foreign investors who are considering buying property for sale in Morocco have been encouraged to consider the Casablanca region.

According to Mena Report, authorities in the Casablanca region are actively aiming to entice foreign investors to the country. The various infrastructure improvements and high standard of living has made it an attractive location for people from overseas. Casablanca is good place for businesses to establish themselves as officials have guaranteed a conducive and secure business environment.

Mena Report cited tourism as one of the sectors that is expected to decide the future shape of the economy. The growing popularity of Casablanca as a holiday destination and the huge influx of visitors have called for the need for high-quality leisure facilities, recreational outlets, luncheonettes and eateries. New marketing campaigns are also launched in order to increase the number of visitors next year.

This “strikingly beautiful” part of the north African country offers numerous historical and cultural attractions and has become a hotspot for foreign vacationers. The region also offers a number of financial attractions including rising property values for overseas investors.

The news provider has said that the increasing the tourism market, housing availability, economic growth and expansion is sure to drive the interest in property investment.

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Mediterrania Saidia is a significant residential property and tourist complex located in Saidia, a scenic village with a long tourist tradition on the Mediterranean coast of Morocco. Mediterrania Saidia is planned to offer a memorable 5 star luxury experience and is rapidly becoming the most preferred Moroccan property development.

Le Jardin de Fleur Beach & Golf Resort Project will be one of the most exciting and significant additions to the much desired Plan Azur resort. Large number sporting personalities have already indicated their desire to purchase property due to its world class sports facilities. England football stars John Terry, Rio Ferdinand and Gary Neville are backing and investing significantly in the exclusive ‘Le Jardin de Fleur’ development

The developer behind Le Jardin de Fleur Beach & Golf Resort has been awarded the prestigious CNBC Arabian Property Awards 2007. The Le Village de Sport site has Front line golf villas, 50 Townhouses, 144 Apartments and Penthouses, 2500 square meter Casa Club with Indoor pool, lagoon style pools with slide and splash water features and spa facilities.

This exclusive resort is only available through Insight Morocco and its partner company. The payment terms are 20% on Contract, 20% on Start of Construction and remaining 60% on Completion.
The 2 Bedroom Apartments starts from £140,000
2 and 3 Bedroom Townhouses from £145,000
Detached Villas from £245,000

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A steep rise in housing prices has made the government announce efforts to arrest soaring prices, reports Magharebia.com

Finance Minister Salaheddine Mezouar on May 27th said that he aims to combat housing speculation and slow the rise in price per square meter. The real estate boom has led to a number of large and upmarket developments springing up across Morocco. The housing ministry reports that between 2003 and 2007, prices per square meter increases the most 358% in Agadir and 234% in Rabat. The price increase in other places is Marrakesh by 92%, 45% in Rabat, 43% in Casablanca and 35% in Tangiers.

Twelve measures are designed by the government to tackle an enormous rise in housing and land prices which includes tax incentives, vacant lands taxation and new taxes on the vacant homes. Youssef Benmansour, vice-chairman of the National Federation of Property Developers has said that the goodwill measures by the government are encouraging for the Moroccan real estate.

But the Telegraph recently reported that houses in Morocco are much cheaper than those in neighboring Mediterranean nations. Property in Spain comparatively could cost about three times as much as a residence in Morocco. The newspaper noted that property investors could also benefit from capital appreciation, as the housing market there is in boom.

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King Mohammed VI has called on expatriates to invest in Moroccan properties speaking at Fundamentals of Investment conference in Skhirat, it has been reported.

The Weekly Blitz has reported that the monarch wants to “remove all obstacles to the promotion of investment” in property for sale in Morocco.

Research released at this year’s International Conference on Investment in Skhirat showed that foreign businesses are becoming increasingly confident about investing in Morocco. This suggests that Morocco could benefit from further investment from foreign businesses, leading to a number of economic benefits.

In addition, the Telegraph stated that the government’s efforts to boost the tourist sector also had an effect. This had resulted in momentous growth in its housing market, with the price of property for sale in Morocco increasing by 20 per cent in the last year.

Morocco has made itself highly attractive for purchasers of investment property in Morocco due to the added financial benefits and sympathetic tax regime. A considerable reduction on property rental tax, exception on capital gains after ten years and 0% Inheritance tax are all attractive features for investors. Low annual property taxes and exoneration from few other taxes for a certain period of time should increase overall rental yields. There is also the ‘double taxation treaty’ between Morocco and the UK which is a big draw for UK investors.

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Forbes.com recommended Morocco in a list of potential holiday options for leisure travelers affected by the weak US dollar.

Leisure travelers from the US have found that trips to the European country are more costly, as their money will not go as far as it has done in the past. Bob Atkinson, travel product manager at TravelSupermarket.com, suggested Morocco as one possible option and said that it offers good value for money.

The financially stretched tourists from USA and from other countries using dollars for their international trade and vacation overseas can enjoy bargains and affordable prices in Morocco.

Moroccan government has made tourism and international travel as a top priority of country’s economic growth. Forbes.com said that the weak dollar may prompt Americans to try alternatives and allows American tourists to have a taste of “new culture for a reasonable cost”.

More than seven million vacationers visited Morocco in 2007, although the government wants annual visitor numbers to be around ten million in 2010. Home Move website has described Morocco as the one of the hottest investment options in the world.

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Magharebia Arabe Press has reported that Moroccan tourist officials are keen to expand further into the German market and attract more visitors. The country’s emergence as a popular holiday destination in recent times may potentially encourage people to purchase property in Morocco.

Tourism minister Mohamed Boussaid in a travel trade show in Berlin has said that Morocco’s untapped areas have to be opened up and he added that Moroccan government is concerned about the German market because it is mainly focused on beach holidays. Mr. Boussaid also revealed that those projects are currently in progress to enable Morocco to offer new attractions to German holidaymakers.

Nearly $14.4 million has been invested by the government in creating desert and oasis resorts in the southern regions of Ouarzazate, Errachidia and Zagora. The promotional drive to attract more tourists is good news for property investors in Morocco, who could be in line to benefit from increased demand for holiday accommodation.

German holidaymakers’ passion for surfing is well known. Recently Surfline.com stated that Morocco is a good destination for keen surfers and they would find much to enjoy in Morocco, including pleasant weather conditions.

The Times has recommended Morocco as a good option for leisure travelers during 2008. Morocco is easily accessible and is serviced by a number of low-cost airlines including Ryanair and easy Jet.

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Surfline.com has highlighted Morocco as a good destination for keen surfers with a peak surfing season spanning from October to April. The website has stated that whereas at this time in Europe, it is affected by the brunt of Atlantic cold fronts, freezing water temperatures and windstorms. The easy accessibility, mild waves, superb point breaks, pleasant winter land temperatures, Uncrowded beaches and amazing cultural diversity makes Morocco a truly exotic surf trip.

Surfline.com added that the country also had a range of other attractions to offer, such as its markets, bazaars and scenic landscape. The recent infrastructure improvements and an overall openness to Western tourists have made Morocco as a prominent international class surfing destination.

Statistics from the department of tourism showed that in 2007, more than six million people visited the country. Morocco is found to be particularly popular with holidaymakers from all across Europe. The upward trend Morocco’s tourist sector is a encouraging development for the government, as it is presently occupied in a strategy to attract ten million tourists by 2010.

The considerable increase in demand for holiday accommodation in the country is creating numerous opportunities for foreign property buyers.

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Tourism minister Mohamed Boussaid has predicted that Morocco’s tourism industry is likely to see further growth this year and the holiday sector is currently in a very healthy state, reports Reuters.

According to official statistics, Morocco attracted 7.4 million tourists in 2007. The booming Morocco’s tourist sector is a positive development for the government, as it is presently engaged in plans to attract ten million tourists by 2010. Mr. Boussaid further pointed out that in Morocco tourism levels are ’soaring’ as the growth in Tourism was 12% in January and February’s growth was of 15%.

Holiday-Rentals stated that although European destinations were attracting large numbers of visitors, Morocco is also highly popular among the vacationers. The country’s appeal to sun seekers could prove to be highly lucrative for investors in rental accommodation in popular tourist areas such as Marrakech and tangier. Greg Grant, of Holiday-Rentals has commented that overseas Investors have become more adventurous and now look for properties in exotic and secluded locations.

UK newspaper the Independent recommended that investors consider purchasing a property in Morocco as the publication stated that the Morocco offers warm sunny weather during the winter months and reasonable house prices.

Online travel agency Freedom Direct recently revealed that the popularity of Morocco with British tourists who wanted a more exotic holiday experience.

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The Chicago Tribune has recently reported that Morocco differed from other African nations because of its unique cultural identity and rich history and it has absorbed a variety of influences due to its close proximity to Europe.

The publication has stated that the easy accessibility to Morocco from mainland Europe and its other attractions such as its markets, bazaars and “rugged yet scenic” landscape makes it an “increasingly popular” destination for leisure travelers from Europe. Morocco has an eclectic identity and it has many European influences because it’s so close to the Continent. French is spoken widely but Arabic is the official language.

Morocco is also said to offer a number of other attractions that could make it a more attractive option, such as the unspoilt stretches of Atlantic and Mediterranean coastlines, restricted development in coastal areas and excellent climate, as it means that visitors can enjoy warm and sunny weather all year round. The publication added that the government is presently engaged in a strategy to transform the country into a major tourist destination.

Prospective buyers are recommended to purchase property in Morocco as it would be a good choice because it is growing in popularity as a holiday destination. The new developments and leisure facilities in popular tourist spots as well as the regular and affordable flights from the UK signify its booming tourism.

Paul Collins, overseas property editor of buyassociation has commented that Morocco is a progressive and democratic country with established legal procedures on property purchase. The SaveBorrowSpend website recently predicted that Morocco is likely to be a hotspot for overseas property buyers during 2008.

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