Morocco Real Estate News

The tourists visiting Morocco are up by 6% in October when compared to same period last year and a total of 7 million tourists visited Morocco in the year to October.

According to the Moroccan tourism authorities, The French came first with 2.6 million, followed by Spaniards (1.5 million), Belgians (398,000), Germans (358,000) and Brits (297,000). The rise had no impact on the number of overnight stays which slipped by 2%, due to the decrease posted by the French market (-5%) and the British (-18%), which represent 81% of the drop. As for the Spanish and Arab markets, they showed a rise of 3% and 4% respectively.

Tourism Minister Mohamed Boussaid told Morocco’s second national TV channel (2M) that Morocco has been able to shun the crisis thanks to the quality and the diversity of its product and the promotion of domestic demand.

“Investment dynamics and investors’ confidence in Morocco’s tourism show that the sector can further develop,” Mr.Boussaid added. With tourism and development at the top of its agenda, Morocco has embarked on a series of ambitious plans to attract investment and stimulate its economy. The expansion of tourism offers huge investment opportunities, and particular opportunities have opened up in holiday accommodations in main tourist destinations.

According to the American newspaper Pittsburg Post-Gazette, “foodie fans who love to shop must go to Marrakech. The cuisine is cheap and delicious, and they can design an apartment in Arabian Nights chic for less than half what it would cost in the United States.” The magazine also suggested tourists to visit some places in the Red City, such as the Musee de Marrakesh, Badi Palace and Medersa Ben Youssef, North Africa’s oldest Koranic school.

Popularity: 4% [?]

Morocco’s emergence as a hot property destination for overseas property investors was massively stunted by its booming economy with masses of growth potential. After an economic growth of 5.6% last year, it is on track for a GDP growth of 5.3% this year, on the back of a bumper harvest, which boosted farm incomes and domestic consumption.

According to the international Monetary Fund (IMF) press release received by PANA in Addis Ababa, Morocco is expected to register an almost equal real GDP growth in 2009 with what it achieved in the preceding fiscal year. ‘Despite the world economic slowdown, Morocco’s economic performance has remained solid,’ said Mark Lewis, who headed IMF mission that visited Rabat from November 2-13, 2009.

‘Consumer price inflation will drop to less than 2 per cent in 2009 and the current account deficit is expected to improve, assuming that the recent signs of a rebound continue in the last part of the year, ‘ the mission stated. The country’s fiscal policy will appropriately loosen in 2009 and 2010, reflecting in good part the authorities’ counter-cyclical l measures. Important reforms in the public finance area are ongoing, including tax reforms, and efforts to gradually replace the current system of subsidies by targeted measures to assist the low-income segments of the population.

According to the IMF, Morocco’s Central Bank has responded appropriately to the evolving economic and financial conditions through its interest rate policy and liquidity management tools.

Moroccan government has announced a plan to increase state investment by 20% next year. This investment is to go into some very important places; an investment in the future economic growth of Morocco, to make it an even more promising destination for property investment. Holiday home buyers and property investors alike are expected to snap up property bargains in this almost exotic gateway to Europe.

Popularity: 4% [?]

A growing number of tourists are choosing to take their holidays in Morocco which will help boost the holiday lettings market, it has been revealed.

According to official reports, a total of 7 million tourists visited Morocco in the year to October, that is an increase of 6% compared to the same period last year. The French came first with 2.6 million, followed by Spaniards (1.5 million), Belgians (398,000), Germans (358,000) and Brits (297,000). MAP news agency stated that Morocco this year overtook the Canary Islands, which did not exceed 6.6 million arrivals at the end of October 2009.

Meanwhile, Sultan Ahmed, the Indian Minister of Tourism and Culture underlined that the Moroccan civilization heritage, its cultural diversity and its natural scenery have enabled it to become a preferred tourist destination. The minister then proposed organizing a cultural and tourist event in India, in order to promote Morocco as a tourist destination. A delegation of Indian businessmen, belonging to the Indian Council for the Promotion of Chemical Products Exports (CAPEXIL), will pay a visit to Morocco this December for meeting with Moroccan businessmen.

In more news of interest for Moroccan property investors, Global Arab Network stated that the country has seen its property market remain healthy despite the world economic downturn and it suggested that this is likely to continue with major plans to increase tourism and investment in the country. The news provider noted that many investors like to buy and restore a Riad in places such as Marrakech, Essaouria and Fez, although it noted that sometimes this can be costly.

Popularity: 4% [?]

Morocco’s emergence as a hot property destination for overseas property investors was massively stunted by its booming economy with masses of growth potential. After an economic growth of 5.6% last year, it is on track for a GDP growth of 5.3% this year, on the back of a bumper harvest, which boosted farm incomes and domestic consumption.

According to the international Monetary Fund (IMF) press release received by PANA in Addis Ababa, Morocco is expected to register an almost equal real GDP growth in 2009 with what it achieved in the preceding fiscal year. ‘Despite the world economic slowdown, Morocco’s economic performance has remained solid,’ said Mark Lewis, who headed IMF mission that visited Rabat from November 2-13, 2009.

‘Consumer price inflation will drop to less than 2 per cent in 2009 and the current account deficit is expected to improve, assuming that the recent signs of a rebound continue in the last part of the year, ‘ the mission stated. The country’s fiscal policy will appropriately loosen in 2009 and 2010, reflecting in good part the authorities’ counter-cyclical l measures. Important reforms in the public finance area are ongoing, including tax reforms, and efforts to gradually replace the current system of subsidies by targeted measures to assist the low-income segments of the population.

According to the IMF, Morocco’s Central Bank has responded appropriately to the evolving economic and financial conditions through its interest rate policy and liquidity management tools.

Moroccan government has announced a plan to increase state investment by 20% next year. This investment is to go into some very important places; an investment in the future economic growth of Morocco, to make it an even more promising destination for property investment. Holiday home buyers and property investors alike are expected to snap up property bargains in this almost exotic gateway to Europe.

Popularity: 3% [?]

Moroccan government has plans to attract further investors from the Spanish region of Catalonia, and reinforcing the North African country’s presence in this region, according to official reports.

Mohamed Cheikh Biadillah, The Speaker of House of Advisors in the Moroccan parliament, who met with visiting Mayor of Barcelona, Jordi Hereu, underlined the importance of reinforcing bilateral relations, recalling that Catalan exportations to Morocco hold a very advanced position. Pointing out the 16,000 Moroccans live in Catalan region, Biadillah said the opportunities of bringing closer Moroccans and Spaniards through the Moroccan community living in Catalonia, a region located in eastern Spain.

According to Map reports, Morocco is proposing broad autonomy to the Sahara to solve a 34-year dispute over this territory between Morocco and the Algerian-backed Polisario separatists. For his part, Hereu voiced hope to reinforce Catalonia’s ties with Morocco and The number of the Moroccans living in Catalonia represents a strong motivation for the region’s decision-takers to boost relations with Morocco. The mayor expressed hope for the establishment, soon, of a Moroccan cultural centre in Spain. The meeting took place in presence of the Spanish ambassador in Rabat.

Meanwhile, Abdelatif Maazouz, Moroccan Foreign Trade minister, and Turkish Industry and Trade minister, Nihat Ergun, pledged to further reinforce bilateral economic cooperation which may attract investors to the country. Maazouz underlined the investment opportunities offered by the North African country which serves as an investment platform thanks to its strategic geographical location and the free trade agreements it concluded with several countries.

Nihat Ergun stressed the importance of exploring Morocco’s key sectors such as real estate for Turkish businessmen, hoping to see Moroccan and Turkish entrepreneurs establish a mutually beneficial partnership.

Popularity: 3% [?]

The first conference on investment opportunities in Morocco is opened in London with the participation of a large Moroccan Ministerial delegation.

According to MAP news agency reports, The London conference, titled “the annual conference on investment in Morocco 2009: opportunities for growth and progress”, is initiated by the Moroccan embassy in London and the Lord Mayor of the city of London. It is due to examine a number of issues which highlight Morocco’s efforts to ensure sustained growth amidst a global economic crisis and will tackle such themes as economic growth, Morocco’s position in the region a the advances made in terms of energy.

The Moroccan delegation includes Morocco’s ambassador to the United Kingdom, Chrifa Lalla Joumala Alaoui, several government members and economic professionals. On the British side, Minister of State for Trade, Investment and Small Businesses, Lord Davies of Abersoch, Lord Mayor of the City of London, Alderman Ian Luder, Chief Executive of International Financial Services London, Sir Stephen Wright and Baroness Symons of Vernham Dean, former Minister of State for the Middle East and North Africa.

For his part, Taïb Fassi Fihri, Morocco’s Foreign Minister said in a statement released by the Moroccan embassy in London that “As constitutional monarchies, our two countries share a longstanding history of peace and common objectives”. In good news that reassure British investors looking to invest in morocco, He added that Morocco continues to upgrade its economic infrastructure, encourage new businesses, consolidate its economic relations, and enrich our friendship ties with the countries like the UK.

Meanwhile, The German Chamber of Commerce and Industry will organize a business trip to Morocco on November 18-21 to explore investment opportunities in the car industry, reported Morocco’s L’Economiste daily.

Popularity: 3% [?]

Those thinking of buying Moroccan property may find the Moroccan city of Casablanca to be the ideal location as it offers good investment prospects, it has been suggested.

According to the Times, Jonathan Seale of CBRE said that in prime central Casablanca investors may double their money within ten years. He noted that the city and Rabat are less dependent on overseas buyers than places like Marrakesh and local estate agents have said prices have not fallen in these cities.

According to Elisabeth Ober of estate agency Aylesford International, In Marrakesh, however, values became over inflated and a recent drop during the world economic crisis has been a “good thing”. The publication added that the best Marrakesh bargains are available in the suburbs.

The country has seen its economy and property market remain healthy despite the world economic downturn, with property prices rising since 2007, Global Arab Network stated. The portal predicted that this is likely to continue with major plans to increase tourism and investment in the country. It also advised that it is wise to carry out extensive research before buying, with employing a realtor to check legal documents being an important move.

Meanwhile, Alex Peto of property firm Aylesford told the Daily Telegraph that an investment in Marrakesh over five years is likely to be a profitable one.

In related news, Air Arabia Marco earlier has said it had set up its new base in Casablanca and started flights from London Stansted with four flights per week. This is expected to boost tourist numbers, which in turn could make it easier not only for those buying property there to reach it, but also raise demand for holiday homes.

Popularity: 4% [?]

Morocco has been offering excellent property investments opportunities with foreign investors finding the Moroccan property market is immensely lucrative from the investment point of view.

According to the Global Arab Network, The country has seen its economy and property market remain healthy despite the world economic downturn, with property prices rising since 2007. It suggested that this is likely to continue with major plans to increase tourism and investment in the country.

The property market is benefiting hugely from the prevalence of lifestyle buyers in the market looking for bargains. And there are certainly plenty of bargains around. The news provider added that many investors like to buy and restore a Riad in places such as Marrakech, Essaouria and Fez, although it noted that sometimes this can be costly. Many European tourists have also elicited considerable interest in making Morocco their second home due to the country’s proximity to the western part of the continent.

According to overseas property portal Propertyabroad, The portfolio of investors in Morocco is diverse, ranging from second home luxury villas, residential homes to rented houses. In addition, cheap off-plan property is also in the peak among investors. Moroccan holiday property is also highly traded among the property investors here, which means they get maximum value for their property within no time, as the property trends have really been positive over the last few years.

Popularity: 3% [?]

Morocco’s Monetary Policy Council has lowered commercial banks’ reserve rate by 2.0 percentage points to 8 percent to ease a liquidity crunch. Meanwhile, the Council decided to leave the benchmark interest rate the same at 3.25 percent, as a result of slowing inflation. The last time when the bank had cut the rate was in March this year when the rate was trimmed by 0.25 percent point to 3.25 percent.

Earlier in June, The Council had trimmed the reserve by two percentage points to 10 percent before cutting it to 8 percent this time- its lowest in 50 years. In news of interest for overseas property investors, the bank said it expects inflation would remain low from now until the fourth quarter of 2010.

According to the press release from the bank, “Noting the scope and sustained nature of liquidity shortage on the money market and taking into consideration the outlook of liquidity factors, it decided to reduce the required reserve ratio by 2 percent to 8 percent as of October 1, 2009. ”

The Central Bank Governor Abdellatif Jouahri said the council could reduce the reserve rate further when it meets later in December. The Central Bank expects Morocco’s economic growth up by 6 percent this year, almost the same growth rate as the previous year, mainly on a strong performance of the key farming industry, Jouahri added. But he urged business and government leaders to step up reforms to put the country on a stronger path of growth.

Popularity: 3% [?]

The Moroccan government recently set aside US$37.3 million to invest in the tourism sector. The agreement which was signed in Rabat, between the government and the National Tourism Federation and. The plans are to spend the money to increase the number of travelers to Morocco as well as to invest in new resorts and transportation links.

Tourism Minister Mohammed Boussaid said s it is inappropriate to talk of a crisis, stating that the industry has performed well in light of the extent of the world crisis. He said tourist arrivals rose by 10 percent in the first four months of 2009, saying the same upward trend, went on during the month of May with 11 percent.

According to official figures released by the ministry of tourism, at the end of April, the room occupancy rate was down to 41%, compared with 44% a year earlier. The number of overnight stays in rated hotel accommodation was down 3% over the first four months of 2009, compared with the same period in 2008.

However, the minister explained that the drop in overnight stays in hotels also owes to greater choice of accommodation types, quoting a ministry study from April 2009, which showed that 50% of tourists prefer to stay in guesthouses or apartments rather than hotel rooms. The Moroccan government has set up an incentive mechanism to encourage residential tourism as well as support mechanisms to improve investments towards carrying out tourist projects which is expected to boost the holiday rental market.

According to Magharebia.com, Tourism professionals signed an agreement with the government on June 9th to bolster the sector and to undertake new measures to protect the vital sector from the worst effects of the global economic crisis. The specific goal was to increase share in six priority markets (France, Spain, United Kingdom, Italy, Germany, and the Benelux countries) and measures aimed at prospecting new markets. A budget of 300 million dirhams was set aside to promote Morocco as a destination and to develop the provision of air travel for tourists.

Popularity: 3% [?]