Spanish investments in Tangier real estate sector
Morocco’s property market has become a hot topic as various multi million dollar property development projects are in progress across the country which are mainly backed by GCC based companies and the Spanish investors are also aware of the potential of Morocco’s property market. Spain would become one of the largest direct investors in Morocco in the next few years.
Morocco’s government believes that strengthening the economy, the infrastructural improvements and incentives to foreign investors would attract more foreign investors to the country. Ansa has reported that last week Moroccan government has called Spanish investors to invest in 184 new real estate projects in Tangier province at a meeting in Madrid.
Abdellatif Brini, Director of Tangier’s urban development agency, led the Moroccan delegation, has said that Spanish investment in the real estate sector has gone to a massive €1.364 billion in the last couple of years. Spanish investors and developers have already shown their firm commitment to property development projects in Morocco.
Mr. Abbas, Managing Director of the Moroccan Tourism Office has said that Spanish tourists visiting Morocco are expected to double by 2010. Preliminary engineering studies are going on for the excavation tunnel joining Europe and Africa deep below the Strait of Gibraltar which would link the Moroccan city of Tangier to the Spanish city of Tarifa. Promoting Tangier as a holiday destination could help to attract more people traveling to Morocco for leisure, which would have direct impact on the property market in Tangier.
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[...] Spanish investments in Tangier real estate sector Morocco’s property market has become a hot topic as various multi million dollar property development projects are in progress across the country which are mainly backed by GCC based companies and the Spanish investors are also aware of the potential of Morocco’s property market. Spain would become one of the largest direct investors in Morocco in the next few years. Morocco’s government believes that strengthening the economy, the infrastructural improvements and incentives to foreign inves [...]