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Government Ensures Morocco Remains On Track To Be A Strong Property Market - 26 October 2009
Morocco’s booming tourism is an anomaly in the world’s recession crisis.
The highly cultured, warm climate country in Northern Africa has lived up to its promising economic forecasts, especially in the construction sector, with the International Monetary Fund predicting a 4.4 percent growth this year. Property values have also shot back up since the 2007 housing peak—currently offering capital gains of up to 35 percent—while the real estate market in many European countries continue to suffer.
The Moroccan government has been instrumental in supporting this upturn, offering Moroccan nationals living overseas incentives to buy property with 100 percent financing on loans up to about £60,000 ($100,000) over 25 years. Also, King Mohammad VI’s beautification and social program project vows to clean up shantytowns by 2010.
The plan not only aims to increase tourism, but also create 600,000 jobs with the development of new motorways, airports, ports, marinas and high speed trains; as well as six new coastal resorts, malls, golf courses, beach clubs and five-star luxury hotels. Prices have remained affordable for investors throughout most of Morocco. The one instance of over-inflation in property in Morocco is in the popular city of Marrakech.
However, the city’s bustling art and nightlife scene and fair filmmaking industry remains a draw for celebrities and wealthy European expats. Realtors have noted that second-home owners who once spent their holidays in the South of France are seeking £2 million villas in Marrakech as an alternative to £9 million homes in Provence. British investors have also seized property opportunities in the tourism hot spot, snatching up and renovating old riads—traditional houses with interior gardens—and renting them out for £125 - £150 per night.
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