Property in Morroco is said to be like the markets in Spain 15 years ago. The government is keen to attract buyers to its shores, the benefits of inward investment are clear and they are pulling out all the stops to attract buyers.
Morocco has been compared to that of Spain 15 years ago so buyers are eager to get in on the action. The Morrocan government aims to increase tourism to the country to ten million by 2010. When you visit Morocco you will find building work and brand new resorts along the country's coastline.
The support of the King which has turned Morocco into such an attractive proposition. Many ‘emerging' markets simply lack the basic infrastructure needed to support a burgeoning property market, but King Mohammed's £2.2 billion contribution will ensure that all necessary facilities and amenities are in place. Put simply, this means that if these ambitious tourism targets are met, Morocco could well be the next holiday hotspot – a move which could only mean good things for the property market in terms of both capital growth and rental returns Tangier is very convenient to the UK and visitors are able to be there with two and a half hours. The area is also a resort town that is situated on the Mediterranean Sea. Tangier is Morocco's most cosmopolitan city and in 2008 a new tunnel will link Gibraltar and Tangier.
Tangier sees a large number of tourists, as the city is very accessible to the European mainland. The city is the second largest industrial center in Morocco. The area features numerous industries including chemicals, textiles, mechanicals, metallurgical and naval. Despite the large number of industry, the city mainly relies on its tourism. Property in Tangier for seaside resorts has been increasingly popular for foreign investors. There are also numerous real estate and construction companies that are investing in tourism as well. Tourism industries vary from beautiful sandy beaches and waterfront resorts to golf clubs, water-skiing, sailing, scuba diving, camel treks and more. The climate is Mediterranean with hot summers and mild winters. The area is very cultural with English, French, Spanish and Arabic widely spoken.
Property in Morocco is highly desirable, however, there are many complexities and one should look for the expertise of a recommended real estate agent or legal representative. Real estate agents are not registered and with this comes some the chances of being ripped off. It is important to choose a recommended notaire who plays a big role in the Moroccan buying process. Property in Tangiers and Morocco are increasingly popular due to the low cost of living coupled with the no annual property tax for the first five years. There is also a 0% inheritance tax to family that will allow you to keep your Moroccan investment in the family for many years to come. Another great feature is that the rental property occupancy rates reach to 85% during the peak season in most years.
Nicholas Marr is a lifetime property investor and CEO of Marr International Ltd a UK based property marketing company that is responsible for one of the worlds leading overseas property portals at http://www.homesgofast.com . His overseas propert blog is at http://www.overseasproperty-advice.com
