Why Invest in Moroccan Property Market
Why Invest in Moroccan Property Market
For those seeking to invest their money in a growing market, the North African country of Morocco, is the right choice, as it is a gradually emerging leader in luxury real estate market.
Located alongside the Northern half of Africa, this country is in close proximity to Middle East and Europe, and this enriches the Moroccan landscape with traditions and cultural wealth from three different continents. Apart from representing various cultures/civilizations, Morocco boasts about being one of the best picturesque countries of the planet. The coastal backdrop and the sandy beaches, glorify this African Kingdom furthermore. Hence, it isn't surprising to note that a nation such as Morocco, with abundant natural beauty and a willing government is the powerhouse of global real estate market.
Why invest in Moroccan property market?
Currently Moroccan property is highly attractive due to comparatively low cost of living. Foreign money enables the country to live in the lap of luxury at minimal cost. Large variety of properties are available for investment in the Moroccan real estate market, whether it is a tourist resort or a rental unit or a business that investors are looking for, there are several hundreds of options available.
The King of Morocco provides incentives for new investors and developers planning to build hotels and vacation homes in Morocco. The King aims to have an infrastructure that caters to 10 million tourists by 2010. The King has been revolutionizing the property market in a positive manner, by implementing laws that protect foreign investors.
New rail stations and four lane roads, bus stations, and new international airports are being built to handle the tourists arriving at Morocco. Numerous tourist developments are coming up along the Mediterranean and Atlantic coasts of Morocco, including townhouses, stunning apartments, villas, five-star hotels and golf.
In countries such as Spain, The Costa del Sol and other beach areas have been overbuilt, and are highly priced beyond the reach of most people. With the same weather and Mediterranean coast, Northern Morocco is only 9 miles away at one-tenth the price.
Among the other assets of Morocco are, the high quality of labour available at low cost, the geographical proximity to Europe, and the mastery of both Spanish and French languages by the inhabitants.
The country is much in demand for international tourism due to the quality and variety of sites, and exceptional hospitality of the Moroccans, which in turn has favored the property market. Major reason behind investors getting lured towards Moroccan property market is due to the tax-free rental income permitted during the first five years. Further, on owning the property for ten years or more, investors can be free of capital gain tax during resale of the property. Also, Morocco does not include the local inheritance tax.
Real Estate status in other Moroccan locations:
Apart from the tourist resorts, there are several other hotspots in Morocco. The other towns and cities in Morocco too, enjoy a solid number of European investors, particularly the French property investors, due to the earlier colonial ties Morocco had with France.
The modern Marrakech, Capital City Rabat, the commercial center Casablanca, and ancient cities such as Fez and Tangier are the most popular Moroccan cities from the property point of view.
Moroccan real estate market is definitely in a booming stage. Within a short span of time, property prices of Real Estate in Morocco are moving up in less than every three months. Last year there has been an 80% increase in prices. Property experts are expecting an upswing and gain in momentum in real estate activities during the next few years. The real estate in Morocco is currently the way it was in Spain about six years ago, when people made good profit through buying and selling of properties. Any investment in Moroccan real estate market, is bound to go up, and will be worth the money. Hence, for the investors looking to invest in foreign real estate seeking luxury vehicle for their money, Moroccan real estate market is worth considering.
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