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Before considering purchasing a property in Morocco, one should consider it's location. Morocco is so near but yet so far from Europe. So near, that at the closest point Morocco is a mere 14 kilometres from the Spanish coastline; so far because Morocco is completely different in character from the western world. Morocco has a rich history of glory, savagery and religion that can be sensed on every corner. It spans swathes of fertile agricultural land, forests and vineyards in the north, the High Atlas mountains capped with snow in the winter months and finishes in the south with the stony, sandy scenes of the Sahara. Entrancing and at times overwhelming, Morocco is every travel magazine’s darling. As such it offers a wide range of options when considering buying property in Morocco
Property Morocco - Coastal -v- Marrakech
Broadly speaking, the hottest property in Morocco can be split into two camps, the spanking new coastal resorts and the historic property in Marrakech, with it's medina and souks
Vision 2010, unveiled by King Mohammed in 2001, sets out an ambitious strategy to trigger extensive growth of the tourist sector and property in Morocco. Between eight and nine billion euros worth of investment is being ploughed into brand new Morocco property coastal resorts, six in total, five for the Atlantic coast and one for the Mediterranean under the name of ‘Plan Azur’. The scale is quite colossal, up to 50 new luxury hotels and a gaggle of marinas, golf courses and commercial centres all dressed with thousands of units of residential property in Morocco.
Property Marrakech
Before considering a property in Morocco, one should research the different regions and where better to start than Marrakech, the cultral capital of Morocco. Marrakech is in stark contrast virtually unchanged since the Middle Ages yet remains perpetually cool and is currently the place to be seen and indeed, buying property in Marrakech is the new cool. The vibrant Djemâa el Fna Square, the heartbeat of the Medina with its labyrinth of literally thousands of streets, throngs with market traders, witchdoctors, musicians and storytellers all fighting noisily for the attention of the mesmerized crowd. Peaceful Hammams, the Moroccan version of a Turkish bath, provide the perfect antidote to the bustle of the Medina, whilst chic clubs, restaurants and boutique hotels welcome the well-heeled in their droves. Unfortunately buying up and renovating an old riad is now old news. If you are looking to buy property in Marrakech then you would be best advised to look at the up & coming suburbs surrounding Marrakech.
Property Morocco - Accessability
With a flurry of low cost carriers flying into all of Morocco’s major airports, Findaplaceoverseas sees the potential of property in Morocco for both the modern coastal resorts, particularly along the Mediterranean coastline, as well as Marrakech, and shares the young King’s high hopes for lucrative property investment in Morocco.
Why Invest In property in Morocco?
MOROCCO CLIMATE
Considering the weather before buying property in Morocco you will need to know that Moroccan weather is safely sunny, 350 days of it per annum. Marrakech has stifling 40ºC plus summers which are possibly worth avoiding whilst the Mediterranean coastline is more reminiscent of near neighbour southern Spain in terms of climate, perhaps with a couple of degrees added on. The best time to visit Morocco is from March to May when the air is warm and the landscape clinging onto its winter lushness and then at the end of September through to November. Rainfall is barely worth mentioning, on the coastline for short bursts should it occur at all, and only frequent on the upper Rif and Atlas slopes. Four stars to accommodate scorching summers in the city. One benefit of buying property in Morocco is definitely the weather.
MOROCCO ACCESSIBILITY
Considering the accessability is important when buying property in Morocco. Until 2006 just two airlines – Royal Air Maroc and British Airways – had the monopoly on flights between the UK and Morocco. Prices were comparatively high and timetables didn’t always suit. This has dramatically changed as Morocco is now part of the EU ‘Open Skies’ regime thus opening the floodgates for no-frills carriers. Passengers can now choose between RyanAir, Thomson Fly, EasyJet and Air Maroc’s low-cost subsidiary, Atlas Blue, who cover the major UK Airports between them into Marrakech, Fez, Agadir and Casablanca. Morocco can also be accessed by water from the Spanish coastline on either high-speed catamarans or slightly more leisurely ferry crossings and a new 39km tunnel route under the water between Spain and Tangier should begin work shortly. Morocco shares the same time zone as the UK. Five stars. Accessability is another good reason to consider buying property in Morocco.
MOROCCO ECONOMY
It is important to look at the economy of any country before buying property. When purchasing property in Morocco it is therefore comforting to know that it is ranked quite highly by the African Development Bank as being the fifth economic power in Africa after South Africa, Algeria, Egypt and Nigeria, with a GDP of approx 50 billion USD. Morocco’s top three sources of income are the mining of phosphates, the transfer of money from nationals living abroad back to their relatives and thirdly, tourism – the new priority. Other key industries include food processing, leather, textiles and fishing. GDP real growth rate is pitched at 1.7% (2005), inflation is stable at between 1% and 2% and the payment of external debt is being met. Foreign Direct Investment in Morocco has been increasing year-onyear and rose from 1.07 billion USD in 2004 to 2.9 billion USD in 2005. Four stars as further progress has to be made with regards to unemployment and illiteracy. It is however comforting to know that the growth of tourism and property in Morocco is helping to address these issues. Buying property in Morocco is contributing to the growth of the country as a whole.
MOROCCO TOURISM
Key to considering buying property in Morocco is the increase in tourism. In a 2006 TripAdvisor survey, Morocco appeared no less than twice in the ‘top ten hot world destinations for 2007’ with Marrakech at number five and Fez at number ten. Read any travel magazine, glance at any holiday programme and it’s plain to see that Morocco is becoming a very trendy place to be. Sport-wise Morocco is more than well-equipped. Golf has become a national passion with the total number of golf courses sitting at around 30, and rising as new residential projects come online. Outdoor-types can also try horse riding, camel riding, trekking on foot through the mountains, skiing in the Atlas resort of Oukaimeden just 74km from Marrakech, fishing and all kinds of water sports from yachting and windsurfing to kayaking and diving. King Mohammed’s number one priority is without doubt increased tourism and you will not find a more focussed or ambitious plan on the planet right now. In a nutshell Morocco aims for 10 million tourists per year by 2010 (4.4 million arrived in 2001 and 5.8 million in 2005) and for the tourism sector to form 20% of the GDP by 2010. Five stars for that focus and ambition. Morocco's boom in tourism is key to the success of buying property in Morocco
MOROCCO PROPERTY MARKET
Property in Morocco has seen great interest, in particular from northern Europeans, attracted by the fact that quality residential Morocco property is available just a few kilometres over the water from the Costa del Sol, but at a fraction of the price, with better weather and a lower cost of living to boot. Most are buying off-plan in new coastal Morocco property projects with pocket money entry prices, the more adventurous are buying up traditional old riads ripe for renovation, whilst the middle-ground is taken with brand new Morocco property built in traditional riad-style but with all of the conveniences of a modern development. Thanks to King Mohammed’s vision tourist arrivals are soaring, capital appreciation is in double figures year-on-year and rental return for renting Morocco property is high as new hotel beds rush to keep apace with the rush of visitors. The stage is set for Morocco to become a stable, sophisticated holiday destination with Morocco property prices to suit and there is an urgency to buy now.
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