Real Estate & Economic News in Morocco from Propertyshowrooms.com

Moroccan real estate market stalls

Fri, 22 Jul 2011 00:00:00 GMT

The market for holiday properties in Morocco is struggling, according to one sector commentator.

David Le Bail, director of consulting at DTZ, stated that "the second home market collapsed totally" following the bombing of a Moroccan cafe in April this year.

This compounded the effects of the financial crisis and uprisings in other Arab nations which had already slowed the real estate sector in the country.

The National cited figures from CB Richard Ellis, showing that housing prices in the nation declined by 50 per cent between 2008 and 2010. Meanwhile, it also noted that half of the available housing stock in Morocco last year was vacant.

However, property investment firm Immobiliertanger commented that it believes certain areas of the country could offer growth in the future.

Last month, the company stated that villas in Tangier could offer good returns due to the increase in tourist arrivals in the city, which may boost the holiday homes rental market.

Economic growth boosted by construction in Morocco

Mon, 29 Nov 2010 00:00:00 GMT

Strong economic growth in Morocco has been driven by an increase in real estate and construction activity in the country over the past decade, Reuters reports.

Speaking to the news provider, Morocco's central bank revealed that the annual growth of property prices in the country nearly doubled during the third quarter of this year.

Compared to levels a year earlier, the price index rose 2.4 per cent over the period compared to 1.4 per cent in the second quarter, Bank Al-Maghrib said in a note.

And individuals looking to buy property in Morocco may be interested to learn that this was fuelled by higher prices for middle-class apartments, which accounted for 89 per cent of all home sales during the quarter.

However, while, apartment prices rose 3.5 per cent, the prices of villas fell by four per cent and those of detached homes remained flat, the bank added.

Meanwhile, the government has stepped up its spending with the view to extend ownership by upgrading existing infrastructure and offering tax breaks and incentives to buyers, Reuters explains.

Morocco set for economic growth

Fri, 23 Jan 2009 00:00:00 GMT

Government officials in Morocco have forecast economic growth of 6.6% for the first quarter of 2009.

According to a statement released by the High Planning Commission (HCP) in Rabat on Tuesday (January 20th), increased income from agriculture is expected to offset the negative effects of the global slowdown during the early stages of the year.

The HCP said that Morocco's economy expanded by approximately 4.8% in the final quarter of 2008, with overall growth for the year estimated at 5.8%, Reuters reports.

Due to a significant increase in rainfall last year, the authority said that farming GDP could rise by 22% during the first quarter.

However, the HCP's statement also sounded a note of caution over the global economic situation.

"National economic activity is likely to evolve in a context marked by uncertainty over the scale of repercussions from the international financial crisis," it said.

John Howell of the International Law Partnership recently selected Morocco as one of his top ten property investment destinations for 2009.

Visit our off-plan property Morocco page.

North African property markets slowing dramatically

Sat, 22 Nov 2008 00:00:00 GMT

Emerging property markets in North Africa are experiencing a slowdown with some of the tourism based developments having a troubled time...

CTC to Build Dh1b Pacific Project on Al Marjan

Fri, 22 Aug 2008 00:00:00 GMT

Select Group, a Dubai-based property developer, Thursday said it has awarded a contract to the Ras Al Khaimah-based Construction Technology Contracting (CTC) to construct its Pacific project on the man-made development of Al Marjan Island...

Moroccan market surges ahead for micro finance

Wed, 20 Aug 2008 00:00:00 GMT

Morocco is the largest market for micro finance in the Mediterranean region, with nearly half of clients, reported the Facility for Euro-Mediterranean Investment and Partnership (FEMIP), which is under the European Investment Bank (EIB)...

Morocco is an elite property market

Wed, 13 Aug 2008 00:00:00 GMT

Morocco has displaced other leading investment hotspots to become one of the world's top overseas property markets.

The north African country was rated as one of the elite destinations by Homes Overseas magazine, ahead of places such as Australia and Slovakia.

According to the magazine, this is because Morocco offers a number of attractions to foreign property buyers, such as affordable house prices.

However, various infrastructure improvements and growth in the tourism sector is fuelling growth in the market.

As a result, investing in property in Morocco could potentially be highly lucrative.

Homes Overseas commented: "Significant capital growth is anticipated across some parts of the country over the next few years."

Earlier this week, Morocco was flagged up as a good investment market by broadcaster Jo Sinnott.

Speaking to Property Wire, the host of Real Estate TV's Next Big Thing said investors may be able to get healthy returns in the north African country.

Visit our off-plan property Morocco page

Morocco praised by broadcaster

Tue, 12 Aug 2008 00:00:00 GMT

Broadcaster Jo Sinnott has spoken positively of the investment potential that Morocco currently offers.

Speaking to Property Wire, the host of Real Estate TV's Next Big Thing said investors may be able to get healthy returns in the north African country.

Ms Sinnott said this is partly because it has a growing tourist trade, which is fuelling demand for rental accommodation in many areas.

She also revealed that Morocco offers a number of lifestyle attractions, such as good weather, lots of history and easy access from the UK.

"More and more people want to travel there," Ms Sinnott commented.

"There is massive property investment potential."

She added that Morocco is a "fantastic" property market which is "almost on our doorstep".

Morocco attracted a record number of people last year, as about 7.4 million tourists chose to visit places such as Tangier and Marrakesh.

Visit our off-plan property Morocco page

Buy-to-let investors pointed towards Morocco

Wed, 30 Jul 2008 00:00:00 GMT

People who plan to invest in a buy-to-let property overseas have been advised to consider purchasing in Morocco.

According to Fleewinter.com, the north African country currently has a growing tourism industry, which means that rental demand is very strong.

Therefore, owners of a buy-to-let property in popular tourism hotspots could be able to benefit from considerable rental returns.

However, the website has advised that if people wish to make the most of the potential the market currently offers, they should invest in a property near the sea.

Alisdair Luxmoore, spokesperson for Fleewinter.com, said: "If you want a return on your investment, in terms of tourists coming to stay in your place, then being by the coast is an enormous help."

He added that a property's rental potential could also be maximised if they buy in a place which is easy to reach, such as Marrakech.

According to official figures, more than seven million foreign leisure travellers visited Morocco in 2007.

Credit crunch 'not affecting Morocco'

Thu, 24 Jul 2008 00:00:00 GMT

A property analyst has claimed that Morocco is not being negatively affected by turbulence in the global economy.

According to Dominic Farrell, editor of Jet-to-Let magazine, the ongoing credit crisis is mainly affecting countries such as the UK, the US and Ireland.

By contrast, many financial institutions in Morocco are still apparently lending money to customers.

Commenting on this trend, Mr Farrell said it is because banks in the north African nation has been relatively unexposed to global economic problems.

This could partially explain why foreign markets are currently seeing a surge of interest among British property buyers.

"I have definitely seen a sharp increase in the amount of interest from potential investors over the past six months," Mr Farrell committed.

Speaking to the Liverpool Daily Post, he added that many people are unable to enter the British market and are seeking alternatives as a result.

According to Currencies Direct, many of the people who are buying homes in Morocco are those who wish to live abroad on a permanent basis.

Moroccos economy will keep growing-150708

Tue, 15 Jul 2008 00:00:00 GMT

A government official in Morocco has predicted that the country will continue to see strong economic growth in the next four years.

Finance minister Salaheddine Mezouar stated that between now and 2012, the economy is likely to grow by 6.3% on an annual basis, reports Reuters.

Morocco's growing tourism industry was said to be an important part of its future economic expansion, especially as it is helping to attract foreign investors to the country.

Mr Mezouar commented: "We are convinced the Moroccan economy has enough appeal to have this ambition."

He added that in the year so far, the country's rate of economic growth has outpaced earlier estimates of 6.8%.

This could be good news for overseas property buyers who are thinking of purchasing a property in the north African nation.

Morocco was recently flagged up as a potentially lucrative investment market by Homes Overseas magazine, which said house prices are likely to go up "significantly" over the next few years.

Tourism set to drive up Moroccos house prices-100708

Thu, 10 Jul 2008 00:00:00 GMT

House prices in Morocco are likely to be boosted by growth in the country's tourism sector, according to analysts.

The Global Property Guide stated that the Moroccan government wants to attract 10 million visitors a year by 2010.

As part of this plan, new accommodation for holidaymakers is being created, while authorities are also opening up extra routes for airlines.

The website believes that this could have a knock-on effect on the country's house prices, as these developments could heighten interest in certain areas.

In particular, it is predicting a surge of interest among overseas property buyers, to the point where the market could become more popular than some European countries.

The Global Property Guide commented: "It is difficult not to suspect that Morocco’s success in attracting both summering and settling Europeans will eventually outpace that of Turkey."

Morocco attracted a record number of people last year, as about 7.4 million tourists chose to visit places such as Marrakesh and Tangier.

Morocco recommended to investors

Thu, 10 Jul 2008 00:00:00 GMT

Overseas property buyers have been encouraged to consider buying a property in Morocco.

According to the Global Property Guide, the housing market in the north African nation is likely to expand further over the next few years.

The website has attributed this to continuing growth in the Moroccan tourism sector, as authorities are actively aiming to attract more holidaymakers to the country.

In fact, the government has set itself the target of increasing annual visitor numbers to ten million by 2010 - up from 7.4 million last year.

The Global Property Guide believes this will have a profound impact on the housing market, as the influx of extra tourists will create the need for new leisure facilities and housing.

Furthermore, the demand for rental accommodation should also go up, thereby stimulating the country's buy-to-let sector.

"Tourism almost invariably brings increased interest in buying in the country," the website commented.

Morocco attracts more foreign tourists

Tue, 8 Jul 2008 00:00:00 GMT

Efforts to attract more holidaymakers to Morocco appear to be reaping positive rewards, new figures have revealed.

According to the National Tourism Observatory, 2.5 million people visited the country during the first five months of the year.

Figures cited by the Maghreb Arabe Presse showed that this is 11 per cent higher than the amount recorded a year earlier.

Morocco was found to be particularly popular with French holidaymakers, who made up the largest group of foreign nationals in the country.

However, a significant amount of Spaniards, Britons, Italians and Belgians also chose to visit during this period.

The figures are likely to be welcomed by buy-to-let investors in Morocco, as growth in the tourism sector will have a knock-on effect on the rental market.

As a result, the country could potentially be a good bet for people who are thinking of buying an investment property overseas.

This comes after the Foreign Property Buyer website said that the government's plan to increase the number of visitors to Morocco over the next two years "bodes well" for its rental market.

Britons move abroad to escape economic crisis

Thu, 12 Jun 2008 00:00:00 GMT

Economic problems in the UK are contributing to a surge in the number of people moving abroad.

According to the Office for National Statistics, more than 200,000 British nationals chose to pack their bags and relocate in 2006 - a record amount under the current measuring system.

However, BuyAssociation has revealed that during the last year, it has seen a seven per cent increase in the number of enquiries into emigrating to another country.

Speaking to the Telegraph, property editor Paul Collins said this is partly because of the continuing economic difficulties in Britain.

Mr Collins said the ongoing financial problems have led to many people making "decisions about their future that they have been considering for some time".

He added that a growing number of people are choosing to settle in non-European destinations, such as Morocco.

The country was said to offer attractions such as new property developments and good governance.

This comes after FinancialAdvice.co.uk said more and more expats from the UK are moving to long-haul destinations.

Moroccan tourism boosts investment potential

Fri, 16 May 2008 00:00:00 GMT

Efforts to boost tourism in Morocco could potentially make it more appealing to property investors, analysts have suggested.

According to NuWireInvestor, the government wants to stimulate further economic growth by attracting more visitors to the north African country.

The website believes this could be a positive development for overseas property investors, as it could also lead to growth in the housing market.

NuWireInvestor commented: "Plans to create more jobs and increase tourism by 2010 are likely to boost Moroccan economy and the property market in the next two years."

This, it continued, means that Morocco could be a good location for overseas property investors to consider.

Prospective buyers were encouraged to buy a property in the country before the market "peaks".

This comes after the Foreign Property Buyer website said that the government's plan to increase the number of visitors to Morocco over the next two years "bodes well" for its rental market.

Morocco plans infrastructure improvements

Thu, 27 Mar 2008 00:00:00 GMT

Morocco's government is investing nearly £9 billion in improving its transport network, it has been revealed.

Homes Overseas reports that authorities are keen to upgrade its transport infrastructure in order to boost Morocco's economy.

More than £7 billion will be spent on improving ports, airports and roads, while £1.3 billion will go towards a planned high-speed rail service.

The new train link will connect Tangier and Casablanca, offering direct passage between the two cities in just two hours.

This is likely to significantly boost the property markets in both places, while towns along the route may also benefit from extra demand.

Morocco's government hopes that as well as strengthening the economy, the improvements may also attract more foreign investors to the country.

This comes after the Foreign Property Buyer website said that the government's plan to increase the number of visitors to Morocco over the next two years "bodes well" for its rental market.

Morocco investors buoyed by government reforms

Wed, 20 Feb 2008 00:00:00 GMT

Government moves to boost the economy in Morocco could make it more attractive to overseas property buyers, experts have suggested.

According to Amberlamb, authorities are aiming to make the economy more resilient by making it less dependent on industries such as agriculture.

The organisation said the government was embarking on a programme of economic diversification, which involves boosting other sectors including tourism.

Amberlamb stated that these reforms could make the north African country an appealing destination to foreign property buyers.

Commenting on the policy, the organisation said: "The underlying objective is to make Morocco more attractive and robust an environment for foreign direct investment."

The country was described as an "incredibly exciting" market for investors to consider, as there is "massive potential" for it to develop and prosper during its long-term future.

This comes after the Foreign Property Buyer website said that government plans to increase the number of visitors in Morocco over the next two years "bodes well" for its rental market.

Morocco's tourist market 'set to increase'

Fri, 19 Oct 2007 00:00:00 GMT

The number of tourists visiting Morocco could increase by more than a third during the next three years, according to new estimates.

Travel and Tourism News reported that the government was aiming to boost the country's tourist industry, since it was highly lucrative for the national economy.

Official figures cited by the news provider showed that during 2006, 6.5 million people visited Morocco for a holiday.

However, the government wants the annual number of holidaymakers to increase to ten million by 2010.

If the targets are met, overseas property investors are likely to benefit from the increased demand for rental accommodation, greater income from rent and a higher occupancy rate.

The country's growing popularity among holidaymakers could also impact on property prices as a residence in the country could become a more sought-after commodity.

Morocco's tourism department recently published figures showing between January and July this year, 261,000 Britons visited it for a holiday.

Morocco economy 'fuelled by real estate'

Wed, 6 Jun 2007 00:00:00 GMT

Improvements in Morocco's economy have resulted from a growing reliance on tourism and real estate revenues, it has been revealed.

Investment in such sectors is behind a change in fortunes for the north African country, which has seen its unemployment level more than halve and an economic growth rate of 8.l per cent in 2006, according to finance minister Fathallah Oualalou.

The minister told the Financial Express that the old reliance on sectors such as agriculture had been altered due to the success of property investment.

"Morocco is currently a big building site," the minister commented, speaking to the paper.

"The government has understood that it needs to get out of the way and let the private sector do what it is supposed to do," added businessman Samir Benmakhlouf.

Last month a property expert advised that the absence of inheritance tax made the country attractive to potential investors.

Tourism Earnings Up In Morocco

Wed, 22 Nov 2006 00:00:00 GMT

As investors watch and wait for Morocco's Vision 2010 plan to come to fruition, it has been announced by the Ministry of Tourism in Rabat this month that income from Morocco's tourism industry's has reached a new high, after increasing by 25.8% during the first nine months of 2006.

Flight passenger numbers for the same period increased by 9% while bed occupancy rates crept up from 49 to 50% this year. As a result, estimated tourism earnings in Morocco will amount to between 4.1bn€ and 4.5bn€, against 3.7€bn in 2005, said the Ministry. It added that tourist numbers would reach 6.5 million for 2006, up from last year's 5.8 million visitors.
As part of the Vision 2010, Morocco plans to encourage 10 million tourists by 2010.

The Moroccan government is currently implementing major changes to the country's infrastructure and developing a large number of giant tourist resort projects in full preparation for this anticipated growth. Property investors in Morocco will be nicely encouraged by the new figures.

Luxury Tourism for Morocco

Tue, 22 Aug 2006 00:00:00 GMT

King Mohammed VI last month chaired the signing ceremony of three conventions relating to the construction of new luxury tourism projects throughout Morocco at a budget of approximately MAD 23 billion (nearly USD 3 billion).

The first convention was signed by Prime Minister, Driss Jettou, and will be launched in January 2007 for the development of the seaside resort of Taghazout at a cost of MAD 2.2 billion as well as the construction of other tourism projects, including the building of nine hotels and several luxury residential complexes, shopping centres and sports centres, at a budget of over MAD 10 billion.

The second convention related to the creation of an integrated tourism project in the Marrakech region. The project, the first of its kind in the Kingdom, aims at building the project "Gateway to Morocco" on a surface of 380 hectares. It includes hotels, shopping centres, luxury tourism residences, golf courses and equestrian sports grounds.

The third convention comprises the building of a tourism investment project in the Tangier region. With the second convention, these projects total a cost of approximately MAD 10 billion and aim at attracting tourists from Gulf countries.
Needless to say, investors are watching these projects carefully with a view to timely investment within this ever-growing economy. The projects will inevitably allow the creation of thousands of jobs in the tourism-related sector as well as give a firm boost to the tourist economy in Morocco.

TOURISM TO SOAR IN ARAB COUNTRIES

Wed, 3 May 2006 00:00:00 GMT

Foreign investment is not big news to Arabic countries, but never before have we witnessed such a dramatic interest in the Arab world for real estate investment. It is reassuring to see that already in many Arab countries tourism figures are soaring, while in Sharjah, UAE, hotel revenues have increased by a staggering 25% since 2004. Government officials at a meeting of the Union of Arab Banks in Casablanca last week confirmed that along with tourism, foreign investment is set to increase significantly in the next three years, due to increased potential for trade as well as investment in the Moroccan travel and tourism industry. In Morocco doors are definitely opening to external investors. Propertyshowrooms.com is confident in the great potential return on investment this market will offer to our clients, while the six new developments currently in progress are just the beginning of an unprecedented influx of tourism. All indications show that this is a ripe time for investment while the evidence is plain to see: • Large scale construction work is already crunching into the land, creating 6 emblematic luxury golf resorts of outstanding beauty all over Morocco, whilst measures are in place to maintain the natural beauty of their environments. • The Moroccan government currently invests heavily in improving its economic sectors, including the infrastructure, telecommunications, electricity, banks, insurance, education, health services and maintaining them to the world-class standards expected from today´s foreign investors. • There has already been substantial reform within the legal framework, tax laws have been revised and generous fiscal incentives are available to invite external investors. • A fascinating cultural heritage and distinctive natural beauty, from rocky coast to snow-capped mountains, as well as a climate conducive to year-round outdoor living all make Morocco a highly desirable holiday destination. Not to be forgotten is the projected plan to build a road link across the Straits of Gibraltar, enabling 10-15 million passengers to cross the bridge annually, along with 5 million tons of freight. Should this ambitious project go ahead, this would further unite Morocco with the European Union. Propertyshowrooms.com is currently offering some excellent investment options in emerging markets, including the Arab world. While the Moroccan market is in its infancy, off-plan investment is highly recommended at today´s prices, while the tourist economy steadily matures, along with its property prices. Propertyshowrooms.com will gladly share its vast experience with investors, as well as give advice and information on all up-and-coming projects. Click here if you would like a Property Showrooms expert to contact you. Alternatively, investors can gain a wealth of knowledge and establish contact via the website www.propertyshowrooms.com