Morocco 'set to be new Monte Carlo'

Marrakech in Morocco could become the new Monte Carlo, in a plan backed by the State of Monaco.

The body has a controlling stake in resort operator Monte Carlo SBM, which is planning a £120 million hotel and exclusive residential development outside the town.

Invitations have been sent by the firm to people who currently live in Monaco for tax reasons to consider buying into the new project, including the likes of Formula One motor racing world champion Jensen Button and head of Barclays Banking Bob Diamond.

Such a move may also help the overall property market grow in the country, by making it more fashionable.

Last month, it was noted that the country's market is on the up after a dip caused by the credit crunch, with BuyAssociation stating that capital gains of up to 35 per cent can be enjoyed by investors.

The portal noted that the country's government has sought to aid this by offering incentives to expats to buy in their homeland, as well as a slum clearance programme.