Investors making for Morocco

According to property experts, Bulgaria, Romania, and Morocco are emerging as potential real estate and property hotspots in Europe. Even if Spain is the number one destination for investors in purchasing property beyond their homelands, it could suffer some setbacks based on its present state of saturation. Along with the increasing strength of the Euro, one real estate expert suggested that it can take as long as two years to sell Spanish homes (based on reports from Reuters).

By contrast, a 40% increase in hotel occupancy over the skiing season has prompted investors to look at Bulgaria as the next best place to invest in property abroad. According to Rupert Lee-Browne, spokesman for currency exchange specialist Caxton FX, “Bulgaria is definitely on the radar with buyers at the moment. Fifty per cent more of our clients are moving money there compared to last year.”

Lee-Browne added that Morocco was another country worth watching. With a number of high-end developments under construction and an increase in airline routes to the tourist destination of Marrakesh, Morocco is a growing attraction.

However, Ian Smith, head of European operations at Halifax, said that different destinations appealed to second homebuyers depending on whether they were holidaymakers or speculators.

“Speculators are attracted to the potential for capital appreciation in Bulgaria and Romania,” Smith explained, “but investors in Spanish homes usually see a second home in the sun for long weekends.”

“Previous Spanish property price increases of as much as 15 per cent are ‘just not achievable’ with eight per cent more realistic for the coming year,”says Smith.

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Investors making for Morocco

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