Moroccan property: Off to a flying start

There’s good news for Moroccan property hunters now filling the Morocco-bound low-cost flights from the UK - the North African country’s tax system is about to become less burdensome.

Morocco’s tax system is undergoing reform, as the EU grants the country 80 million euros specifically to aid taxation restructuring under the Programme Indicatif National Maroc 2005-2006 and that could be good news for Moroccan property buyers. The country has also made positive changes in registering property and the transfer of property has become easier, as the transfer tax was halved to 2.5 per cent of the property’s value.

Alise Crossick, director of property developer Ready2invest, is optimistic about Moroccan property growth. She says, “Just three and a half hours from London, Morocco is proving to be an extremely population for both tourists and investors. Morocco has a young king with big dreams of a tourism plan to rival Dubai’s.”

Marrakech, one of the most well-known cities in Morocco, is gaining a reputation as a ‘top-end’ destination for attracting those buying Moroccan property. Smaller, exclusive developments are proving popular with European and American purchasers and Atlas Resort and Spa Development is just one example of what is on the market.

Located in the Ouri Valley, the resort is being marketed by Ready2Invest and will offer 300 private, two- and three-bedroom secluded luxury townhouses all with access to a host of facilities such as indoor pool, tennis courts, restaurants and shops. Prices start at £63,453 for a two-bedroom, two-bathroom property.

Fez, in the north of Morocco, is also becoming an overseas property hot-spot. The city, once a firm favourite on the hippie trail, is touted by the Moroccan government as the next Marrakech. According to the tourist office, a restaurant opens every week, and around 650 courtyard-centered homes — known as riads — have been renovated in less than a decade.

The coastal resort of Saidia is also seeing property values rising, though the area is still considerably cheaper than across the Mediterranean in southern Spain. Superior Real Estate Group currently has one- and two-bedroom apartments for sale in the Beach and Golf resort for under £76,000.

It’s hard to see Morocco becoming so over-run with tourists that it loses its appeal, but all the signs indicate there is much potential for a rise in the country’s status as a tourist and property investment destination.

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Moroccan property: Off to a flying start

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