July 31, 2006
Morocco attracts British property buyers
People are drawn to owning a home in Morocco with the cheap property prices and cheaper living costs. More and more people are looking at the country to live in, but experts say that the country is also a good bet for savvy property investors.
The North African kingdom of Morocco is just a cross on the water away from Europe. Rich with contrasts, Morocco showcases immense deserted beaches and colorful markets. For the past few years, the country has seen an increase in the number of foreign house buyers. There is a big market for second home buyers, but there is also a strong rental occupancy in Morocco. Also known as Al-Mamlaka al-Maghribiya or the Western Kingdom, Morocco is starting to appeal to those interested in its investment potential.
Property seekers from Britain are drawn by Morocco’s low property costs. Property prices are around 50 per cent less than in Europe’s most popular resorts. Because Morocco is only three hours away by plane from Britain, budget airline Ryanair recently signed a deal with the government of Morocco to develop budget flights to the country from the airline’s bases throughout Europe.
Aside from flight availability and accessibility, the Moroccan government is also improving its infrastructure and tourism facilities. Tourism has grown considerably by 18 per cent over the last year. Morocco has a free market economy that has risen 4 per cent yearly since 1983. Inflation rates have been compared to the ranks of industrialized countries.
Marrakesh is presently the most popular place to consider for property investors with hotspots Fez and Essaouira following the lead. In addition, new developments along the largely undiscovered coast are gaining attention. Close to the Mediterranean resort of Saidia, the Superior Real Estate Group is marketing one- and two-bedroom apartments under £76,000 at the Oasis Beach and Golf Resort. “This is an ideal opportunity for investors to purchase in this up-and-coming area whose accessibility and popularity is growing fast,” shares Chris North, chairman of the Superior Group.
Get more info on Morocco Real Estate.
Posted on: Morocco
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