Morocco Investment Potential is Sky Rocketing
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Morocco's Skyrocketing Investment Potential
Introduction
If you're weary of the overdevelopment on the Costa del Sol, Morocco offers an appealing alternative just across the water. With a booming market and plenty of opportunities, Morocco is set to become an investment hotspot.
Promising Growth
Morocco is experiencing a surge in investment opportunities, driven by an estimated 15% annual growth over the next five years and the potential for double-digit yields. As such, it's becoming an attractive destination for investors looking beyond the overcrowded regions of Southern Spain.
Location and Accessibility
Just a three-hour flight from the UK, Morocco is conveniently situated in North Africa, a mere 10 km from Tarifa, Spain. Visitors can reach Tangier, the gateway to an exciting cultural experience, via a 35-minute ferry or high-speed catamaran from Algeciras or Tarifa.
Infrastructure Developments
Significant improvements are underway to bolster Morocco's infrastructure:
- A major port, the Golden Mediterranean, is being constructed between Tangier and Tetouan to reroute heavy freight from Tangier, enhancing its appeal as a tourist destination.
- Upgraded roads and a new motorway between Tangier and Tetouan are in development.
- Tetouan airport is set for updates, and a new airport in Tangier is planned.
- The Open Skies Agreement has attracted major airlines such as Monarch, Ryan Air, EasyJet, Gibraltar Airways, Thompson, and Atlas Blue to the region.
- Royal Air Maroc plans to expand its fleet by 50% in 2007.
- A new train station in Tangier and a planned rail tunnel under the Straits of Gibraltar will further enhance connectivity.
These enhancements, along with increased flights, make Morocco a burgeoning destination for tourists and investors.
Attractive Travel Deals
Affordable travel options are rapidly emerging, with flights to Tangier starting at £169 with Gibraltar Airways, and flights to Agadir at £29 each way with Thompson. Atlas Blue offers returns to Morocco for £60. As the budget airline industry grows, car hire costs are expected to decrease as well.
Political and Economic Reforms
Under the leadership of King Mohammed VI, who came to power in 1999, Morocco has implemented numerous reforms. His modernizing policies have improved economic growth, enhanced human rights, addressed corruption, and advanced women's equality. As a result, Morocco is becoming one of the most Westernized Muslim countries.
A key reform, the Plan Azur, has invigorated tourism and significantly increased employment. Tourist numbers jumped from 2.5 million in 2001 to approximately 5.6 million in 2004, with projections reaching over 10 million by 2010.
Morocco's stable economy, low inflation, and credible investment potential make it an appealing prospect. Although the Dirham is not fully exchangeable outside the country, it remains stable, moving in line with the Euro.
A Cultural Mélange
With a rich history interwoven with Moorish, Berber, Spanish, French, and British influences, Morocco blends ancient traditions with modern elements. It maintains strong ties with Spain and France and is a favored destination for French tourists. Additionally, its legal and education systems are modeled on the French framework.
The UK and the US enjoy robust trade relations with Morocco, with British retailer Marks & Spencer sourcing 30% of its knitwear from the country.
Real Estate Investment
Foreign investment in Moroccan property is straightforward, with a legal system based on the French model. Legal fees are around 5%, significantly less than the 10-15% seen in France and Spain.
Key property areas include Tangier, Casablanca, and Marrakesh, with established resorts along the Atlantic coast commanding higher prices. However, new developments offer great value. Traditional riads present attractive investment opportunities, though some may require renovation.
Conclusion
With its strategic location, robust infrastructure developments, and forward-thinking policies, Morocco's investment potential is indeed skyrocketing. For investors seeking fresh opportunities beyond the Costa del Sol, Morocco stands as a compelling choice.
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