A number of French and Spanish property investors have already discovered the delights of Morocco; and because of the country’s unique position as the shortest haul exotic destination for Western Europeans, a growing international property investor interest is awakening in this stunning North African destination.
The property buying process in Morocco has improved in recent years creating more confidence in the whole sector, and as the Moroccan government are committed to preparing their economy for free trade with the US and EU, the long term prospects for Morocco’s emerging investment real estate market sector are very positive indeed.
The majority of current property investor interest is centred on the exciting Moroccan city of Marrakech. This city benefits from a unique blend of African, Spanish and French influences and is home to some stunning architecture, fabulous amenities and excellent attractions.
Those buying investment properties in Marrakech have a fair amount of choice depending on whether they want to appeal to the tourist rental market or overseas house hunting market. The latter often seek traditional riads which are Moroccan houses built around a central shady courtyard and which can be bought for a reasonable sum when in need of restoration, but which can be incredibly expensive when refurbished as renovation costs in Morocco can be high. The tourist market on the other hand seeks apartment, villa or hotel accommodation and flock to the city all year round giving an investor the added advantage of year round income potential.
Those buying in Marrakech will benefit from the best developed infrastructure Morocco has to offer as well as international air links, and the city is home to some stunning golf courses too! But Marrakech lacks one important ingredient that will restrict the numbers of second homers and even retirees looking for a place in an emerging sunshine market - and that’s a coastline. Marrakech lies inland and therefore the amount and type of property investment opportunities are restricted.
There exists an emerging market within this emerging Moroccan market therefore, and that is along the Mediterranean Sea and North Atlantic Ocean coastlines where currently development is sparse and massive opportunities exist to target the tourist hotel or villa rental market and the second homers and retirees seeking their perfect place in an exotic, always sunny, overseas paradise.
Because the government of Morocco are acutely aware of their need to attract foreign investment they have simplified and further legitimised the entire property buying and ongoing ownership rules, laws and processes. This, coupled with the fact that the government have long term plans to structure their economy to allow for free US and European/Moroccan trade, point to the fact that the prospects for Moroccan property are very positive. Those considering making an investment right now may be taking a greater risk than someone who waits until Morocco is a well know real estate investment hotspot, but they will most likely be the ones reaping greater returns in the end!