Morocco booms during the credit crunch

Image via Wikipedia Developments in infrastructure lure tourism real estate investors

The North African country of Morocco looks set to become a new hotspot for people thinking of retiring to the sun, after a planned tunnel with Spain received ministerial backing. Recently, plans for a tunnel linking Morocco with Spain have gained steam. In an interview, Karim Ghellab, Morocco's minister of transportation said: "It's not easy to predict a date yet, but it is a project that will happen. It will completely change our world."

With several low-cost airlines already offering cheap flights to the country, the new tunnel is only going to improve access to the country for people looking to retire abroad.

According to a Moroccan property expert, Property Borders, foreign investment in the country is already at an all time high and 10 million tourists are expected to visit annually by 2010. Many travel accommodation professionals and real investment advisors report that property in Morocco is also showing impressive returns. A record number of Britons are buying property and experiencing capital gains of more than 20% per year.

The costal towns of south-west Morocco are particularly suitable for people thinking of buying a property to retire to. The stretch along the coasts of Morocco is exciting for those looking for a second home, because property prices are still very reasonable.

Marrakech – the desert pearl

Marrakech is the most coveted city in Morocco attracting the attention of real estate investors and European tourists looking to acquire a second home away from the hassle and bustle of congested cities. This has had a strong impact on prices of property in the red city. According to Moroccan real estate agents, house prices in Marrakech for instance have increased twofold or even threefold in certain parts of the city over the past few years.

The same trend has been noticeable among council dwellings that are increasingly being sold as secondary homes to middle-class Moroccans from other cities. Sales prices have reached Dh6, 000 (US$680) per sq m in many parts of the city. To alleviate the effects of rising prices on the local population, the government launched a new initiative that aims to build 30,000 apartments and houses, creating accommodation for 165,000 people, by 2007. The investment is expected to exceed Dh7.8 billion (US$880 million).

While Marrakech is a becoming relatively popular destination, the central Moroccan city however is more famed for one or two-day excursions for travellers wanting to get a first hand impression of Moroccan culture and history. Agadir and developing resorts in northern Morocco are still the prime destinations for tourists. Business travellers, on the other hand, head for Casablanca and Rabat.

Dubbed the “second home” for French tourists

Morocco remains the most attractive destination for French tourists. This is the outcome of an annual survey published in 2006 by the research centre of the Association of French tour operators (CETO), of which 80% of French travel agents are members. The survey highlights a rather negative picture for most countries surveyed compared to 2005, except for Morocco. The number of French outbound tourists decreased considerably in 2006 (5.17 million in 2005, 5.11 million in 2006). Under these adverse conditions, Morocco noticed a steady increase in inbound tourists from France. In 2006, there were over 2.4 million French tourists that visited Morocco.

Other than Morocco and Tunisia, which continue to attract French tourists year-on-year, other destinations considered competitors to Morocco lost their attraction in 2006. It is reported according to studies by the World Tourism Organisation that Turkey and Egypt recorded respectively a 26% and 38% decrease in the number of French tourists. Spain and Italy also respectively lost 5% and 3% of their French customers.

According to the Moroccan Ministry for Tourism, this performance is due mainly to the development of the air transportation sector and the aggressive marketing of Morocco as a safe and “second home” destination for French tourists. The increase in the number of flights between Morocco and France following the "Open Sky" policy in December 2005 has had a positive impact on the number of visitors as well as the pricing. The tourism authorities also acknowledge the effectiveness of the marketing campaigns they launched in conjunction with French tour operators in 2005 and 2006.

Tourism mass with class

It is not just the budget conscious traveller that Morocco is seeking to attract though. There is an increasing move towards capturing a slice of the upper end of the regional tourism market. The growing numbers of wealthy tourists have also served to kick start a flurry of development projects to cater to their every need.

Among the big ticket schemes is Colony Capital's US$2 billion resort on the Atlantic coast near Agadir that will cover some 2,000 acres and include up to five deluxe hotels, and offer varied outdoor activities for the well heeled. Another is a project by Kerzner International to develop a resort, complete with 500-room hotel, golf course, spa and casino, 80km outside of Casablanca. In mid-September 2006, the multinational developer Domaine Palm Marrakech signed an agreement with the Moroccan government to establish an international standard golf resort in Marrakech. Projected to cost US$215 million, the resort will add 5,300 beds to the country's accommodation capacity and will create more than 1,500 new jobs.

Similarly, the Four Seasons Hotel and Resort scheduled to open a luxury five-star resort in Marrakech in 2008. The complex started construction in early 2005 and will consist of the hotel and amenities as well as a series of five-star villas, some of which are to be sold to private ownership and then fully serviced by Four Seasons.

Morocco, the new Mollywood

The film industry is helping support travel and tourism efforts to market Morocco as a leading destination. When it comes to filming large Hollywood productions, Moroccan studios in Ourzazate (in the south) are more popular than ever. 2006 saw a large number of international film productions shot in the country. Paramount Vantage's "Babel," New Line Cinema's "The Nativity Story" and MGM's upcoming "Home of the Brave" were shot there in 2006 as was an episode of CBS' "The Amazing Race." Universal Pictures' "Charlie Wilson's War" just finished shooting in Morocco, while New Line's "Rendition" and Warner Independent Pictures' Paul Haggis mystery thriller "In the Valley of Elah" are lining up shoots for 2007.

As a result, Morocco has enhanced its marketing image. In late September 2006, Morocco, along with New Zealand, Fiji, Prague and Australia, was rated as one of the five “coolest places on earth” in a survey carried out by the British consultancy firm Superbrands. While it might be stretching things somewhat to describe a country as a brand, as was done in the survey, the accolade was welcomed by the Moroccan tourism industry, and the government, both of which are working hard to lift the sector's profile.

Source Euromonitor International

English and Irish flock to Morocco to buy cheap property

Image via Wikipedia With the English & Irish now nudging the ever growing French & Spanish Moroccan property buyers, the scene is set for a busy 2007.

With the English & Irish now nudging the ever growing French & Spanish Moroccan property buyers, the scene is set for a busy 2007.

The French seem to be concentrating on the South of Morocco while the Spanish buyers of Moroccan property are staying closer to their Spanish homeland and concentrating on Northern Morocco
especially the emerging property areas of fashionable Tangiers, Asilah and now Larache.

Tangiers is having a complete facelift with the creative, intelligent former mayor of Marrakech Mohamed Hassad bringing the experience of Marrakech with him.

With new marina's planned for the area, 5 star luxury hotels, top class beachfront residential developments, trendy exclusive restaurants & nightclubs popping up everywhere
Tangiers dreams of reverting to its former past glory when it was one of the most fashionable resorts on the Mediterranean are in sight.

With the British now joining the race, not to be outdone by their Spanish counterparts, and the planned future tunnel linking Tangier with Spain
the time for investment is now.

Property Borders the UK's only Moroccan property experts advise property buyers who are trying to maximise their profits to act quick if their prime objective is capital gain.

Mustapha Mezouri one of the directors of Property Borders said "this year we have seen the market expand in the UK & overseas with buyers contacting us from as farafield as South America.
We have also sold property to clients from China, America and Australia. As an Arabic/English speaking agency we have had much interest from Middle Eastern countries who are aware of the property boom in Morocco and have followed their respective governments who are heavily investing their oil wealth in this emerging nation.

Property Borders have a wide range of property in all parts of Morocco to suit all budgets, most of our clients are looking for investment properties in Morocco but increasingly we are getting enquiries regarding
retirement in Morocco.

When Property Borders launched the Alcudia Smir resort close to the prestigious Marina Smir area it had a phenomenal response from buyers with the first phase of properties selling out in under 2 months.
"The second phase will be released shortly" says Mustapha of Property Borders "and we are expecting just as much a frenzy as the first phase of Alcudia Smir was".

The Paradise Golf & Beach Resort has proved very popular for investors and 2nd home buyers, it is located on the outskirts of Tangiers in a peaceful scenic environment. It is only 10 minutes from Tangier
International Airport which is currently being extended in preparation for the surge of tourists & the expected arrival of the low cost carriers like Monarch Airlines and Easy Jet.

Overlooking the white powdery beaches of the Atlantic Ocean, The Paradise Golf & Beach Resort has a perfect panoramic spot, with an 18 hole golf course due to be built it is extremely sought after.
Prices on this luxury resort start from just £52,463 for a 1 bed apartment.

Rental on the Paradise Golf & Beach Resort is expected to be in great demand according to Property Borders with both tourist and golfers alike. Investors also have the benefit of the major town of Tangiers being a mere 20 mins away & with the access to the proposed tunnel linking Morocco with Spain within easy reach.

So if you are fed up with the grey weather back home and crave some Moroccan sunshine why not give Property Borders the UK's only Moroccan run property agency a call and maybe just maybe we can produce some Moroccan magic for you.


0208 508 9905
www.propertyborders.com
enquiries@propertyborders.com
Moroccan Hospitality With British Professionalism

Tanjah Beach & Golf Resort Morocco

Image via Wikipedia Breaking Moroccan property news from Moroccan property experts - Property Borders.

Property Borders can confirm workmen cabins have been installed on the long awaited Tanjah Beach & Golf Resort.

Mustapha Mezouri one of the directors of Property Borders has himself invested in the exclusive 5 star Tanjah Beach & Golf Resort and was in Morocco to witness this first positive move.

Commenting from Morocco Mustapha said “This is exciting news for all the investors that have patiently waited longer than we all anticipated. We now expect this 5 star development to move forward at a quicker pace.”

The Tanjah Beach & Golf Resort when completed will have an 18 hole golf course,
numerous villas & apartments many benefiting from either golf or sea views, a luxury hotel, and a long list of proposed facilities including a water park.

Mustapha Mezouri believes the Tanjah Beach & Golf Resort will be a fantastic investment for current and new investors even through prices have already risen
by a minimum of 30%

There is still great capital appreciation to be achieved in this up market development with several other prestigious developments starting to emerge in this area including Tanjah’s neighbour the prestigious Al Houra development.

Mustapha Mezouri predicts this area to be one of the most sought after areas in Morocco. With prices of some property at Al Houara running into several million pounds

Its no surprise many people are already calling this area the Beverley Hills of Morocco.

View property borders website

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Morocco property resale boom

Image via Wikipedia London based Moroccan property agents Property Borders are reporting the resale market in Morocco is starting to bear fruit.

Beverley Mezouri a director for Moroccan agents Property Borders comments “with developments such Jawhara Smir now completed and achieving rental levels as high as £500 per week for a 2 bed apartment, originally priced at £40.000 it’s easy to see why there is now a demand for resale property in Morocco.”

“Yields in Morocco are great” comments Beverley Mezouri Rental occupancy reaches 85% most years especially during the Peak Season.


“The Mirador Golf development due for completion in October is one such development that we are seeing a demand for. Buyers are becoming more astute & looking for a turnkey investment” comments Beverley.

The Mirador Golf development is located on the Mediterranean coast of Morocco in the prestigious Cabot Negro area. Some of the properties have views over the magnificent Mediterranean Sea & the perfect 18 hole Cabo Negro golf course.

“With the great potential for golf rentals and prices starting just under £40.000 for a 2 bed apartment it’s easy to see why these apartments are so sought after” comments Beverley Mezouri.

Moroccan agents Property Borders have a limited number of resale properties for sale on Mirador Golf. This selling very quickly, as handover of some of these properties is imminent.

The Mirador Golf apartments are perfect for the end user who is too cautious to buy prior to construction and would like to see the finished product.

According to Beverley Mezouri there are many clients that want to buy in developments which are already under construction. “This is not surprising” says Beverley, with many developments being announced almost weekly. Some developers have not even purchased the land or obtained planning permission warns Beverley.

Property Borders ensure they complete a full dull diligence report on the developments they market.

"As the UK’s 1st Moroccan agency we at Property Borders feel obliged to protect our clients and the reputation of Morocco as a great place to invest". comments Mustapha Mezouri the founder of Property Borders.

Property Borders is a Moroccan owned agency, its co-director Mustapha Mezouri was born in Northern Morocco. We have been at the forefront of the Real Estate industry in Morocco for the past two years, continuously developing its services according to market trends and laws we only market property developments after researching areas for their growth potential.

View property borders website

Sunset Resort Asilah

Image via Wikipedia It is little wonder that western investors and holiday home buyers are flocking to this beautiful region of Morocco known by Moroccans across the country as the Tuscany of Morocco.

"Asilah with its surrounding green countryside is stunningly beautiful." comments Mustapha Mezouri the founder of London based Moroccan agency Property Borders.

Artists and musicians are attracted to Asilah which hosts its own annual arts festival attracting visitors from all aver the world.

With its quaint squares and its whitewashed houses overlooking the Atlantic Ocean, Asilah is very pleasing to the eye.

In 1578 after the famous "Battle of the three Kings", the Portuguese lost Asilah to the Spanish. In 1956 Asilah was finally reclaimed by the Moroccans for good and became part of the new Moroccan Kingdom.

"Investment has been pouring into the Asilah region. Its mayor Mohamed Benaissa is also the ambassador to the United States and he helped to bring prosperity to the town by inaugerating the arts festival in the late 1970's" comments Mustapha Mezouri of Property Borders.

"We have seen the area between Asilah and Tangier go from strength to strength" says Mustapha "with Dubai based Emaar launching their luxury development Tinja in the region".

Tinja will be joining a growing list of luxury developments being built in the region by rich Arab Gulf developers who are ploughing their oil money into this emerging area.

Many of these high end developments include 18 hole golf courses like the Al Houara resort being developed by Qatar based company Qatari Diar.

"Property Borders have witnessed growth in both Tangier and Asilah" comments Mustapha Mezouri, "we have seen prices on the luxury Paradise Golf & Beach Resort rise over 30% and on the 5 star Tanjah Beach & Golf Resort we have just had a price increase of 30%".

Asked whether the price increases are affecting the market Mustapha says "There is still plenty of room for growth with demand at a all time high".

Property Borders are expecting growth rates of at least 20% this year as the market expands. With FDI (foreign direct investment) increasing with the likes of Renault investing 600 million euros for car production the signs are good. The investment from Renault alone is expected to create 6000 new jobs.

Just released by Property Borders is the aptly named Sunset Resort North of Asilah, 400 beachfront apartments and penthouses many with amazing ocean views and access to the powdery wide beaches of Asilah.

Prices at the Sunset Resort start at only £52,088 but are already due for an imminent price increase as building has already commenced and all licences are already in place.

With prices rising across the board in Morocco this could be one of the last bargain developments in this area known by the Moroccans as the Tuscany of Morocco.

View property borders website

Property Borders
0208 508 9905
www.propertyborders.co.uk
enquiries@propertyborders.com
Moroccan Hospitality With British Professionalism

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• The coast is clear in Asilah, Morocco

Plan Azur resort of Mazagan El Jadida gets underway

Work began on Monday in Morocco on the first phase of Dubai World's $350 million resort project that is set to bolster the country's tourism industry.

The Mazagan Resort is a joint venture project involving Istithmar - Dubai World's wholly owned investment firm - and Kerzner International Holdings who are set to develop and manage the luxury resort.

"The Mazagan Resort demonstrates Dubai World's deep commitment to invest in developmental projects in the Arab world," said Sultan Ahmed Bin Sulayem, chairman of Dubai World.

"Istithmar and Kerzner International are eminently placed to execute such a prestigious project in cooperation with our Moroccan partners. We are confident that Mazagan Resort will contribute positively towards Morocco's image as a preferred tourist destination," he added.

The resort - located 175 km north of Marrakesh on the Atlantic coastal town of El Jadida, formerly known as Mazagan - will span 324 hectares of coastal land and will boast a five-star hotel, villas, restaurants, and 18-hole golf club designed by South African golf legend Gary Player.

"We hope that our development adds impetus to the further growth of the tourism industry in Morocco and that Mazagan will become a destination of choice," said Sol Kerzner, chairman and CEO of Kerzner International.

"By taking a long-term approach to this development, we will help drive job creation in the region and work toward reinvigorating the tourism industry that has been a staple of the Moroccan economy for decades."

The project also involves a cluster of Moroccan government and private investors, including the government pension investment fund, CDG Développement and the Moroccan-Emirati investment fund, SOMED.

The construction process for Mazagan is expected to take approximately 25 months, with a targeted completion date in the fourth quarter of 2009.

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Tangier Morocco to have a second Port

Morocco plans to build a new 14 billion dirham ($1.70 billion) port in Tangier.

The second port is expected to supplement another port opening in July that will be used to capacity within eight years, government officials said on Friday.

The project was endorsed by King Mohammed at a meeting of top government officials late on Thursday, they added.

The new port would be close to the Tangier Mediterranean port, which was launched in 2002 at a cost of about $2.0 billion and is due to be opened in July this year, to benefit from a network of roads, highways and rail lines linking to a free-trade zone nearby and to the rest of the country.

"The new port would be built at a cost of about 14 billion dirhams, almost half of the investment would come from private investors from Morocco and abroad," a senior official involved in the project planning said.

The port, with three container terminals, would have a capacity of five million containers and would also harbour a natural gas liquefaction terminal alongside a re-gasificaton facility, he and other government officials said.

The first port, officially known as Tangier Mediterranean Port, also houses a container terminal with a capacity of three million containers, oil storage, cereals terminal and other facilities.

The oil site will store at least 20,000 tonnes of petroleum products to be sold to local retailers along with offering petroleum products and services to ships docking at the port or crossing the Straits of Gibraltar.

"Work is expected to start in the second quarter of 2008," said a government official who did not want to be named.

"We knew from technical and other studies that the Tangier Med port would be saturated by around 2015.

That is why there is a need for a new port to be built," Said Elhadi, chairman of the Tangier Mediterranean Special Agency (TMSA), said earlier.

Elhadi, whose agency would oversee the new port planning and building, attended the meeting chaired by King Mohammed.

The two ports would have a combined capacity of up to 10 million containers, making the Tangier port complex one of the biggest in the world, Elhadi has said.

Elhadi, who was not immediately available for comment, has said the Tangier port complex would be one of the biggest and most competitive maritimes hub in the Mediterranean region.

The government has a plan to invest up to $18 billion for the 2002-2015 period to take advantage of its status as the only North African country linked with free trade agreements to the United States and the European Union.

Tangier lies on the North African coast at the western entrance to the Strait of Gibraltar where the Mediterranean meets the Atlantic Ocean off Cape Spartel. It is the capital of the Tangier-Tétouan Region.

Tangier is the second industrial center of Morocco after Casablanca. The industial sectors are diversified: textile, chemical, mechanical, metallurgical and naval.

Currently, the city has four industrial parks of which two have a statute of free economic zone

-Agencies-

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