Morocco Property Market
With over 2,000 miles of beautiful, unspoilt sandy beaches, 330 days of sunshine a year and an enticingly low cost of living, Morocco has long been a popular choice with French and Spanish property investors looking for a special holiday home.
Now however, the rest of Europe is beginning to catch on. And with property prices 50%-70% lower than elsewhere in Europe, and possibly the most favourable tax regime on the Mediterranean, it’s easy to see why.
However, there’s another more significant reason why Morocco is emerging as the “next big thing” in overseas property, and that is the modernising drive of Morocco’s reformist King Mohammed VI. Since coming to power in 1999 the young king has liberalised the political system and implemented exciting new policies to attract foreign direct investment into the country.
Central to these policies is the Dubai influenced Vision 2010, which is designed to attract 10 million tourist a year by 2010; and the Plan Azur, a bold investment of $10 Billion in infrastructural development. Both plans are already in full sway.
Major infrastructural developments include, the new $1 billion Tangier Mediterranean superport, the Seafront Promenade development at Marina Smir, major road and rail developments, and the amazing Straits of Gibraltar tunnel from Tangier to Tarifa in Spain. Meanwhile several exclusive 5 star resorts are being developed in Saidia near the Algerian border and along the Golden Mile strip between Cueta and M'Diq, which is rapidly earning a reputation as the Mediterranean's new Riviera.
These plans are already bearing fruit. Annual tourism figures have leaped by 60% from 4.2 million in 2003 to an estimated 6.8 million by the end of this year. And the property market is booming, with capital growth of 15% to 35% per annum, depending on the region.
King Mohammed’s recently implemented “Open Skies” agreement has made a further tourism boom inevitable. Monarch, Ryan Air and Easy Jet are reported to be vying for landing rights to Marrakech, Tangier and T?touan airports, while Ryan Air have already signed a five year deal with the Moroccan government to open 20 new routes.
Major real-estate investment is now pouring into Morocco from reputable European developers like the Spanish Fadesa group as well as property giants like Dubai’s Nakheel and Emaar. And the Moroccan government is eagerly courting property investors with attractive tax breaks.
The wise money is moving in now - while it’s still possible to buy low, and appreciate massive capital and rental returns by completion of the Vision 2010 plan. Anyone who kicked themselves for not getting into Spanish property 10 years ago is effectively being given a second chance just 35km across the Mediterranean. But don’t hang around - all the indications are that this advantageous price gap will close over the next 12 months.
Property Tax in Morocco
Now however, the rest of Europe is beginning to catch on. And with property prices 50%-70% lower than elsewhere in Europe, and possibly the most favourable tax regime on the Mediterranean, it’s easy to see why.
However, there’s another more significant reason why Morocco is emerging as the “next big thing” in overseas property, and that is the modernising drive of Morocco’s reformist King Mohammed VI. Since coming to power in 1999 the young king has liberalised the political system and implemented exciting new policies to attract foreign direct investment into the country.
Central to these policies is the Dubai influenced Vision 2010, which is designed to attract 10 million tourist a year by 2010; and the Plan Azur, a bold investment of $10 Billion in infrastructural development. Both plans are already in full sway.
Major infrastructural developments include, the new $1 billion Tangier Mediterranean superport, the Seafront Promenade development at Marina Smir, major road and rail developments, and the amazing Straits of Gibraltar tunnel from Tangier to Tarifa in Spain. Meanwhile several exclusive 5 star resorts are being developed in Saidia near the Algerian border and along the Golden Mile strip between Cueta and M'Diq, which is rapidly earning a reputation as the Mediterranean's new Riviera.
These plans are already bearing fruit. Annual tourism figures have leaped by 60% from 4.2 million in 2003 to an estimated 6.8 million by the end of this year. And the property market is booming, with capital growth of 15% to 35% per annum, depending on the region.
King Mohammed’s recently implemented “Open Skies” agreement has made a further tourism boom inevitable. Monarch, Ryan Air and Easy Jet are reported to be vying for landing rights to Marrakech, Tangier and T?touan airports, while Ryan Air have already signed a five year deal with the Moroccan government to open 20 new routes.
Major real-estate investment is now pouring into Morocco from reputable European developers like the Spanish Fadesa group as well as property giants like Dubai’s Nakheel and Emaar. And the Moroccan government is eagerly courting property investors with attractive tax breaks.
The wise money is moving in now - while it’s still possible to buy low, and appreciate massive capital and rental returns by completion of the Vision 2010 plan. Anyone who kicked themselves for not getting into Spanish property 10 years ago is effectively being given a second chance just 35km across the Mediterranean. But don’t hang around - all the indications are that this advantageous price gap will close over the next 12 months.
Property Tax in Morocco
Property tax exemption for five years.
No Inheritance Tax if property is passed to a family member.
Capital Gains Tax: None, if property sold after 10 years. 10% if sold within 5-10 years. 20% if sold within 5 years.
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