Celebrity buyers attract visitors and investors to Morocco

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CELEBRITY BUYERS ATTRACT VISITORS AND INVESTORS TO MOROCCO

Friday, 21 Nov 2008

Many overseas investors, particularly from the United Kingdom, are drawn to purchasing property in Morocco for the sole reason that the emirate is popular with various celebrities who either stay in the region regularly or who have purchased property there. For the same reason, many visitors are attracted to make use of accommodation in Morocco over and above that of the other emirates.

Real estate company Moroccan Sands claims that that numerous celebrities have owned property in Morocco for a long time, especially in Tangier and Marrakech, and that the emirate has “always had a certain celebrity cachet.” Moroccan Sands does, however, admit that in the last few years the country’s real estate market has grown decidedly more popular amongst famous buyers.

England’s celebrity footballers, Rio Ferdinand and John Terry, are amongst the famous owners of property in Morocco. Ferdinand has seen fit to invest in the real estate market in a big way, and owns at least seven properties at one Moroccan beach complex. These properties are used not only for investment purposes, but also for holidays with his family. Other celebrities who own homes in Morocco are Madonna and Naomi Campbell, and when visiting the emirate you may very well spot Bruce Willis, Anne Sinclair or Jack Lang walking down the street.

Michael Kent, the marketing director for Moroccan Sands, says that many famous people own property in Morocco, particularly Marrakech. He says that many of these same people also own other properties across the globe. Jackson International, a global real estate group, says that the average person should be very careful when purchasing property abroad, and should take care to use “common sense” when doing so. Kent says, “The typical Moroccan buyer is a very old model of the investor in Spain – a university-educated or professional person.”