Construction boom in Morocco outstripping inflation

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CONSTRUCTION BOOM IN MOROCCO OUTSTRIPPING INFLATION

Monday, 15 Sep 2008

Not even the skyrocketing cost of building materials such as cement, bricks and steel are able to overtake the building boom going on in Morocco. The current investments in the tourism industry, infrastructure improvement and property in Morocco is vital to the kingdom’s future prospects. It will encourage sustainable growth in the economy, promote an improved international perception and help to bring foreign investors to the country. The current rising cost of building commodities, however, is causing concern that the swift development of Morocco property could become unsustainable when the supply of these products can no longer keep up with the demand.

The construction of new Morocco properties has become a booming industry since the country started building more tourist accommodations to cater to the increasing number of visitors, as well as luxury villas, low cost housing and improvements to infrastructure in many areas. Morocco has emerged as a property investment destination in recent years, and its government has taken the initiative to finance major developments in many sectors. These will improve the infrastructure to international levels and attract more tourists and overseas investors, in addition to helping to alleviate the lack of low-cost property in Morocco.

Plan Azur is part of a government development called Vision 2010, which is intended to grow the tourist market to a potential 10 million visitors annually over the next two years. The Plan Azur project consists of developing major luxury Morocco accommodation resorts in six coastal areas, and includes partnership agreements with large developers from the UAE and several other countries around the world. According to government figures, the resorts that are under construction now will increase the kingdom’s ability to accommodate the growing numbers of tourists by adding 111,000 beds, and will also generate 200,000 jobs.