Property in Morocco and what to bear in mind when in Morocco

PROPERTY IN MOROCCO AND WHAT TO BEAR IN MIND WHEN IN MOROCCO

Monday, 14 Jul 2008

As Morocco keeps growing in stature as an emerging property market, there are a few important details that one needs to keep in kind, should you be interested in purchasing property in Morocco.

Property in Morocco and what to bear in mind when in Morocco

In concordance with the Moroccan government’s goals – aimed at increasing the tourism statistics of the country to ten million by 2010; resorts have been springing up rather fast, most of which are situated along the country’s coastline, making it that much more appealing to foreign investors.

One can also assume that it is in large part due to the unwavering support of the King, which has helped turn Morocco's property sector into such a lucrative and attractive proposition.

It is of many an experts opinion that the ambitious tourism targets will be met assuring Morocco as the next holiday hotspot. Should this occur, it will only mean more good tidings for Morocco in terms of both capital growth and rental returns.

Important to consider when travelling to Morocco is the fact that one would need to take out private health insurance, as the current status of health services in Morocco are somewhat sub-standard – and with most things in life, it seems that payment dictates and guarantees treatment.

There is however, an abundance of chemists, and the rules on prescription medicine tend to be quite more relaxed than many EU countries, meaning that one could probably just order your medication over the counter. You will also obviously need to be vaccinated before you enter Morocco, so it is probably best to advise your family doctor or GP before you set out on your travels to Morocco.

When considering transportation in Morocco, it is comforting to know that the train network in Morocco has an excellent reputation, offering a guarantee of high-speed, air-conditioned services frequently operating at reasonable prices. It is imperative however to keep in mind that should you be planning to go further down south in Morocco, the train network ceases in Marrakech.

Due to the fact that estate agents are not required by law to be registered in Morocco, one should tread extremely carefully and diligently, and NOT hand over deposits or any form of monies to an estate agent, it is wiser to employ the services of a notaire – who will in turn handle all your transfer matters, etc.

With the current unprecedented growth spurge that Morocco is experiencing, both in its infrastructure and in tourist numbers, the World Travel & Tourism Council’s prediction that ‘Morocco’s tourism will continue growing at a rate of 4% per annum, in real terms, between 2008 and 2017’, is quite easily attainable.

As an outside, it is quite obvious to see that a lot of Morocco's strong performance can be attributed to an increase in Foreign Direct Investments (FDI) into the country. According to property analysts, Morocco has been exceptionally successful at attracting Foreign Direct Investments (FDI) from Gulf Cooperation Council (GCC) countries, such as the United Arab Emirates and Qatar. A positive factor to say the least…

Sara Romera, a property analyst at a popular property portal, explains why the country is becoming so immensely popular and tantalizing: "Morocco is still a unique location for property investors and offers the opportunity to purchase property early in an emerging market at very favorable prices. What is unique about the market for property in Morocco is the sense of security for investors: with tourism already improving at a fast rate and buy-to-let investors reporting 85% occupancy rates in prime locations during the high season, Morocco offers a strong arena in which to invest in property".

It can no longer be kept a secret, Morocco's tourism and property sectors continue to go from strength to strength, and will only see more positive growth in the months to come.