| A country which has confidence in its Tourist Industry |
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Morocco – Plan Azur
A Country with a strong tourist industry and favourable exchange rates
With just a year to go before the target date of the Vision 2010 development project, Morocco now offers overseas property investors an unprecedented range of opportunities. Launched in the early years of his reign by King Mohammed VI, Vision 2010 is part of a substantial programme of reforms intended to transform the Moroccan economy. This $9 billion development plan aims to increase annual visitor numbers to 10 million, upgrade the country’s infrastructure and create 600,000 jobs by developing previously unused land on the Mediterranean and Atlantic coasts into European-style resorts.
Already the country has made huge progress with tourist numbers at 7.4 million in 2007, up 13% on 2006. Over 3.2million tourists visited in the 1st half of 2008 (+12% vs same period 2007). With tourism accounting for 8% of the country’s GDP, it is a wealth generator.
The first tranche of construction has been christened Plan Azur, and comprises six flagship developments from Mediterranea Saïdia near the Algerian border in the north to Plage Blanche, south of Agadir on the Atlantic coast. As well as apartments, villas and luxury hotels, the construction programme includes golf courses, marinas, sports and leisure facilities, a spa, a souk and a casino. It’s all intended to offer visitors an authentic Moroccan experience combined with the quality they would expect from a five star resort in Spain or Portugal. And it’s all available at a very much more reasonable cost.
The developments are significant for overseas property investors because before Vision 2010 and the Plan Azur, there had been virtually no construction near the coast since the 1960s, when Agadir had to be rebuilt after the earthquake. If the prospect of a crumbling riad in a medieval medina was too daunting, investors had very few other options. Now, however, buyers are almost spoilt for choice: with apartments and townhouses in Mediterranea Saïdia starting at just over £60,000 for example, there really is something for everyone.
Vision 2010 is scheduled to create 120,000 new beds and with the projected increase in visitor numbers and a healthy local property market, Morocco offers an appealing investment opportunity. Add to this the convenient access from the UK and the favourable exchange rate and tax regime, and it’s easy to see why more and more British buyers are looking to Morocco to meet their investment needs.
Posted March 2009 by Louise Reynolds - Property Venture®
Property Venture® is an independent, UK-based agent. We help time-strapped investors and holiday home buyers, buy abroad by guiding through the buying process, so reducing the hassle. Overseas members of NAEA. This means we have been subjected to the membership criteria and have signed up to follow the professional Code of Conduct established to help you, the potential buyer or investor, to buy property with confidence.
Copyright Property Venture® 2009
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