‘mega-projects’ boost ‘unique’ morocco

Booming tourism is boosting Morocco’s property investment market…

As Morocco’s national tourism strategy, Vision 2010, begins to unfold and a whole new set of infrastructure improvements comes into play, the future is looking brighter than ever in Morocco. Investors choosing luxury property within any of the six King’s Resort developments, backed by HRH King Mohammed VI himself, are buying into a rock-solid and fast-growing tourist market.

Morocco, the exotic land made famous by Hollywood’s “Casablanca”, welcomes tourists who seek that unmistakable Arabic culture, along with outstanding natural beauty where they can enjoy a wide variety of attractions and activities.  

It is easy to see why the likes of American millionaire Malcolm Forbes, founder of ‘Fortune’ magazine, amongst others, began to invest in the area in the 1970s. Today the palace Forbes purchased stands as the ‘Forbes Museum’ and holds an impressive collection of 120,000 lead soldiers as well as many other curiosities, right in the heart of Tangier.

Unprecedented growth

Today Morocco is seeing unprecedented growth, both in its infrastructure and visitor numbers, with tourism demand increasing by 6% in 2006, according to the United Nations World Tourism Organization (UNWTO).  The World Travel & Tourism Council predicts the country’s tourism will continue growing at a rate of 4% per annum, in real terms, between 2008 and 2017.

The World Travel and Tourism Council concurs that Morocco’s market share of worldwide travel and tourism is generally increasing, the main market participants being the French (figures exclude Moroccan national residents abroad), although there has also been a colossal increase of British visitors to the country. Tourists from the United Kingdom were up 29% in 2007 compared with 2006, totaling 418,606 visitors to the country. 

Much of Morocco’s strong performance in recent times has been attributed to increased foreign investment.  The country has been particularly successful at attracting FDI from Gulf Cooperation Council (GCC) countries, such as the United Arab Emirates and Qatar. 

A number of mega projects, part of the Vision 2010, are due to come into fruition within the next 5 to10 years and now, according to the UNWTO, “Efforts are being made to ensure that airline capacity into the country, including low cost airline services, increases in line with the growth in accommodation.

Sense of security

Sara Romera, product analyst at propertyshowrooms.com, explains why the country is becoming so 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.