Property In Morocco

INTERNATIONAL PROPERTY INVESTMENTS 2000

Morocco is bordered by the Mediterranean Sea (N), the Atlantic Ocean (W), Western Sahara (S), and Algeria (S and E). It is officially known as the Kingdom of Morocco, it covers 171,834 sq miles and has an estimated population of 33,000,000. (2006)
Why Morocco? The Moroccan government has implemented a number of changes to the taxation regime to make investing in Moroccan property attractive to overseas buyers. These include exemption from certain taxes for a number of years and a significant reduction in others. There is a double taxation treaty in place between the UK and Morocco, so where tax is payable you’ll only pay it once.

The King has announced ‘Vision 2010’, which aims to have Morocco become a premier destination by 2010 and double tourist numbers to 10 million per annum.

The Americans are investing billions in new ports. New airports all around the country are being opened, all joined by a modern, wide motorway system. Plus a significant upgrade of the country’s rail system will result in a high speed link between Tanger and Marrakech.

An undersea tunnel planned to link Spain to Morocco. A Swiss firm has just been appointed to oversee a full technical study of the link. Depending on the results of this survey it is estimated that a rail service (similar to the Channel Tunnel) will run through the tunnel and should be in operation by 2025.

An ‘open skies’ agreement has been signed and the Government guarantees world class airport upgrades by 2010. This opens the way for budget flights from the UK and Ireland. RyanAir have announced flights to begin by this summer and will eventually fly to 20 destinations in Morocco, other low cost airlines such as Easyjet and Monarch will follow. At other destinations this has led to a driving down of flight prices and increasing local property prices in areas served by the airports.

Huge new developments - “Dubai-style” are underway backed by the world’s largest developers. These will put Morocco firmly on the “destination map”. Other developments are underway that will have to conform to strict environmental controls, concerning factors such as building height, that will aim to avoid making the same mistakes as the over-developed Costas in Spain.

The Celebs are moving in - The Beckhams, Jude Law, George Clooney and Brad Pitt have recently visited and bought - this is important, it puts Morocco in the media spotlight. In 2006 newspapers and magazine articles covering Morocco have increased dramatically and a recent survey by the London consultancy “Superbrands” identified Morocco as the second most desirable destination in the world today.

White sand, huge empty beaches and year round warm climate - With over 1,100 miles of coastline Morocco has plenty of unspoilt beautiful coastline to enjoy and a climate that appeals - all year round!

Exotic, yet close - Morocco is the closest “exotic” destination to the UK and Eire and still has great romantic allure. It is also just 35 minutes to Spain and from there 20 minutes to Gibraltar and 45 minutes to Puerto Banus and Marbella on the Costa del Sol.

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Morocco is where you step ashore in Africa, the first experience of a new continent, and it is everything you expect. This is a country of sandy beaches, but also of towering mountains and desert, and of ancient, bustling towns. Currently this vibrant and exotic country is one of the world’s most exciting emerging markets – thanks to its determination to move towards a new economy based largely on tourism.

Political stability has been reinforced with the introduction of an elected, two-chamber parliament, and the determination of the constitutional monarch, King Mohammed VI, whose ambitious vision aims to increase tourist numbers from two million to ten million within ten years. His concept of a tourism-driven economy is already bearing fruit, with numbers already rising each year.

The country has attracted Europeans and Americans over many decades, from the film stars of the 30s to the rock stars of the 60s and it is still doing so, with today’s stars setting up homes in ancient cities like Marrakech, Casablanca, Rabat, Meknes and Fes. Since the arrival of low cost airlines, it has become affordable for more and more people and now ranks among the top destinations for 2007.

The Moroccan government is investing two billion Euros to improve the country’s infrastructure and the focus is on the coastline, with the first new property developments launched two years ago. One of Spain’s largest construction companies, is building the first of six new coastal resorts – Mediterranean Saïdia.

It will attract up-market holidaymakers with its golf courses, luxury marina and five-star facilities. But the development is not just about new buildings - Morocco is determined to create modern resorts with a sense of place and history.
And there are financial incentives - no property tax for five years, no income tax on rental for three years, no capital gains tax after ten years, and no inheritance tax when property is left to family.

Of course, huge investment in tourism alone is not enough – you also have to make it easy for holidaymakers to get there. The Moroccan government, however, has been sufficiently far-sighted to sign an ‘Open Skies’ agreement to allow European airlines to operate at Moroccan airports without restrictions.

Low cost airlines such as Easyjet, Thomsonfly and Ryanair have announced new Morocco routes with more to be added this year. Ryanair alone is predicting regular flights from 50 European destinations, and the road network is already being upgraded to handle the current 250,000 visitors a year, a figure set to increase to more than 500,000 by 2012.

International Property Investments 2000 ( I.P.I. 2000 ) is a trading style of David J.M. Rowe S.L.

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