Morocco house prices double in a year

Wednesday, 08, Aug 2007 01:51

Property prices in Morocco have doubled over the previous twelve months and are set to rise further in the next three years.

That is according to experts at The Property Investor Show, who say the country has a developed economic sector and strong infrastructure, with motorway and rail links connecting key economic regions around Fez, Marrakech and Casablanca.

Furthermore, the Moroccan government believes the culture and ancient history of the north-African nation is the equal of any country in the region and has committed to commit to attract ten million visitors by 2010.

There are also exceptional tax breaks for British investors looking for property in the Morrocan housing market.

These factors have made the region attractive to investors.

Prices in high demand areas, including Casablanca and Marrakech, average around £2,000 per square meter and could rise by 40 per cent within three years, according to experts at The Property Investor Show, providing an incentive to invest.

"Today Morocco is a promising emerging market and a huge growth in developments to the region is living proof of this. The Moroccan government's commitment to increase the numbers of tourists is a real incentive for developers and investors alike," said Daniel Shashoua, vice president of property investors Benisha.

City Life Morocco has echoed these statements, concentrating its attention on the north of the country.

"Tangier represents an excellent investment option, which will be home to Africa's largest port. This is due to be fully functional by 2008 and is estimated to create 100,000 jobs," added Amar Aslam, City Life Morocco director.