MOROCCO - GENERAL INFORMATION

Why buy in Morocco

Morocco is one of the more accessible countries of Africa, just 14km from mainland Spain at the closest point, the country itself varies enormously from lush green areas, sandy beaches, mountains and deserts, a magical country which conjures up thoughts of medina's, mosques, souks, bazaars and back flipping acrobats, snake charmers, exotic spices and sweet mint tea.

In Morocco, tourism has grown by more than 18 per cent over the last year, giving it the fourth largest number of foreign visitors in the whole of Africa after South Africa, Tunisia and Egypt, the young and innovative King Mohammed VI has been very keen to see this trend continue onwards and upwards.

Travel

Getting to Morocco is becoming easier and cheaper as more airlines fly there. Many airlines operate scheduled flights – British Airways fly to Casablanca, Marrakech, Tangier and Agadir. In summer months there are numerous charter flights. Marrakech is now an easyJet destination and Ryanair have announced flights to Oujda, Fes and Marrakech with plans for more Moroccan destinations in the next couple of years.

The International airport at Marrakech serves as the main airport for the city and receives flights from Europe and neighbouring Arab countries and a toll-paying motorway connects Marrakech with Casablanca. CTM coaches (intercity buses) and various private lines run services to most notable Moroccan towns as well as a number of European cities, from the Gare Routière on Rue Bab Doukkala in downtown Marrakech.
Marrakech is the southern terminus of the Moroccan railway network, and Marrakech is well served by trains heading to Tangier, Rabat, Casablanca, and Fez.

The Economy

Morocco is enjoying a very healthy economy, experiencing a period of adjustment and stabilisation during the last decade and now having considerable progress in reducing the budget and current account deficits, reducing both the debt stock to GDP and the debt service ratios whilst also stabilising inflation at around 4 to 5%. Annual growth is a satisfactory 6.8% and its major industries, mining, textiles, tourism and leather goods, said to be the softest leather in the world, are flourishing. Morocco is actively seeking foreign investment in competition with other developing countries in the Mediterranean region as foreign companies have better access to international financial markets than purely domestic firms. Not surprisingly, the tourism sector is experiencing strong growth and last year it grew by 18%, despite its huge tourism potential this sector currently only provides 7% of Moroccan GDP and therefore the Government has developed a tourism strategy which will see Morocco's tourism industry transformed within the next decade, 'Vision 2010'.

The main objectives of the Moroccan national tourist strategy, Vision 2010, are to:
• Attract 10 million visitors annually to Morocco by the year 2010
• Build new roads
• Develop regional airports
• Increase direct flights from all over Europe
• Create 6 new coastal resorts
• Create 600 000 new jobs in the tourist sector

In order to reach this target, the government has encouraged a more attractive business environment and a more proactive promotion of Morocco's substantial tourism assets, as a result of the various reforms undertaken, tourism has steadily been increasing the last years and Morocco is fast becoming known as the most exotic short-haul tourist destination for Europeans.

Quality real estate development is just beginning and property prices are very affordable compared to other European resorts, for example the luxury resort of Mediterranea Saidía is integral to Vision 2010 and backed by his Majesty King Mohammed VI of Morocco. Set on the northern Moroccan coastline with unspoilt beaches and warm shallow sea, the resort enjoys a fantastic location; only 3 hours from London yet with year round warm temperature and exotic culture.

The Climate

Morocco offers a variety of very different climates with the north of the country being characterised by fertile agricultural land, forests and vineyards the climate being similar to that of southern Spain, in contrast, the environs of Marrakech offer superb skiing conditions although the climate of this part of Morocco in general is a comfortably dry all year round heat similar to that of Arizona and going further south there is the scene of endless sandy and stony expanses of the Sahara. The weather in the coastal regions of Morocco is sunny virtually all year round, similar to the Costa del Sol, the average temperature in summer is 29ºC whilst during the months between October and April it is slightly cooler but very sunny, perfect for enjoying leisure and sporting activities

Food and Drink

Authentic Moroccan cuisine is a delightful mix of Arabic and French. A typical meal will usually involve starting with salad or soup. Main courses are often roast meats such as kebabs, or stews (known as tajine ) cooked in earthenware dishes with lids. In coastal areas fresh fish is in plentiful supply.

Couscous is Morocco’s best known dish; usually made with lamb, chicken or vegetables, sometimes with fish. Mint tea is a Moroccan tradition accompanying most meals, and during bargaining sessions while buying, and is drunk very sweet. Alcohol was once difficult to find in this Islamic nation but, as tourism has increased, it has now become more common and is sold in all tourist hotels and restaurants.

Why Invest In Morocco?

With miles of un-spoilt beaches and the same warm, sunny days experienced by other Mediterranean resorts, the attraction is clear from the outset:

• Property prices up to 50 per cent less than other European resorts
• Low cost of living
• Beautiful Golf Courses, Tennis Clubs, & Riding Clubs
• Mediterranean climate
• Yacht club and berth fees for under £ 27/month
• 10 year build guarantee (similar to NHBC)
• French, Spanish & English widely spoken as well as traditional Arabic and Berber
• Costa del Sol is just 40 minutes away by hydrofoil
• Moorish culture at its best
• Enjoy a luxury lifestyle for very little

Financial benefits

Morocco offers additional benefits from a financial stand point, which makes it a highly attractive prospect for purchasers:
• Low property taxes
• Safe investment-Notary supervised property registration similar to France & Spain
• Easy repatriation of investment should you re-sell in the future
• Only 20 per cent tax on any capital gains
• Property market booming, average rises of 15 per cent per year are achievable
• Rental occupancy reaching 85 per cent most years during the Peak Season
• 70 per cent mortgages available with mortgage rates currently between 7 and 8% in Morocco