Morocco is becoming an investor’s paradise with tourism and real estate scene witnessing astonishing growth. The government is undertaking extensive changes both on ground and in laws to make it easy and safe for investors.
Morocco always had the ideal combination of natural beauty, centralized location and vast and varied heritage to attract tourists in hordes. Various circumstances led to its loss of international status during the later half of the 20th century.
As the economy revived, government ventured on ambitious infrastructure development projects to fuel the tourist flow. With the tourist inflow increasing, the most essential requirement is accommodation. Thus, the property market is gaining prominence day-by-day.
Here are a few reasons to invest in Moroccan property market.
- Morocco’s natural beauty and sunny climate: A visual treat awaits tourists landing in this tropical paradise. Its sunny weather lasts year-round and the place is tourist-worthy 300 days a year. Morocco has almost 1100 kms of white sandy coastline dotted with picturesque beaches. Celebrities like David Beckham, Brad Pitt and George Clooney have managed to add glamour to Moroccan tourism.
- Impending tourist boom: King Mohammed of Morocco has devised a plan, Vision 2010, which aims to bring in 10 million tourists every year. The proposal is to invest €10 billion across the country in various developmental schemes. In the pipeline are airports, roadways, railways and a slew of resorts along the coastal line of Morocco. The plan is to attract tourists and persuade them to invest in holiday homes there.
- Low cost of travel: With Morocco opening its skies to European airlines, cost of traveling to the country has come down drastically. Many airlines are operating the route at very low rates anticipating tourist rush. This is also helping in boosting tourism in Morocco. The government is planning to construct a tunnel connecting the country with Spain in Europe, which is bound to raise the tourist flow from Europe.
- Tax exemptions: To attract overseas investors to invest in Moroccan real estate market, the government has implemented various policy decisions. Tax waiver is offered on rental income for the first five years. The transaction is not treated as capital gains if the property is held by the investor for 10 years or more.
Morocco has low property tax and no inheritance tax. The investors from the UK are offered further benefits under the ‘Double Taxation Treaty’. They need to pay tax only once. All these lead to high returns from the property.
- Booming economy: The amazing growth of the economy despite recession worldwide offers a buffer for property prices. This means that the government will be able to continue to implement their plans, which is expected to keep the property prices rise steadily in the coming years.
Morocco’s property rates are comparatively much lower than that at nearby European resorts. However, it may not remain so for long. This means that there is not time like present to invest in Moroccan property.
Filed Under: Real Estate Tips