How to Find a Great Real Estate Bargain in Morocco?
Morocco is rapidly turning out to be an elite property investment option for foreign nationals. The country’s amazing tourist potential is the main reason behind this development.
Tourism, the crowd-puller
Morocco’s tourism industry is witnessing an explosive growth in the last few years. The Moroccan government is exploiting its potential to the maximum by planning extensive infrastructure upgrades and new constructions. King Mohammed’s Vision 2010 is aimed at attracting 10 million tourists a year from 2010.
Many reasons are attributed to the revival of tourism in the country – from the economy displaying a tremendous growth for the last three years, to the inherent natural beauty of the place and the country’s strategic placing in the world tourist map.
Real estate investment – A lucrative deal
The thriving tourism leads to demand for more accommodation. Again, government is pitching in with real estate projects along the coastal lines, mostly using foreign investments. These properties are promoted among foreign nationals for purchase as holiday property or even residential property. Permanent residence in Morocco would be like a never-ending holiday.
One of the most attractive feature so Moroccan real estate for overseas investors are its cost. With the European beach resorts out of bounds for many, Morocco is a good alternative. Moroccan property comes almost 50% cheaper.
Finding a good bargain
While places like Tangier and Marrakech are popular among overseas investors, there are lesser-known places that are equally good for holiday homes like Saidia, Oukaimeden, Agadir and Tisnet. The new resorts being developed in these places come much cheaper and hence, are bound to give more returns for the investment.
Morocco’s coastal line is witnessing unprecedented developmental activities with resorts coming up confirming to international standards, especially aimed at overseas investors. More such places are Asilah, Larache, Mirleft, Ourika, Qued Law, Taroudant and Teouan. As government promotes all these, they are seen as profitable and least-risky investment options.
To zoom in on a great bargain, it needs some understanding of the local real estate scene and local laws. The trick is to find a property that scores well in tourist appeal and moderate on price. Service of a real estate agent comes in handy in this regard. However, care should be taken to engage only recommended agents to avoid being duped.
As the impact of different laws drastically change the profitability of a deal, these should be taken into consideration while comparing different properties. The price is also affected by the age of the property. If the idea is to buy property and renovate it to suit one’s taste, it is better to buy old property at lower rates.
Though internet is a good source of information to find properties in Morocco, the facts provided may not be taken at face value. Site inspection and survey by an experienced surveyor is necessary to understand the condition of the property. A lawyer’s service is vital in ensuring that the title deed is clear.
Filed Under: Real Estate Tips
