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Only about a 3 hour flight from the UK but a different culture entirely, with the right infrastructure to make investment here a serious option, Morocco looks exciting.
The Country:
Only 8 miles from Spain but a continent away Morocco is situated on the north western tip of Africa, it has a coast with the Mediterranean Sea and the Atlantic Ocean.
The Atlas mountains form a “backbone” through the middle of the country to the south of the mountains is the Sahara desert.
What do the words Casablanca, Marrakesh, Bedouin and Kasbah mean to you? A different colourful and exciting culture?
Property Values:
The range of property is extensive and entry levels are low at the moment. From studio apartments to Mediterranean Villas or even Riads in the Kasbah or retirement villages there is a full range of traditional homes and new developments including new yacht marinas to choose from.
Morocco has a booming investment market good potential growth and low entry level property. Values are reported to have grown by 30% in 2006/7 and prices start from about £30,000.
Investment:
The "Azure Plan and Vision 2010" initiated by the King of Morocco encourages infrastructure investment to promote tourism throughout the country, low cost airlines are starting to bring British holiday makers and investors to the country which is only three hours flight time from the UK.
Prices are well under half that of Spain and the cost of living about half that of the UK.
Low cost of entry to investment market and an economy that has not suffered too much in the global downturn makes Morocco worth a second look.
Purchase Procedure:
Agents to introduce property and lawyers to manage the purchase process, not all property is registered, expert advice is needed to secure a property with a secure title that will be vacant on completion.
Agents fees and legal costs average about 10% of the purchase price with the buyer paying all costs.
Mortgages are available through specialist companies and many developers have their own funding options.
Summary:
Only about a 3 hour flight from the UK but a different culture entirely, with the right infrastructure to make investment here a serious option, Morocco looks exciting!