This article discusses why Morocan property has become such a solid, reliable investment for property buyers and where the market is headed over the next few years. You can also read our Morroco buyers guide.
The massive intrigue in buying Moroccan property has been accelerated by the media. There has been a ton of coverage by TV and newspapers, particularly now that the nation is entering the second phase of its 'Vision 2010' economic development plans. The widespread interest in the Moroccan property market and the increase in tourism has made it a prime location to invest in.
TV and newspapers have cottoned on to this demand and have produced programmes and created coverage to show viewers how, where and when to buy Moroccan property.
Currently 1 in 5 African properties owned by British buyers are in Morocco, proving that the nation is of serious interest to UK based investors - whether it's an investment property, a holiday home in the sun, or simply a new home overseas they are looking for.
The number of British owning Moraccan property will increase as more investment pours in from the UK. The market is showing an annual capital appreciation of 15% - 30% and rental yields are set to increase with tourism which, between now and 2016 is set to grow by 4% a year.
And the British are not the only ones who have spotted the potential of the Moroccan property market and to be taken in by its appeal; according to The Observer newspaper so too are the Spanish, French and Italian buyers. French is a common language in Morocco, due to the long protectorate that France had over the nation. For this reason, the French have flocked to Morocco, finding the Costa Vista and the Mediterranean Rivera region similar to their own.
The stunningly beautiful, historically and culturally rich region of Costa Vista is one of the most attractive parts of Morocco - both literally and in terms of the developing opportunity it offers investment and lifestyle home buyers. According to local expert opinion, it is also the top centre for expatriate inward migration in Morocco and where a large concentration of brand new property development interest has centred.
Located directly opposite the Costa del Sol and separated from Spain by just a thin stretch of the Mediterranean Sea, it is impossible not to draw comparisons between the Costa Vista and the Costa del Sol. Both offer up a fabulous climate, a stunning landscape, pristine beaches and a fantastically laidback lifestyle, but this is where the positive comparisons end.
Whilst the Costa del Sol is suffering its worst winter sun season according to Spain's Association of Hoteliers, the Costa Vista and Morocco enjoyed the highest visitor numbers last year for forty years. Additionally, the Sunday Herald revealed recently that property prices in parts of the Costa del Sol have declined, whereas, according to The Times, some investors have benefited from up to a doubling of property prices in Morocco.
It's of little surprise therefore that the Costa Vista is being heralded as the 'next big thing' in the world of overseas property investment.
MOROCCO: BUYERS' GUIDE
* Average summer temperature = 38°c.
* Purchase tax 1.1% or purchase price.
* Government registration fee 3.9%.
* Legal fees 0.5%.
* Estate agent commission 2.5%.
* Owners pay annual property tax similar to UK council tax.
* Rental income taxed at 13.5%.
Rental income is free from tax for the first 5 years.
* 20% Capital Gains Tax if sold within 5 years, 10% to 10 years, 0% thereafter.
* Casablanca and Marrakech buying prices tend to average around ¬2,000 per square meter.
* Normal local rental market yields around 6% (Rabat, Casablanca and Marrakech - 100m² = 7.2%, 150m² = 6%, 200m² = 6.55%).
* Property prices increase by as much as 40% in prime areas.
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