Mawassi Lahcen, writing for Magharebia in Casablanca has an interesting article on the Moroccan property boom - pointing out thatMoroccan property is becoming more attractive to foreigners.
In recent years, owning a second home in Morocco has become fashionable for Europeans. The trend has led to major price increases for Moroccan property.
Mohamed Adil Bouhaja, president of the Association of Estate Agents in Marrakech, told Magharebia that European demand includes all areas of the market at all price ranges.
Nuredin Al-Sharqani, director of Al-Oufa Property, says foreign demand for Moroccan property has helped make locals aware of their country's land value. He told Magharebia current prices are not actually exaggerated and that Moroccans had undervalued their land.
"Our real estate market has become incorporated into the international market and the comparison that investors are making is not only between cities and regions side by side in Morocco, but also with the markets of competing countries," said Al-Sharqani, adding, "I believe that this is still the beginning and prices will continue to rise – at least until we reach the level of prices in the south of Spain, which underwent the same kind of development."
Read the full article on Magharebia.
Tags: Morocco Fes, Maghreb news
1 comment:
''I believe that this is still the beginning and prices will continue to rise – at least until we reach the level of prices in the south of Spain, which underwent the same kind of development."
The above quote is very scary for the ordinary Moroccan; he/she will be earning a Moroccan level of salary but competing in a housing market with a European level of prices.
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