Although there are those who voice doubt about the long term impact of Morocco's extraordinary property boom, the goldrush continues. The danger is that parts of the Moroccan coastline could end up as bad as those in Spain which after a huge boom are now falling out of favour. Maybe Morocco will be the "new Spain" - if so it is to be hoped that the developments will not simply become enclaves of Brits having little or no contact with the local people.
The latest news is that the Brits are coming and in some numbers. Not buying traditional houses, in the medinas, but apartments in resorts and (sadly) gated communities. Plans for a new beachfront resort near Tangier on Morocco's Mediterranean coast have been unveiled by Saffron Villas Ltd, a UK company that specialises in property in Morocco.
La Baie Resort, which comprises more than 350 two and three bedroom, two-bathroom apartments, is the first residential development of its kind in the Tangier city area. According to Gerry Jones, joint managing director of Saffron Villas, it will appeal to investors and second home buyers.
La Baie Resort, which will have a secure gated community as well as a commercial centre with its own shops, bars and restaurants, will include a large swimming pool, tennis courts and a day nursery.
According to Gerry, investors will be attracted by the continuing growth in capital values in northern Morocco where off-plan prices for investment properties are rising by around 29 per cent annually.
She said: "At La Baie Resort we anticipate that prices will rise by between 30 per cent and 35 per cent a year, with a sharper rise when the project is completed in 2008."
A rental management company with an office within the resort is being set up to handle lettings for investors who, predicts Gerry, could achieve peak week rentals of as much as £700 for a three-bedroom apartment.
"There are other good financial reasons to invest in a property in Morocco," says Gerry, whose firm can advise on the arrangement of 70 per cent mortgages locally. "Buyers can benefit from exemption from rental income tax for five years, no capital gains tax if the property is sold after 10 years, and no inheritance tax."
For holiday home owners at La Baie Resort, access from the UK is easy. It takes less than three hours to fly from Britain to Tangier Airport - soon to be a new destination for budget airlines - which is only 15 km from the resort.
Tags: Morocco Fes, Maghreb news
1 comment:
Yes, I believe that Tangier property prices can go up and that's why buying homes can be a profitable investment.
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