Investment property market in Spain has been booming for years, but now property in Morocco is beginning to attract property investors and holiday home buyers. Deciding where to buy property abroad can be a long difficult process. The investment property and holiday home experts at Amazing Morocco asses the investment opportunities in Spain and Morocco.
“Remember Spain, fifteen years ago, when property prices were cheap, demand was increasing year on year and tourism was booming? Investors who were lucky enough to buy property in Spain in the early 1990s saw their investment increase dramatically but those days are far behind us and new investors in Spain must definitely be in it for the long term,” says Louise Hillcoat from Amazing Morocco.
As an expert in the holiday home market Louise Hillcoat knows that investors are always seeking the emerging holiday home property market. Investment opportunities somewhere close to home, culturally similar but excitingly different and with a climate that makes it a preferred holiday destination.
“Consider property in Morocco, just a short hop from mainland Spain, with a better all year round climate than Spain.” Morocco is currently enjoying huge investment in its infrastructure backed by a determination that comes from the top to increase tourism to 10 million visitors per year.
Savvy investors are taking advantage of the economic upturn currently being enjoyed by Morocco by getting in near the start of an investment property market, reminiscent of Spain before the property “boom”. Property in Morocco is set to take on Europe in a big way.
Why is the property market in Morocco so appealing?
Investment opportunities in Spain are very popular for property buyers and investors and this will always be the case. However, the shorter term growth is lower than it was and tax liabilities can be high.
Moroccan property prices on a square metre comparison basis can be as much as 40% lower than mainland Europe but are increasing rapidly.
Property prices in Morocco are still low in comparison to much of mainland Europe but are increasing rapidly.
Many small bespoke, luxury property developers and even some of the large Spanish property companies have now turned their attention to Morocco.
International property purchasers find Morocco increasingly attractive due to consistent capital growth performance in the region of 15% per annum. Add to this the kingdom’s Vision 2010 tourism which is injecting 10 billion Euro in order to attract 10 million tourists per annum. The accompanying opening of the skies to low cost, frequent air routes has brought sharp increase in demand for rental properties which is of course great news for “Buy to Let” investors.
One of the reasons buying property in Morocco is such an attractive investment location is the various tax breaks:
• Low capital gains tax after the property has been held for five years and none to pay after 10 years;
• No property tax for the first 5 years;
• Zero inheritance tax and with
• Predictions of continued growth of 15-30% per annum
(Based on last year’s figures by Homes Overseas Magazine)
Marrakech enjoys the most frequent air routes from the UK and Europe. Its long history of European influence, mixed with exotic Moorish culture, makes Marrakech a favourite holiday destination.
“Today Morocco is a progressive and safe investment target. New government initiatives are successfully improving the infrastructure and tourist economy to create an exciting new emerging market which is only just coming to the attention of shrewd worldwide property investors.
“As with all emerging property markets, it is essential to take advantage of the best prices available to early investors. Morocco property currently offers investors excellent prospects and a perfect early investment vehicle in which to generate good rental yields and excellent capital appreciation,” Louise Hillcoat says.
Notes to editors:
Marrakech’s attractions
• Shopping from designer chic to Berber artefacts
• Stunning Golf Courses, Riding Clubs, Waterskiing, Tennis Clubs, Hunting, Hiking, Camel treks, Culture.
• Over 300 days of sunshine a year, hot days, cool desert nights
• French, Spanish & English widely spoken as well as Berber and Arabic.
• Sightseeing – historic attractions, beautiful gardens, magnificent countryside
• Accessibility – only 3 hours by plane from major UK airports
• A unique culture, so close to home
Economic Factors
• Property prices up to 40% less than other European resorts.
• Low cost of living – experience a luxury lifestyle at little expense.
• Booming property market.
• Between 0% and 20% tax on any capital gains dependent on length of ownership.
• 0% inheritance tax to family.
• No annual property tax for first five years for private purchasers.
• Rental occupancy reaching 85% most years during the Peak Season with demand rising.
• Vision 2010 project to improve the infrastructure, including new roads, coastal resorts, trains, hotels, shopping malls.
• Increased tourism generated by the Vision 2010 project will create a huge requirement for rental accommodation.
• Capital growth around 15% – 30% based on last year figures (30% Homes Overseas Magazine).
• Open Skies policy activated on 1st Jan 2006 has allowed low cost airlines to service Morocco with cheaper and more frequent flights.
• Safe investment – Notary supervised property registration similar to systems in France and Spain
• Massive Dubai based developers Emaar have several projects at various stages of planning and completion, including a four season ski and leisure facility in the Atlas Mountains, just 40 minutes from Marrakech.
About Amazing Morocco
Amazing Morocco sells holiday homes in Morocco. The company was founded by four people with a personal passion for Morocco, and now provide first-class holiday villas in Morocco.
Amazing Morocco is based in Boston Spa and works closely with Moroccan sister companies Kanga Properties and Hector Properties.
Visit www.amazingmorocco.co.uk for more information, or call 01937 848 888.
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Kiia Kiander
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kiia.kiander@webcertain.com
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