Buying Off Plan Investment Property in Morocco

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Buying Off Plan & Investment Property in Morocco

Investing in Morocco

Investing in Morocco is an interesting option for many less speculative investors. With a rapidly growing tourist sector, low property prices, new legislation for foreign buyers and a pro landlord attitude. Only 2-3 hours from most departure points in Europe, Morocco is presenting itself as a very viable option to other locations in the Mediterranean. In fact it has been likened to Spain 30 years ago and we know what has happened there.

Morocco offers something for most types of tourist and investor. Mile after mile of stunning Mediterranean coastline for those that enjoy relaxing in the sun, even more Atlantic beaches with the endless rollers that appeal to water sports enthusiasts, a growing country club mentality replete with golf courses and high end facilities in and around some of the larger cities and in specially designed 'Government Approved' resorts that form the Vision 2010 Plan Azur

Vision 2010 Plan Azur

These new resorts are keeping density levels low and well as the building heights, so that these new off plan development resorts complement the natural landscape as against creating a contrast.

Vision 2010 was instigated in 2001 by the King of Morocco who came to the throne in 1999. His simple view was to create a touristic supply of five times the number of visitors than was expected in 2002 and in the process generate 600,000 new jobs in the tourist sector. To assist in meeting this target, Plan Azur was announced which was to create and develop 6 new state of the art resort communities aimed at the foreign home buyers and investors.

One would be on the Mediterranean coast - Mediterrania Saidia - and the other five on the Atlantic coastline to the west Port Lixus in Larache, Mazagan in El Jadida, Taghazout in Agadir, Plage Blanche in Guelmim.

Also as part of the Plan Azur:

• New motorways were to be built
• Regional airports to be upgraded and new ones constructed
• To increase incoming flights from overseas by de-regulation and the introduction of a new Open Skies policy - Ryanais and EAsyjet are already offering various routes into Morocco
• New Marinas, ports were to be constructed
• High-speed trains would be implemented to help travel within the country
• Talk is continuing regards a possible tunnel to link Morocco and Spain under the Straits of Gibraltar.
• Tourism by UK visitors increased between 2006 and 2007 by around 18%

The new off plan developments of the Plan Azur:

Mediterrania Saidia - Located in Saidia on the Mediterranean coastline, this immense new resort development launched in 2005 is scheduled to create some 7 million square metres of real estate by 2009. Principally owned and constructed by Spanish based Fadesa, Mediterrania Saidia has achieved incredible sales in a short space of time. Some areas of the resort were sold to outside international developers and these have also virtually sold out.

Port Lixus - is located on the north Atlantic coast near to Larache. Including two 18 hole golf courses, several hotels, luxury apartments and villas and a brand new marina. Developed by Salixus - a Belgian-Dutch consortium - over four and a half million square metres of real estate will be developed by 2015. Phase one is nearly finished and ther are now villas and apartments on pre-release. Port Lixus differs from Mediterrania Saidia with an even lower build density and an entirely different atmosphere

Mazagan - South of Casablanca you will find the Mazagan golf and Casino Resort near to El Jadida right on the Atlantic. Developed primarily by Kerzner, who are a South African company who are responsible for luxurious resorts from the Indian Ocean across to the Caribbean and including Sun City in South Africa. Mazagan Resortoffers over 15 kilometres of beach, several hotels, two 18 hole golf courses and an world class casino.

Mogador Essaouira - The Mogador Resort is located in Essaouira, the Moroccan equivalent to Spain's Tarifa or Florida's Key West. Quaint, lively and fun! Only 3 kilometres from Essaouira, the Mogador Resort will boast two 18 hole golf courses, several luxury hotels and a wide selection of high-end properties. Thomas and Piron are the primary consortium of developers. The Mogador Resort will be spread over nearly 6 million square metres and will be one of the top resort destinations on Morocco's west coast.

Taghazout - located close to Agadir, Taghazout Resort is being developed by a consortium of large developers and will cost in the region of $2 billion. Created as an exclusive resort destination, Taghazout Resort will boast a number of four and five star hotels, two golf courses, leisure facilities and retail outlets. Phase One is due for completion later this year.

Plage Blanche - is located approximately 250 km south of Agadir and is the southern most resort in the Plan Azur on the Atlantic coast. Plage Blanche Resort will be comprised of two areas within an immense ecological reserve and marketed as a eco resort. 28 Hotels and a number of individual holiday villages which consist of villas will be serviced by cafes, restaurants, a heliport, leisure and sports facilities as well as a casino. The reserve is home to many rare birds and archaeological sites.

Reasons to investment in Morocco:

• Moroccan Property Prices are currently half of those in other European Resort Destinations
• Morocco is an emerging market with improving infrastructure and backed by King Mohammed
• The Cost of living is low and allows for a more luxurious lifestyle
• Nominal Capital Gains Taxes
• 0% Inheritance Tax between family members
• No Annual Property Tax for the first 5 years
• 70% finance is available for property purchase

Morocco offers a multitude of options for investors including some lucrative commercial real estate. The majority of international investors however are concentrating on buying off plan resort properties where onsite management is available and some developers are offering Guaranteed Rental Plans.  see buying property in Morocco