Spanish developer Fadesa launches more new developments in Morocco
On the back of its widely reported success with Mediterrania Saidia-Maroc on Morocco’s north coast, prestigious Spanish developer, Fadesa has launched two more high-profile projects in Morocco reinforcing its presence as one of the largest investors leading Moroccan tourism development of its Azur Plan 2010. Fadesa hopes Mediterrania Saidia, located between Algeria and Spain’s North African enclave of Melilla will become a reference point for international tourism in the Mediterranean from both a property investment and holiday perspective.
Last month saw HM King Mohammed VI inaugurate the 35km Mediterranean Nador-Oued Kert road link, which will reduce the driving time between Saidia and Tangier from 10 to 7 hours. King Mohammed also launched a project doubling the capacity of the Nador (535 km northeast of Rabat) water treatment station so the signs are there that Morocco’s development is well underway.
When Nubricks reported on the Mediterrania Saidia launch back in April of this year, we received huge interest from individuals in all walks of life interested in investing in Morocco property. We are pleased to present two new major off-plan developments in the resorts of Marrakech and Kabila from Fadesa.
The FADESA group plans to invest Euros 300 million in the construction of a 174 ha luxury real estate and tourism complex located in the exclusive Palmeral area some 4km from the centre of Marrakech comprising 2,685 residences, 3 hotels, a golf course and a commercial centre of 30,000 sq. enjoying spectacular views of the Atlas Mountains. The city of Marrakech is witnessing an unprecedented surge in tourist arrivals, with the pink city taking the lead as the engine of Morocco’s tourism development drive. The Marrakech development market had 229 tourism and residential projects recorded for 2005 and 2006, with a total investment of Dh24.6bn (2.3bn euros). There is the belief that Marrakech has only realised 60% of its real-estate potential according to local real estate giant CGI.
Increased visitor tourism figures show the French market in 2005 remained firmly in pole position with a 23% increase in visitors over 2004 accounting for 52% of all arrivals. As Marrakech grows in popularity, internal tourism is also on the up with 18% of visitors, a marginal increase over 2004. The biggest jump in arrivals came from Spanish and UK visitors making up 6 and percent of all arrivals. Quite importantly, while they account for just 1% each, the Arab and US markets also showed strong growth. Marrakech’ international airport is under expansion in response to its expectation of 2.8m passengers in 2008, and over 3m the following year, boosting total capacity to some 8m passengers per year. A recent survey by online UK travelsite Opodo is a positive sign that Moroccan tourism is on the up.
Click here for details of Fadesa’s second project the Kabila Resort.
