Kariat Smir Apartments may be closer than you think

North Africa continues to raise its profile as an overseas property investment location and in turn new property in Morocco inevitably will offer investors a sound opportunity for medium to long term return on investment. Still considered an emerging real estate market, there has been considerable media hype regarding Moroccan new build projects as they launch and under the King of Morocco’s Azur 2010 plan, only the first of 6 key projects in different locations around Morocco is under construction. In addition, there are a host of new developments planned apart from the flagship projects.

Spain to Morocco tunnel to unite Europe with Africa
Recent news which also bodes well in the case for Moroccan property investment is confirmation that Swiss engineering firm Lombardi has won the contract to design the railway tunnel between Europe and Africa running under the Strait of Gibraltar. One of 14 companies competing for the job, it has been give a year to draw up plans for what is set to be one of the most complex projects of its kind ever, for over a quarter of a century. In a similar fashion to the Channel Tunnel, which links England and France, the tunnel’s completion will give rise to a continuous rail link between the north of Scotland and Africa. Comparatively speaking, the Eurotunnel construction was much easier according to Lombardi, having worked on the project. “Eurotunnel didn’t go as deep, water pressure was lower and the rock was more solid,”.

The decision to go ahead with the tunnel was made in 2004 by the Spanish and Moroccan authorities. The Spanish Development Ministry said two adjacent tunnels reaching depths of up to 600 metres will run beneath the Straits of Gibraltar between Punta Palomas, 40 km west of Gibraltar in Tarifa and Punta Malabata near Tangiers, Morocco as the Mediterranean Sea at that point is just 300 metres deep.

A preliminary three-year plan of works to start as early as next year, with an estimated initial cost of $30m has been agreed by joint project committee officials. Significant project planning is required with even mapping of the seabed a major challenge. The feeling is that the eventual total cost of the project is likely to be much more, Lombardi reckon it will cost €5 billion approx. to complete and will be financed by two publicly owned companies in Spain and Morocco.

The extraordinary depths of the Strait meant building supporting pillars would be impossible and a bridge was ruled out along with a floating bridge due to the number of ships passing through the Gibraltar bottleneck. A prefab underwater tunnel was also considered unfeasible due to the unstable sea bottom and overly strong currents which after just a week’s work, stopped ships sent out to prospect the underwater geology as they were unable to stay in a stable position. An active seismological zone, the final problem is earthquake risk once the site of a major earthquake in 1755 which resulted in huge damage and loss of life in Portuguese capital Lisbon. Preliminary studies should be finished by 2008 with a 4.8-metre-wide service tunnel being built initally.

Moroccan Travel
Major travel infrastructure improvements which cut travel time to and within Morocco can only be viewed as positive serving to not only boost house prices in Morocco’s newly developing resorts such as Saida and Tetouan but other outlying regions within the country thus stimulating economic growth whilst relieving road congestion. The goal of 20+ Ryanair and other low cost flight routes over 5 years and September’s annoucement by ONCF of a high-speed train service set for next year are positive signs. Travelling at speeds of up to 300 kilometres an hour, the train service will cover the entire country from the Med to the Sahara desert, slashing travel times from Tangier on the northern Med coast to Marrakesh and Agadir in the south and from Casablanca on the western Atlantic coast to Oujda on the border with Algeria. Travel within Morocco is lengthy due to the size of the country and major journeys such as Marrakesh to Tangiers could drop from a day’s travel to 2.5 hours. If the plans proceed, work on the 1,500 kilometres of track may start Q3 2007 and take until 2030 to complete at a cost of around 25 billion dirhams ($2.87 billion). The ONCF began turning a consolidated profit from 2004, giving it the financial means to begin expansion.  ONCF will acquire the status of a company next year, with a 50-year concession to operate the existing national network. In an interview with Reuters, ONCF’s managing director Mohamed Rabie Khlie stated ”The priority today is not any privatization but to develop the network.”

Kariat Smir offers proximity to Europe.
If you are looking for proximity to Europe and the Med, at just under an hour from Tangier airport and a 20 minute drive from the Spanish enclave of Ceuta reached by fast ferry from Spain, The Kariat Smir Apartments lie on route to the next major city of Tetouan, in the mini-replica resort of Marbella’s Puerto Banus, Marina Smir. This resort has been the starting point of Morocco’s property venture and is the vacation getaway of choice for Morocco’s Royal family giving the area considerable cachet.

A low-level development, The Kariat Smir Beachside apartments lie just 350m from miles of unspoilt golden sand of Morocco’s Northern Mediterranean coast and are a stone’s throw from Marina Smir pleasure port where you can look forward to a host of activites from sailing, golf to casual al fresco dining. Within the vicinity is the Cabo Negro golf club and Thallaso Spa at the Sofitel hotel resort.

Moroccan property whilst still in its infancy offers great appeal. A place where ancient culture meets modern living with a varied terrain offering visitors everything from mountain hiking and skiing to hectic bazaar shopping.

When property prices are 50 per cent below its established Mediterranean cousin, the Costa del Sol, it is little wonder that buying real estate in Morocco has genuine appeal.

Kariat Smir Apartments Types & Prices:
1 bedrooms    70sqm start at €92,000
2 bedrooms    80sqm start at € 98,650
3 bedrooms  115sqm to 121 sqm with large terraces from €166,750

The Karit Smir new development offers excellent investment potential and fantastic purchasing flexibility with 30/70 payment terms. Completion Date expected 1st Quarter 2008. Property reservation just €6000.

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