Off-plan property development moves to Morocco
Travel writers have been touting Morocco as the nearest place to get your ‘somewhere completely foreign’ fix for sometime now and with visitor numbers now rising, a selection of international developers are busy creating a new property buzz in places like Marina Smir on the back of the 2002 Moroccan Governments’ ambitious Plan Azure Vision (Blue Plan). Championed by Morocco’s King Mohammed VI, the aim is to increase tourism into Morocco from 2 million to 10 million by the year 2010 through the launch of 6 major government backed new development property projects to be built in key resorts along Morocco’s 1500km of dual coastline in conjunction with a series of enhancements to basic infrastructures to increase travel to and within the country.
FACT FILE:
Location: Northwest Africa, lies 13 km from the Southern Tip of the Spanish mainland, at the entrance to the Mediterranean sea. Borders Algeria to east and Western Sahara to the south.
Flights: UK flights to Casablanca, Fez, Agadir & Marrakesh. Connect to Nador, Oudja & Tangiers. Direct flights from Paris, Brussels. Flying time: 2-3 hrs
Ferry: From Spanish Mainland – Algeciras, Gibraltar, Almeria
Talk: Arabic, French, English and Spanish
Buying Costs: 5-6% of purchase price for land registry, notary, stamp duty and misc. expenses
Tax: Capital Gains (TPI) 20% profit, min, 3% of sales price. Sell after 5yrs 10% on gains over €65k, 10 years TPI exempt.
Money: Currency is Dirhams (Dhm). A closed currency meaning you cannot buy Dhms outside of Morocco.
Weather: Hot Summers, Mild Winter. Colder in regions closer to the Atlas Mountains.
Living in Southern Spain gives you a perfect opportunity to hop across to Africa. What instantly hits you is the distance between places, travel is usually by bus, car and Morocco’s highly efficient railways, a clue as to its French past and a superb way for visitors to see the country. With the reality of travel between Morocco’s key resorts being so lengthy, the fear is that its new ‘resorts’ aim to be self-contained, eliminating the need for visitors to venture further afield and get to grips with the true Morocco and benefit local economies.
