Morocco Property Hailed as Recession Proof Property Investment
Investors in Morocco look set to avoid the global downturn as the country’s economy continues to steam ahead. The country’s index of leading shares (MASI) has risen by more than 13%* since the start of 2008, compared to a fall of more than 11% in the FTSE 100** over the same period. Buying property in Morocco is being hailed as a recession proof real estate investment.
The Moroccan property market has boomed in recent years, fuelled by massive improvements in new roads and motorways and an increasing number of flights. Tourist numbers are set to double to 10 million by 2010 as visitors take advantage of the comparatively low price of property. The country offers incredible value, with beach front properties costing around one third of similar units located just a few miles across the Mediterranean Sea in southern Spain.
Compass Properties is developing three sites along the Mediterranean coast and early bird investors are sitting on handsome profits, with the expectation of further growth to come. Steve Burns, Marketing Manager for Compass Properties, commented: “At Mirador Golf, which has just been completed, 1 bedroom apart-hotel units released off plan for £19,000 are now re-selling for £27,000. Investors at Playa Vista - our marina development - have fared even better, with property values doubling in 2 years.”
Moroccan specialist Compass Properties believes the country offers a safe haven to any property investor worried by the credit crunch. “Morocco enjoys a very stable economy as most of the leading companies are Morocco-owned and are less-influenced by what is happening in the global markets. Huge inward investment, low cost of living and fabulous weather make Morocco a dream destination – for tourists, property owners and investors alike.”
News submitted by Compass Properties
* The MASI Free Float Index showed a rise of 13.14% from 31/12/2007 to 02/04/2008.
** The FTSE 100 Index fell by 11.69% from 6456.9 on 31/12/2007 to 5702.1 on 31/03/2008
Imy said,
August 12, 2008 @ 7:18 pm
How much are these apartments going for? What would be the forgien investor tax? Capital gains tax? what would the maintenance charge be for the year? how much would the apartment rent out for? and what is the predicted % of rental over the year? thank you.