Moroccan Mortgage

The recession has caused several developers in Marrakesh to suspend building plans, and there are less buyers looking for properties, resulting in price falls, however local Moroccan estate agents say that in cities such as Rabat and Casablanca property prices have not fallen at all, and  in some cases are rising.

Morocco’s new property market is currently a more attractive opportunity than Spain.

The many Britons with overseas investments of the property in Spain should be reassured that the new decrease of housing prices shouldn’t concern the average property investor, and that they can profit in the long-term.

Property group Assetz maintain that Spain still represents a good place for property investors, and growth  goes forward.

House prices in Spain jumped significantly when the peseta was exchanged for the Euro, and there has been little upward movement since, depite massive advertising and promotion. A recent tv documentary showed no properties sold at a recent auction.

The government of Morocco chose Abu Dhabi-based Reem Investments to develop an $1bn project in Marrakech.

The 200-hectare project, named Atlas Garden, will consist of three hotels, a fitness club, 18 hole golf course, market and shopping centre, as well as villas and apartments. Read the rest of this entry »