A recent report on Moroccan tourism in 2007-8, clearly demonstrates that the pace of change in Morocco continues at full speed. Encouraging statistics from various sectors of the Moroccan economy bode well for those who have, or are looking to invest in property in Morocco.
Morocco: Looking Good
In January 2008 the Moroccan Tourism Ministry announced that tourist arrivals during the first 11 months of 2007 have seen a year-on-year rise of 14%; needless to say, this is great news for Morocco property buyers, particularly those with buy-to-let strategies. Furthermore, with a conservative year-on-year growth forecast of 10% which if realised, will result in 11.8 million visitors by 2012, there is every chance of achieving excellent rental revenues from Morocco properties.
Rising Tourism Receipts
These predicted visitor numbers mean that international tourism receipts should hit $10.83 billion (USD) by 2012 which will create some 600,000 new tourist sector jobs. Additionally, speaking in January 2008, Moroccan Tourism Minister Mohamed Boussaid announced that he expected Morocco’s tourism sector to generate €5.27 billion in 2007, this is up from €4.80 billion in 2006. It would appear that the Moroccan Government also have good control of the economy; the official inflation figure for 2007 was only 2% - because of higher global food and fuel prices the true figure may be a little higher.
30 Million Passengers by 2010
The report highlighted another statistic that will be welcomed by Morocco property buyers; the number of passengers passing through the country’s airports increased by a healthy 19 percent over the first 11 months of 2007. The total now stands at an impressive 9.2 million passengers. Morocco’s Airports Authority (ONDA) wants the country’s airports to be able to handle at least 30 million passengers each year by 2010. Owners of Moroccan apartments and Moroccan villas are sure to benefit from the increasing demand for rental properties in Morocco’s tourist hotspots.
Stable Political and Economic Outlook
A major concern for anyone thinking about buying real estate in Morocco - or any emerging market - is the political situation. Happily, the report contains more encouraging news for buyers of Morocco properties. The country held general elections in September 2007 in which Morocco’s ruling party regained power. The voting procedure received praise from the European Union for its transparency and fairness. Colin Timms of Moroccan Sands comments: “Political reforms are increasingly bringing the country into line with more established democracies and have led to Morocco being regarded as the most stable country in the entire region”. He added: “Morocco’s system of proportional representation makes it extremely difficult for any one party to gain a stronghold and this should prevent extreme political parties unduly influencing the country’s politics”.
Although no country is without its problems, Moroccan property buyers should be reassured by these excellent figures. The billions of dollars of inward investment flowing into Morocco, investment in both infrastructure and in the development of fabulous new resorts, makes this the perfect time to put your money into Moroccan real estate.