An extensive study looking into the feasibility of building a tunnel linking Spain to Morocco is nearing completion. If the study proves positive, a decision to begin construction could follow very soon with work beginning as early as 2010.
Another boost for Tangier property?
However, Spanish official Angel Aparicio who is in charge of the government department overseeing the project is quoted as saying: “The study had revealed some problems that could make excavating the tunnel a challenge”.
The tunnel is a joint initiative between the Spanish and Moroccan governments who see it as a potential transport hub between the two countries. The entire project is expected to take at least 15 years to complete at an estimated cost of $8 billion.
If the tunnel does get the go ahead, it will be the first time the two continents will be linked since the land-masses drifted apart millions of years ago.
Speaking purely from an investor’s point of view, it is hoped that any geological problems can be overcome. Needless to say, the construction phase of the tunnel will create thousands of local jobs on both sides of the Straits of Gibraltar.
The boost to the economies of Morocco and Spain could be significant, with long term gains to the local economies either side of the strait echoing the successes enjoyed in Britain and France after the building of the Channel Tunnel.
A tunnel will also attract more visitors and specifically, more investors in Morocco property to this already booming tourist destination. Those who have already invested in Moroccan real estate have enjoyed healthy profits in recent years. For example, Tangier property prices are currently increasing at 15% per annum.
Just south of Tangier, developments such as the prestigious Emaar Tinja Resort and the luxurious Al Houara Resort (Pictured) are attracting many investors; world beating civil engineering projects like the proposed tunnel, will not only fire the public’s imagination, but if the tunnel gets the green light, will further fuel the demand for Morocco property developments and specifically, Tangier property projects.