In recent years, Morocco has emerged as leading hotspot for overseas property investors. Nowhere is this more apparent than in the atmospheric port city of Tangier, where large-scale property developments are changing the skyline of the eastern part of the city.
Happily, for lovers of traditional Moroccan attractions, the new Tangier property developments are well away from the much visited souks, kasbah and medina which are clustered on the hills, close to the port in the central area of the city.
However, the eastern edge of Tangier, a few blocks inland from the golden crescent of sand which is Tangier bay, is currently seeing a boom in new mixed use developments. Much of this frenetic building activity can be attributed to the interest of overseas investors who have identified Tangier as the perfect low cost, buy-to-let destination.
Just a short hop by high-speed ferry from mainland Spain and the British enclave of the Costa del Sol, Tangier has benefitted from the overheating of the Spanish property market, the boom in tourism and influx of big businesses such as Renault and Nissan who have been attracted by the low production costs in Morocco.
This has resulted in an increasing demand for western standard property from Morocco’s new business elite and the swelling expat community who have been drawn to the city by Tangiers’ laid-back lifestyle, low cost of living and pleasant, year-round climate.
One of the most prominent new developments is La Perle de Tangier, a mixed, residential, office, hotel and retail project. Two bedroom apartments at La Perle which come with hydro massage baths, internet access and superb sea views can be bought for around £129,000 (GBP).
Furthermore, the Spanish developer is now selling units with a guaranteed rental of 7% for two years. The guarantee is conditional on the owner purchasing a furniture pack which for a two bed unit is only £2,550.
Apartments at La Perle have proved extremely popular with investors on buy-to-let strategies, and this new rental offer can only add to their appeal.
Morocco Property Report – 19th September 2008