In addition to their strategic plans “Vision 2010” and the Plan Azur the Moroccan government announced on 18th November a further $95 million dollars for the tourism sector. This massive amount dwarfs anything spent elsewhere and should be viewed as a further sign of confidence in the long term aspirations of Morocco.
Michael Kent, Managing Director of leading Moroccan property company Moroccan Sands commented, “ This once again shows why Morocco is the only overseas destination that deserves serious consideration from investors. There’s such an enormous amount of investment flowing into the country from the Gulf and Europe that growth, even in these constrained times.”
Indeed the figures support this assertion – for whilst most of Europe and the US is forecasting minimal or even negative growth Morocco predicts a year of continued growth, with the latest estimates (Oct 2008) at around 5.8%. Indeed this figure could be set to rise once the lower cost of fuel filters down through the economy.
Mohammed Boussaid, the Moroccan Minister of Tourism, also added that due to the policies put in place by the government (such as developing resorts in virgin areas and the new flight route agreements) would enable Morocco to survive and prosper in these difficult times.
Which is all good news for people buying property in Morocco as greater prosperity will stimulate not only the domestic market but also continue to attract overseas buyers.