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Positive economic growth in Morocco contrasts with UK forecasts

Posted in Morocco property,MP,Property News by admin Thursday April 23, 2009

In contrast to the UK where yesterday the Chancellor was gloomily predicting a contraction in the UK economy, Morocco’s 2009 economic growth should stand at 5.2%, said the Centre Marocain de Conjoncture (CMC)* in its latest publication dedicated to the financial turmoil. Analysing the Moroccan economic situation, the Centre underlined, however, that if the crisis deteriorates, this year’s growth would not exceed 4.8%, to fall to 4% in 2010.  The French-language publication also stressed that Morocco’s financial sector has not been directly affected by this crisis.

moroccan-economic-growth

“At the beginning of the crisis many questions concerning the Moroccan financial sector were raised, but objective data released later showed that the national financial system will not be affected, directly, by the crisis,” it pointed out.

As to the real estate sector, the CMC’s stressed that this sector operates in a context marked by a clear deceleration, growing only by 9.4% in the last quarter of 2008.

The CMC also reported that tourism receipts fell by 3.5% but there was an increase in terms of visits, suggesting that visitors are being more careful with their money in the present climate.

Overall, in the context of the global economic turmoil, the signals from Morocco suggest that whilst it will inevitably be affected by the global economic problems (in terms of reduced tourist spending and remittances from Moroccan ex-pats) the basic health of the economy is extremely robust and this situation places Morocco in a great situation to exploit the economic upturn.

Morocco gears up for the first GP

Posted in Morocco property,MP,Property News by admin Wednesday April 15, 2009

Motor racing enthusiasts in Morocco and around the world are keenly awaiting the first Marrakech Touring Car GP which runs from 1-3 May 2009. The ” Race of Morocco” is the only leg of the FIA championship to be staged in Africa.

marrakech_gp_stand_lo

The track location, along Mohammed VI and Ourika Avenues, with its exotic backdrop between the red city’s legendary walls and the snow-capped Atlas Mountains in the distance, will quickly make it one of the most attractive circuits in the world. Not only will it directly attract more tourists to Marrakech on race days but the images shown around the world will almost certainly increase demand for property in Marrakech.

The circuit layout will allow for fast and challenging driving, giving fans and TV audiences an exciting performance. So be sure to tune into Eurosport Europe for more coverage.

See the website here

Royal Air Maroc orders new planes

Posted in Morocco property,Property News by admin Wednesday April 15, 2009

Morocco’s flag carrier Royal Air Maroc (RAM) will order six new planes this month despite the bleak outlook for business travel during the global economic downturn, its chief executive said on Thursday.

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Royal Air Maroc, one of the most profitable airlines in North Africa, recognises that despite a downturn in global demand there will be an increase in passenger numbers to Morocco due to the opening of many new tourist projects as well as the growing popularity of property in Morocco for foreign buyers.

It is benefiting from the government’s policy to increase tourism to 10 million visitors by 2010 from 8 million in 2008. The government is also encouraging the expansion of air transport, including low-cost flights.

Morocco signed an Open Skies agreement with the European Union in 2006 allowing new airline competitors, including low-budget carriers such as Ryanair and easyJet.

“We will put an order for six planes. We will sign the order deal by the end of this month,” Benhima told a business conference in the North African country’s commercial capital Casablanca.

The Open Skies agreement spurred passenger traffic to grow by between 16 percent and 19 percent per year since 2006. Passenger traffic grew to 11.2 million in 2008 from 5.5 million in 2006, Benhima added.

RAM, which draws more than 70 percent of its revenue from European markets, and its low-cost Atlas Bleu subsidiary must embrace a different strategy than its competitors.

“Our competitors are strong with big fleets. We can not take them on with similar offers and promotions. We have to distinguish our business,” he added.

Benhima said RAM will beef up its routes inside Morocco and expand further its growing operations in Africa.