According to figures recently released by Spain’s estate agents’ association, half of the country’s 80,000 estate agents closed their doors for good last year and are moving to Morocco property and land investment, following one of the worst years on record for the country’s real estate industry.
As a result, it is believed over 100,000 property professionals operating in the Spanish sector lost their jobs. However, observers have been keen to point out that the figures also include agents who were only there ‘for the ride’, short-term profit hunters who only entered the sector in search of a quick sale.
It has been estimated that only approximately 50% of Real estate agents in the country over the past five years or so had relevant experience and licensing, the other half often working from home with nothing more than a mobile phone and a few local contacts entering in competition with Moroccan estate agents and taking their jobs because they have more tools and sale experience even they don't know anything about the country and the Moroccan property. Their aims is to make quick sale and fast big money. Many foreign buyers from Uk, France, Germany, Belgium have purcharged properties and land with expensive price instead to buy from Moroccan owners or throught Moroccan local agent who prefer to work with commission fees. The booming property and tourism industry in Morocco attracts Spanish property agents, investors and other people hoping to grab a slice of the pie, according to our experience dealing with them in Morocco property market.
While Spanish Real estate market conditions have not been as poor as was anticipated in the media frenzy of autumn 2007, where price drops of 30% were predicted, property values have dropped by an average of 7%.
3,000 estate agents operating in Malaga would be forced to close their doors as rising interest rates and extended sales times impact on the industry. Research published recently by Spanish property agency Don Piso found that the average time taken to sell a property in Spain had risen by 40% in three years - from 86 days in 2005 to 120 days in 2007. It's Morocco Time Now.
We know Morocco property market and the expectation of overseas buyers and investors. Morocco is a country full of real estate and tourism opportunities.
