As the City Areas of Marrakech, Casablanca, Rabat, Tangier and Tetouan became too dense in construction, investors turned to the countryside, driving up the prices of land.
As International property markets, such as USA, France, Italy, Syprus, Dubai, Spain and Portugal, continue to slow, there is more demand for a Moroccan property.
The Marrakech property market has seen a growing influx of French, Spanish, American, Russian, Belgian, Italian, Kuwait, UAE, and British property investors, eager to cash in on this emerging market.
Thanks to the King of Morocco’s 2010 vision, tourism and infrastructure development continue apace across the entire Kingdom, and in particular around the popular cities of Morocco. Since 2004 land prices have soared by 2% in areas like Marrakech and Tangier.
Many pieces of land on which luxury Moroccan properties can be built, are owned by large families or cooperatives and to sell it would require an agreement from every single one of them. It takes a long time, and often doesn’t happen,” says Luxury Living in Morocco Experts, and holiday home company experts.
In Morocco, foreigners cannot buy and then resell land. They can only buy land to which they are going to add value. They can do this by building a residential building or tourist development. So property in Tangier for example and elsewhere in Morocco has to be lived in so the foreign buyers bring their wealth to the region, or it has to encourage visitors to the area – for example by providing holiday homes or other relevant developments.
Agricultural land is sold to a foreign investors together with a binding contract between the developers and the Moroccan local authority.
This Vocation Non Agricole (VNA) states that the developers must complete their projects, whether resorts, luxury villas and houses as planned, within a set timescale.
Morocco is encouraging international investors to develop the land and to creat jobs in the cities and villages.
Morocco property investment and luxury living in Morocco offers free advice and consultation. Contact from http://www.myasilah.com
