Morocco – The Ideal Destination for Tourism and Overseas Investment

Morocco – The Ideal Destination for Tourism and Overseas Investment.
In the last few years Morocco has emerged onto the world stage as a real estate investment option, mainly due to the Moroccan government enacting policies aimed at increasing real estate investment in Morocco but also due to increasing attention from celebrities and fashion conscious designers who see the unique Moroccan style as increasingly en vogue. Morocco has long boasted a culturally diverse population of Arabs, Berbers, Jews and Christians, as well as many Northern European expats and this stable western looking democracy offers an example to many countries on how to celebrate cultural differences. Furthermore Morocco’s cuisine is known the world over for its diversity; the diet of fresh salads, seafood and couscous offers far more choice than the classic kebab.
Today this sleeping giant of tourism has its eyes firmly fixed on becoming one of the most popular tourism destinations in the world and is exploiting its culture, history and proximity to Europe in order to achieve its goals.
Tax Exemptions for Overseas Investors
To aid and assist real estate investment in Morocco, the government has announced numerous tax exemptions including no tax on rental incomes for the first five years, exemption from local taxes in certain areas, zero inheritance tax and zero capital gains tax after a certain period. These generous tax allowances and the government’s own initiatives make Morocco unique and highly attractive to the savvy overseas property investor.
Plan Azur Drives Growth
As well as the tax exemptions the government has enacted the Plan Azur development policy which is based around developing six regions of Morocco for tourism and overseas investment. Plan Azur is part of the ‘Vision 2010’ programme that is designed to facilitate overseas investment and double tourism numbers in Morocco.
Although Marrakech has long been the premier tourist destination in Morocco; ‘Vision 2010’ is aimed at developing the tourism industry in Morocco and Plan Azur in particular is aimed at attracting overseas investors from Europe and the US to the coastal areas. Six major regions namely, Saidia, Larache, Mogador, Mazagan, Taghazout and Plage Blanche will benefit from Plan Azur.
Overseas investors can also choose from a wide variety of projects that fall under Plan Azur. From the world class casinos of Mazagan to the stunning landscapes and beaches of Plage Blanche, there is something for everyone in Morocco. Saidia has penthouses, villas and apartments for sale next to its three golf courses. Other areas under Plan Azur will offer properties for real estate investors centred around various sporting, cultural or touristic facilities. For instance, Port Lixus, Larache on the Atlantic coast, is situated next to the ruins of a large Roman city, whilst the Mazagan Resort will draw heavily on its inspiration from another Kerzner group development, Sun City in South Africa.
With time, all six destinations under Plan Azur are expected to develop into real estate investing hubs and people looking to invest in Morocco should ideally invest in Plan Azur real estate now. The price of real estate is expected to rise considerably once all Plan Azur destinations are fully developed and have establish themselves as popular tourist destinations.
Open Skies for Airlines
The third element driving the economic growth in Morocco is the opening of the countries air routes to airlines. The agreement signed in 2006 will allow many of the budget carriers offer flights at considerably reduced costs compared with today’s “flag carrier” rates. As the new resorts open these carriers will promote and fly to the destinations creating a ready pool of rental clients for the completed projects. For overseas property investors this means that Morocco not only offers an attractive buy to let option but also the chance to buy in advance of the opening of air routes – a classic and successful overseas property investment model.
For investment advice and more information on Morocco real estate visit www.moroccansands.com

Article Source: Main Articles

Marie Humphry is the author of this article on Morocco Property. Find more information about morocco property investmenthere.

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