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Construction Developments To Further Boost Tourism and Property in Morocco - 29 September 2010

With estimates of £10 to £20 billion in construction projects planned in Morocco, the North African country shows great confidence in the future of its tourism and property markets.
Demand for property currently outweighs supply in Morocco — by a shortfall of 610,000 homes — even though some 300,000 homes were built in 2008, well after the recession hit.

In 2009, Morocco’s GDP rose by 5 percent and is expected to continue to increase 4 percent annually through 2020. With so many projects on the horizon, Morocco is also poised to be one of fastest growing construction markets in the next ten years.
The government has devised “Plan Azure,” a £3.8 billion plan that hopes to increase tourism with six new coastal resorts — five on the Atlantic and one on the Mediterranean. It has also instigated the New Cities Program to build 15 new cities across the country and improve infrastructure. Plans include £3.3 billion in road upgrades, a £1.6 billion high-speed rail line, two nuclear energy plants and £2 billon worth of wind and solar energy projects.

With the number of visitors expected to reach £10 million this year, luxury hoteliers are also getting projects underway. Marriott has already announced plans to build a resort in Morocco and Dubai-based Jumeriah Group has also expressed interest in the country.

Investors are also taking note of the tourism boom, weighing their options between fixing up riads and waiting to buy new developments. While refurbishing a riad can be pricy, rentals usually go for about £500 week, offering steady profits. New resort developments on the other hand may be expensive up front, but will offer holidaymakers amenities like spas and golf courses.

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