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Big Property Spenders Return to Marrakesh - 9 February 2011

Marrakesh is once again on the radar of wealthy British investors, it has been reported.

Realtors are seeing a rise in interest among British buyers looking to spend £2 billion to £4 billion on property just outside of Morocco’s great cultural city. More developments are underway in areas like Palmeraie, a lush resort town on the outskirts of Marrakesh that already boasts a world-class golf course and a number of luxury resorts.

Before the recession, Morocco’s middle-end property market (from £100,000 to £500,000) was experiencing the most growth. Many overseas investors were purchasing second homes, riads and small hotels that they could renovate and turn into rentals. Now, this middle sector has slowed down, as investors with more modest incomes are slower to buy and are instead showing interest in easier-to-rent-out properties in Spain or Portugal.

However, high-end investors have never really taken their eyes off of Marrakesh. They may’ve been a tad shy to purchase homes during the financial crisis, but the city has always been a preferred holiday destination for many British celebrities and socialites looking to catch a little sun the winter and spring months.

The Moroccan government has also been helpful in ensuring that wealthy overseas investors continue to buy property in its country. A number of infrastructure improvements have been made throughout Morocco and construction hasn’t slowed down on new developments despite the rising cost of building materials. The country also has initiated a string of incentives to alleviate the lack of low-cost properties, including offering no inheritance tax and no capital gains taxes on properties after 10 years of ownership.

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