Property in Morocco Proving Profitable

It would be a bit naïve to suggest that there hasn’t been a tightening of belts when it comes to investment in international real estate over the past twelve months.  But some markets have proved profitable and of interest even when the global credit crunch has crushed others.  Morocco is one such market and even in 2008, property in Morocco is proving profitable.

Dubai based international real estate developers Emaar Properties specifically cited Morocco as one of the markets that has helped them remain in a strong financial position throughout 2007, and what’s more, other global names are lining up to invest money into property in Morocco in 2008.  These facts should give individual investors maximum confidence in Morocco as a location consideration for portfolio expansion going forward…

With its global real estate concerns currently valued in the region of USD 100 billion, and with developments under construction in a broad range of nations such as Turkey, India and Morocco as well as the UAE, Emaar is massively exposed to fluctuations in the fortunes of many countries’ property markets.  However, in a recent statement issued by the company following the announcement of Emaar’s excellent 2007 profits, the company’s chairman Mohamed Ali Alabbar cited Morocco as one of the markets that brought it to profitability last year.

The company achieved a 3.2% year on year rise in profits and Jordanian based property developer Mawared is hoping that it can also use the Moroccan market to increase its profits from 2008 onwards.  Earlier this month the developer signed a massive joint venture with the largest state fund in Morocco to develop projects in the likes of Fez and Tarfya in southern Morocco.  The developments combine residential real estate and leisure based commercial properties into mainly tourism and international property buyer focused centres.

Mawared are not only banking on the fact that Emaar have proved that property in Morocco remains profitable but quite possibly they are banking on the impressive numbers coming out of the Moroccan tourism market as well.  In a statement from Tourism Minister Mohamed Boussaid earlier this month, the minister advises that the tourism sector generated in the region of 5.27 billion euros in 2007.  It seems there is potential and confidence in Morocco therefore…

Special Reports: Property News for Morocco

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