How do you identify emerging markets and what makes you recommend Morocco?
Grosvenor Park International looks at the whole package. Morocco has been in our mind for a long time due to its political stability. The country also has very modern views in regard to how Islam can work and live in harmony with the western world. The King of Morocco holds most power in the country and he has come up with 'Vision 2010' to attract 10 million tourists per year. The infrastructure and accommodation to cope with this influx of people is already on the way to being established. Morocco attracted 5.8 million visitors in 2005 and is the third most visited African country – after Egypt and South Africa. The King himself is very determined. He has put £2.2 billion of his own money into developing the property market and he is backing the 'Plan de Azure': six resorts with championship golf courses, hotels, marinas and so on.

Which other property market is Morocco following?
They have learned from the mistakes of Spain against creating concrete jungles, and also looked at the good developments of the United Arab Emirates, but at the same time tried to avoid the rules and restrictions that might put some investors off entering a Muslim country.

What properties represent the best investments?
All new build properties are freehold and the property laws are not too dissimilar to those in the UK – they are actually based on French laws. However, it's important to know that if you buy an older property you must get all the shares. This is because, according to the Koran, property passes down to a number of relatives: so you need to get shares from uncles and so on, as they have a year after the sale to stake a claim for the property.

Where should people look in the future and what is likely to affect property prices?
People are attracted to Marrakech as the infrastructure is in place. In the next five years Fez is likely to be a hotspot and you can still pick up property there for under £40,000. Morocco is on the road to accession to Europe and there is a tunnel - planned for completion by 2010 – that will link Tangiers with the Costa del Sol, and both these factors should have a big impact on future property prices.

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Article published November 2007