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Retirees tempted by Moroccan property
Sun, sand and tax benefits - three reasons why Moroccan property is rising in popularity with British retirees
Foreign exchange specialists Currencies Direct recently revealed that there has been a significant surge in demand for Moroccan dirham, suggesting the North African country is becoming increasingly popular with property-seeking Brits.
According to the company's latest Overseas Property Investment Index (OPII), buyers aged 60 or over are finding themselves particularly attracted to the idea of owning a property in Morocco. In fact, the OPII data revealed that Morocco is the third most popular destination for property purchasers in that age range, behind Spain and France.
""Morocco benefits from coasts on both the Atlantic and the Mediterranean, giving the growing number of retirees that we have witnessed purchasing property there a choice of dramatic beach locations," states Mark O'Sullivan, a director at Currencies Direct. "Its government also has an agreement in place with the UK to ensure that residents are not taxed by both countries, and many will also be pleased to hear that inheritance tax does not exist in Morocco," he adds.
The country's government has been actively targeting foreign investment in recent years, with its Vision 2010 scheme aiming to attract 10 million tourists to the country annually by 2010 - an initiative that has really sparked property interest from overseas in the country.
In order to make such increased tourism a reality, Morocco has been undergoing mass redevelopment over the past few years - especially its coastal areas - with numerous property and tourism resorts being constructed. In the past month alone three major new projects have been announced in the country.
The property arm of Russian gas giant Gazprom is expected to invest around 1 billion euros into Morocco's property market, with the construction of two new projects - a coastal resort near Tetouan on the Mediterranean Coast and a golf resort in the Rif Mountains.
A British company, Bridgehouse International, will also invest in a Moroccan development. Les Terrasses d'Agadir, will be located on the Atlantic coast and will be a 147-room apart-hotel that offers investors the opportunity to buy a fully managed and furnished four-star serviced apartment.
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For more information visit:
www.currenciesdirect.com
www.bridgehouseinternational.com
Article first published 18 July 2008