Innovative land & property investments
Morocco Property Investment News
First of Morocco's Vision 2010 properties released
It has been announced that the first of the Moroccan government’s luxury ‘Vision 2010’ developments – the Tinja development – has been launched, while reports of a considerable growth in foreign direct investment (FDI) into the country point towards the initiative being a success.
The string of luxury resorts – of which the Tinja development is a part – is an important element of King Mohammed’s master plan for the growth of Morocco’s tourism sector. Through building new resorts, training at least 70,000 hospitality professionals, developing infrastructure and creating 160,000 new hotel beds and leisure and catering facilities, the strategy aims to attract 10 million tourists per year by 2010.
Morocco is regarded as a fashionable and ‘up-and-coming’ holiday destination, and as investment in Moroccan property has taken off, related sectors have seen the benefits: between 2002 and now there has been almost a 33% rise in construction jobs. Property and tourism are intended as a driving force behind the economic growth of the country, and government figures indicate this has been a success: FDI has reached US$0.91 billion, from US$245 million in 2002.
Morocco’s investment-friendly climate is apparent from the comments of its housing minister, Ahmed Toufiq Hejira, on the progress of the ‘Vision 2010’ developments: “We are pleased to encourage international investors to develop the land and to create jobs in the cities and villages.” He added, “it is ensuring that the real estate is growing as a contributing sector to the overall economy.”
According to real estate agents, investors in Moroccan property are made up of several different nationalities and are growing in number. In particular, increasing numbers of French, Spanish, American, Russian, Belgian, Italian, Kuwait, UAE and British investors have been purchasing in the country.
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