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Morocco set to mushroom?

Tuesday, July 15, 2008

House prices in Morocco have been tipped to rise at a considerable rate over the next few years.

Authorities in the country have spent more than £7 billion on building new homes and improving its infrastructure.

This investment has formed part of a wider strategy to encourage more holidaymakers to visit the North African nation.

The government hopes that by 2010, it will be attracting about ten million visitors a year - up from 2.2 million in 2002.

According to Homes Overseas magazine, this is likely to have a knock-on effect on the Moroccan housing market, which could potentially encourage more foreign investors to look there for possible wealth-generating opportunities.

Commenting on the market's future prospects, the magazine said: "Expect property prices to appreciate significantly over the next few years."

Figures from the United Nations World Tourism Organisation, recently revealed that the number of international tourist arrivals in Morocco went up by more than ten per cent year-on-year during the first five months of 2008.