Morocco

Morocco’s government is going all out to pump-prime its housing market. The Moroccan housing market was somewhat weakened by local and global crises in 2007 and 2008, and the government is trying to lure Moroccans living abroad to buy properties in the country, by offering 25-year 100% loans up to US$100,000.

Unlike most countries in the Middle East, Morocco has long encouraged foreigners to purchase and invest in property in the Kingdom. Foreign citizens can freely buy, rent and invest in land and real estate in Morocco (except agricultural land).

Central to the government’s plan of boosting real estate and tourism investment is Vision 2010. The ambitious plan laid down in 2001 by Morocco's King Mohammed VI, aimed to increase tourist arrivals to around 10 million.

Despite the global economic slowdown, the government was undeterred and continued to increase spending for the construction and renovation of roads, airports, and seaports. Work began in April 2009 on a new high-speed railway connecting the key cities of Tangier and Casablanca. It is expected to be completed in 2016.

The increase in government spending combined with good harvests since 2008 has helped the Moroccan economy grow at impressive rates, despite the global crisis. The economy grew by 5.6% in 2008, and growth is expected to have been 5% in 2009.  GDP growth of 3.5% is forecast in 2010.

» To continue reading this article, subscribe now!