Real Estate/Property Investment in Morocco
Many people in the overseas property industry are wondering what has happened to the Morocco property market in the last 3 years. It's a funny old tale really.
When property markets in the world's established markets were in tailspins starting from 2007, Morocco's property market was continuing to flourish, but in a different way.
The established markets were nearly all in a deep recession, meanwhile the Moroccan economy was still growing strongly (5% GDP growth in 2009) on the back of agriculture and construction. Because of this, development continued; with the internal housing market remaining strong even the luxury developments aimed at foreigners continued to spring up.
Sales of off plan properties dropped off badly as we entered 2009, this is when 95% of overseas property markets fell into crisis as overseas buyers dried up completely, well, that is the 15% that weren't already in crisis for the same reason.
During this time though, Morocco was still recording strong sales to foreigners, who were buying big riads at bargain prices, as the strong euro priced them out of Europe.
Now that European property prices have fallen considerably and the pound is once again heading upwards, Morocco is suffering now as the riad buyers look on the continent for a resale property within their budget.
Source:Property-Abroad
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