Morocco aims to attract over 10 million visitors by 2010
Culture - The magical country
Officially known as the Kingdom of Morocco, this exotic and cosmopolitan country covers 171,834 sq miles and has an estimated population of 33,000,000.
Bordering both the Mediterranean and Atlantic, Morocco offers a delightful all-year round climate and exceptional physical beauty that ranges from unspoilt coastline to stunning mountain ranges and the rugged wilderness of the Sahara.
The pace of social change and economic improvement is supported by the energetic and extremely popular young King, Muhammad VI. By encouraging foreign investment and infrastructure development he is rapidly leading Morocco to the international top tier of property investment and tourism.
Marrakesh, the centrepiece
In Marrakesh, you can be sunbathing by the pool and then, within an hour, be skiing on the slopes of the Atlas Mountains. European artists, writers and musicians have long been inspired by this Imperial desert city surrounded by red ochre walls and green palm trees. Dominated by the imposing Koutoubia Minaret, Marrakesh combines ancient with modern and now offers the opportunity of a burgeoning property investment market.
Did you know? About three-quarters of all present-day Moroccans are of Berber descent.
History - From ancient culture to progressive monarchy
The area that is now Morocco was originally occupied by the Berber tribes. It came under Phoenician rule between 10th-3rd centuries BC and then became a Roman colony in the 1st Century AD. From the 11th Century AD, the region was united under the Almoravids, who ruled an empire that include Morocco, Spain and Algeria.
It may come as a surprise that Morocco was the first nation, in 1777, to recognize the newly formed United States as an independent nation. Today, the Moroccan-American Treaty of Friendship remains as the United States oldest non-broken friendship treaty. To date America is the largest foreign investor in Morocco.
In 1912 Morocco was divided into French and Spanish protectorates only becoming fully independent from France in 1956.
Modern Morocco
In 1957 the Sultan became King Muhammad V and soon embarked on a foreign policy of “positive neutrality”. After the king's death his son Hassan II ascended the throne. He soon enacted a new constitution that established a two house parliament. King Hassan died in 1999 and was succeeded by his son Crown Prince Sidi Mohammed, as Muhammad VI.
More reasons to invest in property in Morocco?
Star-performer emerging market. Perfect time for property investment (Source: Aviva Global Equity) Annual capital growth over 15%, and up to 30% in some locations (Source: Homes Overseas) Emerging boom property market with prices 50% lower than most European Markets No rental tax for 5 years Rental yields of up to 20% per annum Dynamic tourist industry creating a huge demand for rented accommodation (Vision 2010 Project) Year round rental market No inheritance tax on title transfer within the family, given a Moroccan will Safe investment, with a notary-supervised property register modelled on those in France and Spain
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Emerging Market Morocco is less than 3 hours flying time from most other European cities Becomming very popular with the rich and famous Government support to promote resort areas to attract foreign owners Morocco aims to attract over 10 million visitors by 2010 Cost of living is relatively low Warm and sunny climate with low rainfall. A tourist attraction which is growing rapidly - countryside is stunning and mountainous, with beautiful Mediterranean beaches
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3/11/2010
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Star-performer emerging market. Perfect time for property investment (Source: Aviva Global Equity)
