Where to Find Cheap Morocco Property

Country:  Morocco

A budget of £80,000 can go a long way towards buying a cheap Morocco property, North Africa, despite the fact that property prices have been appreciating annually at a significant rate – up to 30 per cent in recent years. Furthermore, the cost of living is far cheaper in Morocco than in the UK, so it is possible to experience a comfortable lifestyle at relatively low expense.

A three-hour flight from the UK, tourism is growing rapidly in Morocco. Its royal leader, King Mohammed VI, a young and forward-thinking monarch, possesses ambitious plans for his country. He has committed to increasing tourism from 2.2 million visitors in 2002 to ten million by 2010, in accordance with the national tourism strategy ‘Vision 2010’. The country has already signed the Open Skies agreement, which is facilitating this growth through increasing the number of airlines flying to Morocco. This includes low-budget carriers such as easyJet, Thomson Fly, Atlas Blue and Ryanair.

According to the Official Airline Guide (OAG), there were around 39 flights a week between London airports and Marrakech before the EU Open Skies agreement was implemented in 2006. But Adam Cornwell of GEM Estates reports that there are now over 100 direct flights every week between the two cities, making tourism the third largest source of revenue in Morocco, providing around seven per cent GDP. However, the aim is to ensure that the tourism sector accounts for around 20 per cent of the GDP by 2010, which will help create an additional 600,000 new jobs. As part of this programme, miles of coastline, urban locations and infrastructure will be dramatically transformed, while a number of new residential-led resorts are being built.

Robert Shaw of Morocco Properties says: “The King’s vision is set to dramatically increase Morocco’s standards of infrastructure and tourism facilities, which will undoubtedly have a very positive effect on any property investments made today.”

The rise in tourism has not only improved the Moroccan economy but is also boosting demand for property in Morocco, strengthening the country’s property market. Michael Kent of Moroccan Sands reports that the market in Morocco is at the start of the development cycle and so investors buying property in Morocco are entering a buoyant market backed by massive government investment and over $18 billion of private finance from the UAE. Consequently, the country now has one of the fastest-emerging property markets in the world.

Steve Worboys of Experience International comments: “Moroccan property in response to this government initiative has been growing at a fast, yet sustainable pace. Its proximity to Europe, along with its warm Mediterranean climate and significantly lower property prices compared to nearby European markets, has turned the country into a hotspot for foreign property investors. Morocco is fast establishing itself as a substitute product for traditionally popular destinations such as Spain and Portugal.”

Property in Marrakech

Marrakech, which is commonly referred to as the Red City, is increasingly popular with tourists and overseas nationals buying property in Morocco. The city is the second largest in Morocco, after Casablanca, and is located south-west of the country in the foothills of the Atlas Mountains.

Shaw comments: “Marrakech is exotic and chic and is firmly establishing itself as a premier city break destination and the golfing centre of Morocco. It already has an established rental market and with comprehensive long-term development plans it offers a low risk investment with the opportunity for outstanding appreciation returns.” 

Worboys reports that prices of property in Marrakesh  witnessed significant annual growth of up to 30 per cent over the past three years. A shortage of high-quality properties should ensure that this level of appreciation is sustainable over the foreseeable future. It is still possible to buy property in some parts of the city for under £80,000.

GEM Estates is currently selling off-plan apartments in El Oasis de Marrakech, located in the upmarket La Palmeraie area, with prices starting from €96,000 (approx £70,000). Surrounded by sub-tropical gardens, facilities will include a spa, swimming pools, restaurants, supermarkets, tennis courts, gymnasium as well as a bank and business centre. Those who buy property in this development are also being offered the option of a ten per cent rental guarantee for ten years by the developer.

Elsewhere in Marrakech, Experience International and Moroccan Sands are currently selling a selection of Arabian-style apartments in the five-star Atlas Golf Resort, also situated near the prestigious Palmeraie area. Property prices currently start from around £62,000.

Property in Tangier

Elsewhere, £80,000 will go a long way towards buying a property in Morocco in the vibrant city of Tangier, which possesses superb infrastructure and is located along the northern Mediterranean coastline, within close proximity to mainland Spain. 

Amelia Gristwood of Saffron Villas reports that Tangier is growing in popularity as a holiday home destination. It is reported that easyJet will soon start flying into Tangier, which will undoubtedly increase tourism further. It is still possible to buy an apartment for under £60,000 in the area. Prices of property in Tangier, for example, currently start from £58,000.

Shaw reports: “Over the past three years, property prices in Tangier have experienced phenomenal growth. With many souks, traditional Moroccan cuisine and nightlife, Tangier is the perfect destination to experience Morocco’s diversity in both flavour and culture, as well as an excellent place to buy a property whether for investment or as a holiday home.”

It is also worth noting that construction work on a 39km rail tunnel will soon get underway. Worboys reports that the new route will eventually run between Punta Palomas, 40km west of Gibraltar, and Punta Malabata near Tangiers.

Worboys says: “With the only other land route to Africa requiring a detour of thousands of miles, via the Middle East, it is not difficult to imagine the enormous effect that this new rail link will have on Morocco’s strategic importance and on property values in Tangiers and the nearby popular northern Mediterranean coastal resorts of Cabo Negro and Tetouan.”

Property in Tetouan

The Mediterranean coast of Morocco is similar to that of the southern coast of Spain, except prices of Tetouan property are much cheaper. Experience International is currently selling apartments in a development called Playa Vista, in Tetouan, located 25 minutes from the vibrant area of Cabo Negro. A one-bedroom apartment with sea views currently starts from £49,850. 

Property in Saidia

Mediterrania Saïdia, located in the north-east, is a slightly more upmarket Mediterranean coastal resort, which is also proving popular with foreign property buyers. The area features three 18-hole golf courses, 840-berth marina, six kilometres of beachfront, plus other sports and shopping amenities. 

Property in Saïdia includes new build condominiums within the Sahara Beach Resort & Spa, where the architecture follows a mixture of Moroccan, Andalucian and Roman styles, and are available from around £76,000. Elsewhere, sea view apartments in a new five star apart-hotel development called Le Jardin de Fleur, a Sahara Beach Resort & Spa, are available from £75,500. Apartments in this tourist development are subject to a fully managed leaseback system, in which proprietors enter into a rental pool. Owners are also offered the opportunity to use their apartment for a period of up to six to eight weeks per year for personal holiday use.

Cornwell concludes: “With all the emerging market hype surrounding so many destinations people have a misconception that markets such as Morocco will come and go overnight. Morocco is here to stay and will continue to grow for many years to come. Morocco is a large country with infinite appeal. Expect average prices for Morocco property appreciate annually by 15 to 20 per cent over the next five years or so.

First published in March 2008.
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.

See all properties in Morocco

Some properties in Morocco

	CD03 - Cabo Dream Apart-Hotels, Cabo Negro, Morocco
	Price: £23,457 Type: Apartment, House Bedrooms: 1
	The development occupies a strategic location in an elevated position, offering incredible and truly panoramic views of the Mediterranean, Cabo Negro Golf Course, the Rif Mountains (snow-capped in the winter) and the magnificent Tetouan river valley.
	View details | Enquire further

	Ref 2881724, Tanger-Tetouan, Tetouan, Morocco
	Price: £24,657 Type: Apartment Bedrooms: 2
	Every investor’s dream, these space efficient apartments will be turn-key properties including a comprehensive furniture pack, white goods, satellite TV and a whole host of on-site facilities.
	View details | Enquire further

	Ref 897085, Tanger-Tetouan, Tetouan, Morocco
	Price: £25,700 Type: New Home
	Cabo Dream is situated in the pleasant area of Cabo Negro on Morocco\'s Northern Mediterranean coast.
	View details | Enquire further

	Ref 3046359, Tanger-Tetouan, Tangier, Morocco
	Price: £28,766 Type: Apartment Bedrooms: 23
	New community of apartments just outside of Tangier in a touiristic zone. Aimed at the local Moroccan middle class market where there is very high demand for this type of accommodation. Excellent sea views from many properties.
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	MG001 - MG Apart-Hotels, Cabo Negro, Morocco
	Price: £29,999 Type: Apartments Bedrooms: 1
	Last Few Units Remaining Situated near wide, sandy beaches and Northern Morocco’s finest golf course at prestigious Cabo Negro.
	View details | Enquire further

	Ref 2693539, Oriental, Berkane, Morocco
	Price: £40,000 Type: Apartment Bedrooms: 3
	In the Moroccan province of Berkane, between Melilla and Algeria, lies Sa?dia, home to premier tourist complex of apartments and villas. The villas and apartments created in this development provide a variety of living options to suit the need of
	View details | Enquire further

	Ref 2693540, Oriental, Berkane, Morocco
	Price: £40,000 Type: Apartment Bedrooms: 2
	In the Moroccan province of Berkane, between Melilla and Algeria, lies Sa?dia, home to premier tourist complex of apartments and villas. The villas and apartments created in this development provide a variety of living options to suit the need of
	View details | Enquire further

	Ref 2881709, Tanger-Tetouan, Tangier, Morocco
	Price: £41,095 Type: Apartment Bedrooms: 3
	The Tangier city apartments are in a busy residential area of Tangier. Set on 6 floors, the building offers excellent all year round rental potential.
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	CP-APT-AR001 - Marrakech Apartments, Gueliz, Marrakesh
	Price: £42,940 Type: Apartment, Duplex Bedrooms: 1
	Duplexes, Studios and Appartments directly in Gueliz, highly sought after area in Marrakech, in the moroccan mythic city. All amenities are nearby including shops, restaurants, bazars and a lot more ...
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	Ref 2881639, Tanger-Tetouan, Tangier, Morocco
	Price: £45,204 Type: Apartment Bedrooms: 23
	Excellent value apartments in Tangier with offices also for sale.
	View details | Enquire further

See all properties in Morocco