And the Boom Goes On
But not in the usual places. This article (in French) at the LeMonde.fr newspaper website describes new real estate projects going up in Morocco.
[Thanks to morocco-property.com for the image.]
Yes, it seems that since 9/11 the petrodollars are not as welcome as they used to be in the Western world, so the Arab Emirates, Kowait, Bahrein, and Qatar have turned their attention elsewhere.
Morocco is expecting some $3 billion dollars worth of investments in 2007 alone, two-thirds of which come from the European Union, mainly France and Spain. The Moroccan Economic and General Affairs Ministry expects the Arab nations to equal Europe by 2008.
There will be Tinja, a whole village of 2,500 luxury homes, a sports club, hotels, stores, worth about $billion. They will rehabilitate a well-known site in Rabat for $12 billion over seven years, and carry on three other tourism projects around Marrakech.
Then Dubai will develop similar projects between Rabat and Sale, as well as one in the port of Tangiers.
Near Tangiers it's the Qataris who will build a competitive luxury project 1.5 miles along the Atlantic. There will be a golf course, a equitation center, a conference center, and a casbah (Moroccan marketplace).
Gee, we could have used some of that money in Los Angeles to repair the potholes.
[Thanks to morocco-property.com for the image.]
Yes, it seems that since 9/11 the petrodollars are not as welcome as they used to be in the Western world, so the Arab Emirates, Kowait, Bahrein, and Qatar have turned their attention elsewhere.
Morocco is expecting some $3 billion dollars worth of investments in 2007 alone, two-thirds of which come from the European Union, mainly France and Spain. The Moroccan Economic and General Affairs Ministry expects the Arab nations to equal Europe by 2008.
There will be Tinja, a whole village of 2,500 luxury homes, a sports club, hotels, stores, worth about $billion. They will rehabilitate a well-known site in Rabat for $12 billion over seven years, and carry on three other tourism projects around Marrakech.
Then Dubai will develop similar projects between Rabat and Sale, as well as one in the port of Tangiers.
Near Tangiers it's the Qataris who will build a competitive luxury project 1.5 miles along the Atlantic. There will be a golf course, a equitation center, a conference center, and a casbah (Moroccan marketplace).
Gee, we could have used some of that money in Los Angeles to repair the potholes.
Labels: economic humor, economics, petrodollars
posted by Katy Delay at 11:56 PM
2 Comments:
I also noticed that prices for Morocco property go up every year. And it means that investment in real estate will be very profitable. Today Morocco is a promising emerging market and a huge growth in developments to the region is living proof of this. The Moroccan government's commitment to increase the numbers of tourists is a real incentive for developers and investors alike.
As the country offers everything from economical apartments to million pound villas, Morocco property investment is attracting all types of investors, from the first time buyer to the more seasoned investor, all of which are keen to tap into this emerging market.
Morocco’s Government aims to boost the number of overseas visitors from 6 million as it is currently to 10 million by 2010, and the country’s mortgage market is also becoming more sophisticated. Mohamed Hassad therefore has reason to be hopeful about the level of interest from overseas property buyers over the coming years.
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