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Morocco Economy - Real estate Growth & Economic Indicators

Morocco’s strong economic performance clearly demonstrates that the economic and structural reforms undertaken since the mid-1990s are working well.

Morocco Economy

African economies in general are on the up, with Gross Domestic Product (GDP) for the continent standing at 5.5% in 2006, with the same expected in 2007. Moroccan GDP for 2006 stood ahead of this average at 6.7%, an increase of 8% on the previous year, while per-capita GDP has risen significantly since the turn of the century.

Morocco also beat all other African nations in last year’s world stock market performance league (Source: The Guardian).

This kind of economic growth provides an excellent stimulus to the domestic property market.

Morocco’s strong economic performance clearly demonstrates that the economic and structural reforms undertaken since the mid-1990s are working well.

Many of these reforms, such as local stock market modernisation, have facilitated Moroccan trade with the EU and USA.

More recently, Morocco has introduced measures to boost foreign direct investment and trade, including the signing of a free trade agreement with the US which came into force in January 2006, and the selling of government shares in the state telecommunications company and in the largest state-owned bank (Source: IMF).

Morocco Property Market

Such a positive attitude towards overseas investment makes Morocco a highly attractive prospect. Advancements in the country’s taxation and banking systems, as well as improved credit availability, have been key changes. The most positive amendments have been noted in the ease of registering property.

Previously, ranked at 102 in the world, Morocco has now moved 49 places to 53rd in the world for easy processes for property registration. These moves to reducing ‘red tape’ have contributed to the westernisation of Morocco’s property market, opening up the country’s potential to foreign real estate speculators.

If you choose to invest in the Moroccan property market, you will certainly be in good company. According to the Financial Times, “Morocco is experiencing a booming property market, and one particular area of growth is luxury property.”

Richard Branson, members of The Rolling Stones, Malcolm Forbes, and David Beckham are just some of the world’s rich and famous who have bought property in Morocco, keeping its media profile as hot as its weather and fuelling further demand.