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Overseas property investors, in particular northern Europeans, are attracted by the fact that a quality residential product is available just a few kilometres over the water from the Costa del Sol and the Algarve, but at a fraction of the price, with better weather and a lower cost of living to boot. Most are buying off-plan in new coastal projects, the more adventurous are buying up traditional old Riads ripe for renovation, whilst the middle-ground is taken with brand new properties built in traditional Riad-style.
Beginning with the brand new coastal resorts, Plan Azur is the centrepiece of King Mohammed’s Vision 2010. Plan Azur represents a sextet of brand new high-end coastal ‘King’s Resorts’, five on the Atlantic and one on the Mediterranean (namely Mediterrania Saïdia near Oujda). The scale is quite colossal, with up to 50 new luxury hotels, a multitude of marinas, golf courses, conference facilities and commercial centres all dressed with thousands of units of residential property. The theory is that upmarket facilities will attract upmarket tourists and property investors, therefore generating the greatest income for the Moroccan treasury.
Dominic Chapman, Director of International Property Consultants NSP International comments, “We recommend restricting a property purchase to the confines of the King’s Resorts for peace of mind as anything else will not have the direct backing of the Government and could carry certain problems such as poor infrastructure, road connections and maybe even a lack of planning permission."
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