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Real Estate Secrets: Property is booming in this Mediterranean country

Posted March 8, 2008

"Where on the Mediterranean can we buy a good piece of property cheaply with a high return on investment?" — Krista Das

Baltimore — (TFN): This is taken from TFN’s Smart Investing Market Insights video interview with Suzan Haskins, editorial director, International Living.

Krista Das: Over the past 30 years, International Living has proven to its 420,000 subscribers that you can live better for less overseas. International Living’s editorial director, Suzan Haskins, is here to tell us how to own property on the Mediterranean. So where on the Mediterranean can we buy a good piece of property cheaply with a high return on investment?

Suzan Haskins: I would go to Morocco. We think that it’s the real estate hotspot in the Mediterranean right now.

KD: Why the sudden rush to Morocco?

Click here to watch the financial video.

SH: There are a couple of reasons. One is that Morocco just signed an open-sky agreement, which means that there are a lot more airlines flying into Morocco, including some of the low-fare airlines, like Ryanair. As a result, a lot of Europeans are now coming into Morocco.

Also, there’s a program called Vision 2010 that the king of Morocco has taken on to bring more tourism to the country. He plans to spend an ungodly amount of money bringing new tourists to Morocco. So I think we’re going to see it as an emerging destination, not just for tourists but for people who are looking for a second home or a retirement place.

KD: Shouldn’t Westerners be worried about possible cultural shock and legal issues in Morocco?

SH: Well, there can be some of that, but I think it all depends on your individual tolerance.  Morocco is a Muslim country, but it does have a very liberal view. You can even get alcohol in Morocco. There are tourist destinations with casinos and resorts and all of the things that we’re used to as Westerners.

They do have a different standard of legal proceedings there. There are some things to beware of, of course, but I wouldn’t say that it’s insurmountable in any means.

KD: So where in Morocco would you start looking? Give us some examples of properties there.

SH: I’d start in Tangiers. Again, Tangiers is only ten miles from Spain, so it’s a very short ferry ride. Make that your point of focus. From there you can go to the Mediterranean Coast, or you can go down the Atlantic Coast of Morocco. And from Tangiers you’re going to find lots of new resorts being built. 

The king of Morocco is also an avid golfer, so he’s really behind spurring the development of golf resorts. You’ll find those all along the Mediterranean Coast and the Atlantic Coast. As for price ranges, anywhere from $100,000.00 to $400,000.00, depending on if you’re looking at a one-bedroom apartment or a villa, a freestanding townhouse with a couple of bedrooms, for instance.

KD: Any words of wisdom for investors interested in Moroccan real estate?

SH: Do you your homework before you go, and that goes for any place in the world. International Living is a great resource for anyone who is looking to buy international property. Goo first-hand information like that compiled by our contributors, is key to a good experience.

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Posted by Krista Das · Filed Under Investment Strategies 

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