Date : 12 September 2013 (News Section: Morocco)
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Could the Moroccan property market experience a Spanish invasion?The Moroccan property market could be under something of a Spanish invasion in the near future, as more and more people from the financially troubled European country look for a new life elsewhere. Bloomberg reported that Spaniards are increasingly fleeing joblessness in their home country and heading to Moroccan shores where there are more opportunities for employment.
Barcelona-born architect Jean-Pierre Monguard Estragues explained to the news provider that it’s much easier to find clients and projects in Marrakech than back in Spain. “The money isn’t the best pay I’ve ever had but it allows me to live and send some home,” he said. “Experience and know-how are much more appreciated here than they are in Spain.”
For Morocco, the exodus from Spain means not only will there be more people competing for jobs but the property market – including both sales and rentals – will become a much busier place. The number of Spaniard moving to Morocco last year was 32 per cent higher than in 2008, Bloomberg reported. After Latin American countries and other places in Europe, this makes it the most popular destination for Spanish immigrants.
Hein de Haas, co-director of the University of Oxford’s International Migration Institute, believes the increase in those migrating to Morocco is the result of business cycles. However, with the informal economy in the country estimated at 40 per cent of gross domestic product, Morocco’s Interior Ministry is urging Europeans to get permits to work.
Business is certainly looking up in Morocco as a whole, with the second home industry expanding and attracting domestic buyers as well as wealthy property investors, the Global Property Guidereported. A study from Aylesford International noted that activity is increasing, thanks to strong macroeconomic policies that have contributed to growth. Improving social indicators and an expanding middle class have also helped to give the market a boost. This comes at a time when the rest of north Africa has experienced unrest – disruption Morocco has avoided thanks to political reforms introduced in July 2011.
