property boom in Morocco

Posted: Sun Sep 06, 2009 7:30 pm Post subject: property boom in Morocco

My goodness its quite frightening the rate that properties are flying up in morocco!!!! its like one big building site where ever you go! Shocked

no credit crunch in morocco! Surprised

Posted: Sun Sep 06, 2009 9:27 pm Post subject: Re: property boom in Morocco

Yes, it's true. But I think a lot of greedy developers will loose out for depending on foreign investors, who instead of bying properties in Morocco are selling them. We've seen a quite large development in Essaouira with about 400-500 appartments and with only 15 or 20 being sold in nearly 2 years. All due to overpricing and orientation to foriegn market. Of course they didn't expect recession in Europe to effect them . Also there are similar stories in many other towns. I think excess supply over demand is clear. And I think now is the customers market, where people can demand more for their money for the prices they're prepared to pay.

Posted: Sun Sep 06, 2009 10:31 pm Post subject: Re: property boom in Morocco

Mchicha, I know where you're coming from. Exactly the same in Oujda when I went last year, as for Saidia, can't believe the rate they're building there.

It's booming, but too quickly, can't see it being sustained.

Posted: Mon Sep 07, 2009 1:02 am Post subject: Re: property boom in Morocco

Have noticed a lot of building myself too. But the building is very slow and quality is very low (and yes i can comment, i come from the building industry Wink

)

Posted: Fri Oct 23, 2009 11:49 pm Post subject: Re: property boom in Morocco

Buying in Morocco for Brits and Europeans in not so glamerous now as both Euro and the Pound is weaker.. add to that many people dont have as much in way of disposable income ...

They may just end up with 1000;s of homes unsold...

Posted: Sat Oct 24, 2009 12:10 am Post subject: Re: property boom in Morocco

Posted: Mon Oct 26, 2009 9:01 am Post subject: Re: property boom in Morocco

I think it can be said that most property in Maroc is bought by people fel kherij. Given that the economy is in decline in most countries with the global recession and the downturn in property market, and the weaker currency rates, I think this will in time have an impact on property prices in Maroc.

If people fel kharij aren't buying because of those reasons, if these carry on for much longer, I would have thought it would slow the property market down in Maroc.

Posted: Mon Oct 26, 2009 4:47 pm Post subject: Re: property boom in Morocco

Nina, I think it's already happening, especially with properties with price tag 80k upwards (appartments).

Posted: Mon Oct 26, 2009 7:50 pm Post subject: Re: property boom in Morocco

Posted: Mon Oct 26, 2009 10:26 pm Post subject: Re: property boom in Morocco

It would seem that the ex-pat Moroccans are the only buyers of the tourest properties at the moment. They are paying very good prices with a fair amount of cash involved

I have experience of this and the last 4 or 5 apartments that have sold where I had my place have all been Moroccans

Posted: Tue Oct 27, 2009 9:13 am Post subject: Re: property boom in Morocco

Trouble is it's pricing out Moroccan people living in Morocco from being able to buy a property of their own. In the majority of cases, they can't compete with the disposable income of mgherba fel kherij. So this in turn increases the rental market which then puts up the rents. Msekin, when you look at average income in Morocco, out of which comes out the rent, food, clothing, school books, 3id, ou zid ou zid. Mind you, having said that, most people seem content enough, 9an3in oul 9ana3 fil 9alb

Posted: Tue Oct 27, 2009 9:15 pm Post subject: Re: property boom in Morocco

Posted: Wed Oct 28, 2009 9:08 am Post subject: Re: property boom in Morocco

Pauls, I'm sorry I keep forgetting that there are non Moroccan speaking people on this forum. Believe me even speaking amongst ourselves we slip in between moroccan and english

re my post above, the 'zid ou zid' basically means 'and so on and so on'

'9an3in oul 9ana3 fil 9alb' losely translated means that they are satisfied with what they have and such satisfaction comes from within (the heart = 9alb)

Back to your post. We have witnessed the same thing in the UK. Many people from larger cities say London, buy up second/holiday homes in more rural parts of the country say the Shire counties. This demands inflates the local property market which prices out the locals. So you have people who were born/grew up in a smaller town/village who can't afford to get on the property ladder in their locality. Result you have properties snapped up by wealthy out of towners that stay mainly empty for a large part of the year and the locals have to go elsewhere to be within a chance of buying a property. Some properties bought by out of towners were for buy to let schemes which again didn't really help the locals as the rents were astronomical.

I hear what you say about people investing their monies in property as a way of hiding their wealth, perhaps ill gotten gains and that may be true in some cases Allah wa3lem (God knows), but don't forget that the property market was seen as an alternative means of investment when the stock market hit the floor. Investment in gold seems to be the flavour of the month now.

Posted: Wed Oct 28, 2009 8:18 pm Post subject: Re: property boom in Morocco