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French Investors Find Allure in Morocco's Real Estate Market
In a compelling trend, thousands of French nationals, notably those with dual citizenship, are journeying to Morocco annually to acquire property, as revealed by French real estate authority Michel Lechenault in a report published by "Particulier à Particulier," a platform dedicated to international real estate prospects for French investors.
The magnetism of Morocco's real estate market is attributed to a triad of factors: appealing property prices, geographical closeness, and the nation's Western-oriented culture. Lechenault's comprehensive report indicates that retirees, professionals, young individuals, and entrepreneurs are among the French demographics increasingly drawn to Moroccan real estate investments.
Cities such as Marrakech, Rabat, and Casablanca consistently emerge as the most coveted destinations for property acquisitions within the kingdom. Marrakech, for example, presents a diverse array of properties, from contemporary apartments to traditional riads, appealing to both local and international buyers. Casablanca, Morocco's economic hub, offers dynamic investment opportunities, while Rabat, the administrative capital, entices investors with its superior quality of life and modern infrastructure. Agadir, a favored tourist destination, also captivates real estate aficionados. Tangier benefits from its proximity to Europe and robust property demand, whereas Fez and Meknes cater to those seeking traditional residences.
Property prices in Morocco's most desirable cities oscillate based on location. In Rabat, prices span between €900 and €1620 per square meter, while in Casablanca, they vary between €1080 and €1800 per square meter. Tangier's average prices range from €900 to €1400 per square meter, with Marrakech offering a slightly lower spectrum of €900 to €1350 per square meter. Agadir presents more affordable prices, ranging from €720 to €1260 per square meter.
The report showcases numerous instances of properties attracting multiple buyers. For example, a 124-square-meter house in Fez, priced at approximately €100,000, has piqued the interest of 12 potential investors. Similarly, a 226-square-meter villa near Casablanca, with an estimated selling price of €191,000, has drawn the attention of nine buyers.
Beyond conventional houses, traditional Moroccan dwellings known as "riads" are also highly sought after by investors. The report further underscores the burgeoning interest in land purchases within Morocco.
In conclusion, the acquisition of property in Morocco is deemed an astute investment opportunity, whether for primary or secondary residence or for generating rental income. The allure of Morocco's real estate market continues to captivate French investors, presenting a prosperous landscape for both personal and financial growth.