Just outside Casablanca is a palace owned by Saudi Arabia’s King Abdullah which is set to be the focal point of a new ‘mini city’, to be developed by the Middle East’s biggest construction firms.
Moroccans are buying up housing plots in the $346m development by Jeddah-based Saudi Binladin Group which will turn 250 hectares of former local authority land into homes for 150,000 people, hospitals and an artificial lake.
" The plots are selling like hot cakes, " said Nahid Iraqi of Saudi Binladin’s Moroccan-based affiliate Garan in September. " We expect to close the sale this month. "
The mini-city, called " Victoria City " has attracted widespread attention from foreign investors in real estate, tourism and manufacturing wishing to profit from a stable Arab state at a time of unprecedented regional turmoil.
Investment revenues are a boost for Morocco’s real estate as it seeks to diversify its economy beyond agriculture to focus more on automotives, renewable energy and infrastructure, reducing its reliance on farming.
The plots are selling like hot cakes
Increased investment will also help Morocco tackle youth unemployment and poverty, both catalysts in the uprisings experienced in countries such as Egypt and Tunisia. Economic growth has served to lift many Moroccans out of poverty although inequality is still high compared with other emerging markets, according to the IMF .
In addition to Victoria City, investment is pouring in to Morocco’s tourism sector with Qatari, UAE, Saudi and Kuwaiti money funding a development that will include an upgraded cruise-ship terminal, hotels, office and homes and a housing and tourism project in Rabat.
Morocco has become a top investment destination for Gulf capital, principally looking for safe-haven opportunities in the region but also for the exciting investment opportunities available. Growth in Morocco is being matched with further infrastructure development which is set to generate further returns for investors in the country.
Morocco remains a popular holiday destination for tourists from all over the world, attracted to its incredible architecture, fascinating culture and breath-taking coastal resorts.
Source: Property show rooms