Mention Tangers for most Europeans, and they will have a romantic vision of the interwar years when Tangier was a hotbed of spies and espionage or recalled those days when western bohemians, such as the Rolling Stones, were drawn to the city to smoke kif in the Hafa cafe. Even the ancient Greeks recognized his capabilities, referring to him as "the most beautiful city in the world."
Since then, the city has slipped into obscurity, as a combination of political mistrust (the king feared rebellion from his northern cities), and the subsequent economic inclination fed underdevelopment and poverty. But today Tangier is a city in motion; sunlight now builds the first brilliant facades, and on the views are visible construction cranes near the palms.
MASSIVE INVESTMENT TRANSFORMATIONS OF THE CITY
King Mohammed VI is the driving force behind this revival. He wants to turn this ancient trading city into line with the 21st century, because the strategic and geographical advantages of Tangier today are the same as they have always been, this is the gateway between Europe and Africa and the first main port at the mouth of the Mediterranean.
More than 1 billion euros of public funds were allocated as a physical indication of the king’s intention over large loans from the EU and private investment from France, Germany and the United Arab Emirates. The goal is to simply direct Tangier, turning it into an intercontinental shopping center between Europe, Asia and America. Supervising this ambitious project is one of the most inspiring local officials in Morocco, Mohammed Hassad, the governor of the Tanger-Tétouan region and a graduate of the elite University of Paris. Prior to his assignment to Tangier, he was mainly responsible for the “rebranding” of Marrakesh, taking him from the dusty desert city to an elegant, desirable place that attracted more than 4 million visitors a year.
The key to Hassad’s strategy was to introduce the infrastructure improvements needed to attract European visitors and the prosperity they bring back to Tangier. He wanted to recreate the glory days from the mid-1920s to the early 1960s, when intellectuals and spies introduced glamor and when Tangier was considered equal to any other major European city.
PROJECT KING-SIZED
The previous king of Morocco, Hassan II, had never visited Tangier, leaving the “rebellious region” to barons and cannabis smugglers. But the future king sent his early years to the city, and he could even be seen running around the neighborhood or water-skiing from the beaches. Today he invites celebrities and politicians to his palace in the hills overlooking the Bay of Tangier. His efforts attracted many celebrities and influential people to settle in the city; fashion designer Yves Saint Laurent, former Prime Minister of Spain Felipe Gonzalez and philosopher Bernard-Henri Levy.
But the project is much more than any person, regardless of its influence. In July 2007, the king opened a new port, Tanger-Med, located just 35 km from the city and built in record time and on budget. This new facility has been so successful that further expansion has already begun with the creation of the largest deepwater port in Africa with a capacity of over 8.5 million containers. (For comparison, Hamburg, the largest container port in Germany, passed this year only a year ago.) It is expected that the port will create 100,000 new jobs in the region, many of which will occupy middle and senior managerial positions by immigrant contractual specialists, creating significant area of demand for rental property.
Cargo ships will dock here, transport cargo from Asia and beyond for transport across the Atlantic or for transport to Europe by truck or boat. In addition, a new roll-docking station will be built, allowing to handle 1.5 million cars and five million passengers.
The outer areas of the Med port will also benefit from having three new special economic zones of about ten square kilometers for logistics, industry and commerce. Here, multinational companies start their business, taking advantage of the lack of import and export tariffs for the production and assembly of their products, and then they are sent to countries with which Morocco has free trade agreements, the United States and the European Union,
Back in September 2007, Renault Nissan announced the creation of a new car factory in Tangier, which will be located on an area of 300 hectares in the Mediterranean special economic zone of Tangier and will use the port of Tanger Med. Representing an investment of more than 600 million euros, the complex will create 6,000 direct jobs and 30,000 indirect jobs.
FURTHER TRANSPORT IMPROVEMENTS OF THE GROWTH DRIVE
Where today the city center is clogged with the road from the port, and the loading bays and cranes paint over the horizon, the city center will soon be transformed, since the existing port was rebuilt into a luxurious marina attracting the largest yachts for yachts, the richest people in the city. The huge bay of Tangier can be one of the most picturesque Mediterranean rivals in Monaco and Palma for glitz and glamor with expensive yachts, wandering from the shore and exquisite restaurants and boutiques lining the promenade.
And aspirations do not stop on the reached. Plans for the tunnel from Tangier to Spain continue, causing technical problems facing the Canal Tunnel, looking like a “child's play”, according to respected tunnel builder Giovanni Lombard, who in 80 years may never live to see his greatest achievement completed. So do not send ferry tickets yet, the earliest completion date is 2025.
This final link is expected to allow high-speed train travel from London to Tangier and Marrakech to become a reality, perhaps even one day, stretching Africa to Cape Town. Recently, an offer from several billion euros from a French consortium was made to link Tangier with Marrakesh high-speed TGV train with a trip time from about eight to two.
The international airport serving Tangier, Ibn Battuta International, is undergoing significant improvements, including a new multi-storey car park and baggage handling facilities, allowing it to receive a greater volume of flights. Previously, the airport was served only by Royal Air Maroc and British Airways flag carriers, who collected insurance premiums and controlled routes. However, the Open Skies Agreement, signed between the government of Morocco and the EU, opened air transport to the Kingdom, and low-cost carriers began announcing new routes to Tangier. Easy jet recently opened a service from Madrid and will soon begin work in Barcelona and the UK.
TOURIST ROOMS EXCEED THE EXPECTATIONS
The Vision 2010 program, launched by the Moroccan government in 2001, was aimed at increasing the number of tourists to 10 million by 2010. Currently, the number of tourists is 9.4 million people, only 600,000 people is an incredible achievement, given the global economic conditions. The new air routes and marketing campaigns in Northern Europe have been successful.
Revenue from the sector increased last year to $ 7.5 billion. US compared with 3.5 billion in 2006, which is 29.9% more than in the previous year. Moroccan state statistics also show that tourism revenues increased at a faster rate than parishes, which suggests that Morocco is increasingly attracting high-spending tourists, rather than an all-encompassing mass-market visitor.
BUT WHAT IS IT KNOWING TODAY AND REAL ESTATE REAL ESTATE?
When Emaar’s largest residential elites in the world and the creators of Sun City in South Africa decide to invest in the country, something is obviously happening. Property investors should view these enterprises as a massive vote of confidence in Morocco and a sign that this growth is a long-term long-term project from which they can make real profits, and not a bubble of speculators created by the influx of speculators.
High levels of capital growth. As real estate prices in the established markets of Northern Europe significantly affect the global credit crunch and loss of confidence, real estate investors look to Morocco as a country in which they can receive the income they previously received from their real estate investments.
The inevitable entry of low-cost carriers to Tangier Airport provides investors with an immediate investment opportunity in Morocco. One of the best ways to successful real estate investments is to buy in an area that should grow in the world. A recent study by Savills and Holiday Rentals showed that property prices within a radius of 10 miles from an airport served by a low-cost airline are about 40% higher than prices for properties located at a similar distance from airports with a paid service, which is 30% higher. It seems that vacationers want to save on travel, but are willing to spend extra money on living.
Increased rental demand - in North Africa, these trends were recently correctly identified, which led to an increase in demand for rental properties. As more and more visitors are discovering Morocco, it becomes clear that there will be more vacation permits and requirements in self-catering apartments.
10 REASONS MOROCCO CONSIDERS FOR INVESTMENT OF REAL ESTATE
1. Never repeat the prices of the initial level - similar to Spain 20 years ago.
2. Sleeping giant of Mediterranean tourism - less than 3 hours from the UK and Europe.
3. The Open Skies agreement opens Morocco to low cost airlines.
4. Vision 2010 has increased tourism, improved infrastructure and revolutionized the real estate market.
5. All year round means the 12-month season.
6. Strong political support combined with substantial public investment.
7. Massive private sector investment.
8. Investor-friendly tax treatment - 0% IHT, 0% CGT in 10 years, 0% Income tax for the 1st 5 years of ownership.
9. Lack of rent in the European standard for international business.
10. 100% repatriation of profits for sale.
