Hartlepool, United Kingdom (PressExposure) June 08, 2009 -- The Moroccan economy really is a shining beacon in a world of gloom, with growth forecasts of over 5% from a number of trusted organisations including the African Development Bank and the International Monetary Fund.
The main reason for Morocco's excellent economic performance is the record levels of rainfall in the country since last year, which is leading to massive growth in food production and agricultural exports. But even taking food out of the equation Moroccan economic growth was still recorded at 1.9% across all other sectors in the first quarter of this year.
Morocco became a favourite with overseas property investors last year and prices grew rapidly, but there is still a lot of growth to come, according to Les Calvert, director of overseas property portal Property Abroad.com.
"Morocco property shot up in value from mid-2007 till the end of the third quarter of last year. This still left prices comparatively very low compared to the world's developed market, and plenty of growth potential in reserve. With Morocco's current economic performance, even without foreign buyer's the internal housing market is still seeing growth. So people shouldn't expect to get a bargain, but if they want a high return investment Morocco should definitely be on their shortlist," he said.
"Price growth will accelerate once again, possibly even starting from the last quarter of this year, as there are figures to suggest pent up demand for overseas property, but definitely from the middle of next year. We're talking about 15-30% growth per year," he added.
Property Abroad is currently advertising dozens of properties for sale in Morocco, prices start from around Â£20k.