Estate agents are excited by Moroccan government plans to increase public investment in the country's economy and infrastructure by 20 per cent in 2010. They hope this will help reverse a 25 per cent drop in property prices since 2008 which wiped out most of the 40 per cent gains made in the five years before the downturn.
Foreign buyers are prevalent in parts of the country like the medina in Marrakech where half of purchasers come from overseas, mainly Britain and France. Renovated medina riads cost from £300,000.
Big overseas hoteliers and developers developing leisure communities in the country attract overseas buyers. Jumeirah Group is the latest. It will manage the Jumeirah Marrakech Golf and Polo Resort, seven kilometres south of the city. Scheduled for completion in 2013, the resort will include 18-hole golf course, three five star hotels, two polo fields, souk, spa, shops, bars, restaurants and 50 villas.
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