morocco property to benefit from increasing affluence
News Posted On: 25 May 2010
Marriot Hotel Group has displayed its faith in the Middle East/Africa region by announcing that it is planning to build another 40 hotels in the region in the next five years. Between now and 2016, the group plans to open properties in Algeria, Bahrain, Egypt, Ghana, Jordan, Libya, Morocco, Qatar, Rwanda, Saudi Arabia and United Arab Emirates.
This is a massive testament to the potential for, not only tourism growth but travel growth, in terms of business travel and short intercontinental and even national breaks. More than that, it is a testament to the development and rising wealth within the region.
Hopefully it will help to silence those who have said that the Morocco property market is stagnating. Cor blimey, the Moroccan property market has been among the best performing in the world throughout the downturn, as was evidenced by the strong growth in the construction industry in 2009. Quite why it would stagnate now when the international recovery is gathering pace is anybody's guess.
According to economists at the International Monetary Fund and elsewhere, the Moroccan economy grew by around 5% in 2009, on the back of a bumper crop season. This at a time when the developed world was importing less; now that the developed world will be increasing its importation of goods as it returns to normal growth, this can only lead to increased economic growth in places like Morocco.
Increasing economic growth means increasing demand for housing; an increasingly healthy construction industry, property market and all round growth. Developments like Marriott can only add to that growth, both in terms of adding to the economic growth; providing new jobs and increasing tourism, and in terms of upping the status of Morocco and increasing foreign demand for property.
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