Tangier is changing rapidly and is looking to regain its crown as the night-life and entertainment capital of Northern Africa. Just 35 minutes from Spain by high speed Ferry its a perfect bolt hole for many expats living and working in Spain
Casablanca - Economy and Finance minister, Salaheddine Mezouar, unveiled the main aspects of the 2008-2012 strategy for socio-economic development to cope with the current global economic situation.
Speaking at a conference on "the current economic situation and the 2008-2012 prospects," Mezouar said despite a gloomy global economy that is characterized by soaring prices of raw materials and energy, notably oil, Morocco continues to achieve major steps forward at all levels.
The North African country needs an innovative private sector to reduce the unemployment rate and poverty rate that currently stands at 21% of the total population, he said.
Highlighting the economic prospects of Morocco in 2008, the minister assured the economic players that inflation will remain under control in a range of 2%, the budget deficit will be reduced to 3% of GDP, and global economic growth will reach 6 ,8%.
Madrid - Spanish low-cost air company "Air Nostrum", Iberia's subsidiary, will launch new air routes linking Malaga and Barcelona to Tangier (North) and to Morocco's economic capital, Casablanca, the company announced on Wednesday.
The Tangier-Malaga and Tangier-Barcelona flights, are scheduled to start as of July 25 at a rate of two flights a week for each air route, a press release of the company said, noting that the flights between Malaga and Casablanca will be launched, starting from October 26, at a rate of four flights a week.
These new air routes are part of Air Nostrum's ambition to contribute to developing trade relations between the two countries and giving impetus to bilateral exchanges as regards the social, cultural and touristic fields, wrote the same source.
Established in 1994, "Air Nostrum" is a regional airline based in Valencia, Spain. It operates an extensive network of 91 domestic and international routes to 51 destinations.
The Spanish premier is leading a delegation that includes mainly Foreign Minister, Miguel Angel Moratinos, Secretary General of the Government Presidency, Bernardino Leon, State Secretary for External Affairs, Angel Losada and State Secretary in charge of communication, Nieves Goicoechea.
Today’s is the fourth visit of Zapatero to Morocco since he was elected prime minister in 2003, and his first travel after re-election earlier this year.
It confirms the intense, permanent and regular nature of links between the two kingdoms.
Tangier is one of six Moroccan locations identified by the government to boost visitors from six million annually to 10m by 2011. There will be 600 miles of new roads and a 24-mile tunnel linking Tangier to Punta Palomas in Spain, 25 miles west of Gibraltar. There is now a daily hydrofoil from Malaga and car ferries take only 35 minutes from Tarifa.
Tangier is like an unspoilt Spanish city, but is slightly further south so even sunnier. There is plenty to do, too, and there is little sign that this is a Muslim country.
There are plenty of traditional riads, each built around an ornate courtyard, while outside the main town there is a major redevelopment of the coast. Part of this is the 2,500-home Tinja scheme. "These homes can be used throughout the year because of the good climate and facilities," says Majid Bennouna of Emaar, the Dubai-based developer.
Stephen Moss of the Hideaways Club, which offers fractional ownership of homes across the Mediterranean and has two properties in Morocco, says: "There is winter sun from September to April. A range of activities allow for different trips throughout the year, from trekking or skiing in the Atlas Mountains, to the history, culture and shopping opportunities in Marrakesh.
luxury developments on Tangier Atlantic coast nearing completion
"Being able to use the property during the year has a number of advantages," he adds. "For instance, you are not obliged to pay peak rates for plane tickets - and you are not restricted to a certain time of year to visit."
Government figures show that that since property became such an important part of Morocco's agenda for economic diversification and expansion, foreign direct investments have reached 0.91 billion U.S. dollars - from 245 million dollars back in 2002.
There has also been an almost 33% increase in the numbers of jobs in the construction industry in the same period.
Tangier a property investment hotspot close to Europe
Real estate agents report that the numbers of investment buyers have increased. The Marrakech property market, for example, has seen a growing influx of French, Spanish, American, Russian, Belgian, Italian, Kuwait, UAE, and British property investors, eager to cash in on this emerging market.
Land prices are also soaring. Since 2004 land prices have increased by 2% in areas like Marrakech and Tangier. But buying land is not easy. 'Many pieces of land on which luxury Moroccan properties can be built, are owned by large families or cooperatives and to sell it would require an agreement from every single one of them. It takes a long time, and often doesn't happen,' said a spokesman for Luxury Living in Morocco.
In Morocco, foreigners cannot buy and then resell land. They can only buy land to which they are going to add value. They can do this by building a residential building or tourist development. Agricultural land is sold to foreign investors together with a binding contract between the developers and the Moroccan local authority.
We uncover the real Tangier, an exciting bustling port that is about to make it back to the A list of Jet Set hotspots. $20 billion has been invested, much from the U.A.E, in some major new infrastructure projects. A new container port run by Maersk and a stunning new marina and tourism centre to be built on the relocation of the existing city docks. Tangier is a hot contender for best property investment area for 2008/9
