The Tangier Property Market in Brief – A City on the Move

Point out Tangiers to most Europeans and they’re going to have a romantic imaginative and prescient of the interwar years when Tangier was a hotbed of spies and espionage or recall the times when Western bohemians such because the Rolling Stones have been drawn to the town to smoke kif in Cafe Hafa. Even the traditional Greeks recognised its potentialities referring to it as “probably the most stunning metropolis on the planet.”

Since these heady days the town slipped into obscurity as a mix of political distrust (the King feared insurrection from his northern most cities) and consequent financial decline fed underdevelopment and poverty. However at present Tangier is a metropolis on the transfer; the sunshine now bounces off the primary gleaming facades and the views characteristic building cranes amongst the palms.


King Mohammed VI is the driving pressure behind this rebirth. He desires to make this historic buying and selling metropolis related to the twenty first century, after all of the strategic and site benefits of Tangier are the identical at present as they’ve at all times been, it is the gateway between Europe and Africa and the primary main port on the mouth of the Mediterranean.

Over 1 Billion euro of public funds have been allotted as a bodily signal of the King’s intent on high of huge loans from the EU and personal funding from France, Germany and the United Arab Emirates. The goal is sort of merely to spruce up Tangier, remodeling it into the intercontinental hub of commerce between Europe, Asia and America. Overseeing this bold venture is among the most inspirational native officers in Morocco, Mohammed Hassad, the governor of the Tangier-Tetouan Area and a graduate of an elite Parisian college. Earlier than his appointment in Tangier he was mainly chargeable for the “re branding” of Marrakech, taking it from a dusty desert metropolis to a classy, fascinating location attracting over 4 million guests a yr.

Key to Hassad’s technique has been to place in place the infrastructure enhancements required to draw European guests, and the prosperity they create, again to Tangier. He desires to recreate the glory days from the mid 1920’s to the early 1960’s when intellectuals and spies injected a splash of glamour and to when Tangiers was seen as an equal with another main metropolis in Europe.


The earlier King of Morocco, Hassan II, by no means visited Tangier, leaving the “rebellious area” to the hashish barons and smugglers. However the future King spent his early years within the city and will even be seen jogging round among the leafier suburbs or water-skiing off the seashores. As we speak he invitations celebrities and politicians to his palace on the hills overlooking the Bay of Tangier. His efforts have attracted a string of celebrities and influential individuals to settle within the city; the style designer Yves Saint Laurent, former Spanish Prime Minister Felipe Gonzalez and the thinker Bernard-Henri Levy.

However the venture is much larger than any individual, irrespective of their affect. In July 2007 the King opened the brand new Tangier Med Port, located simply 35km from the town and inbuilt document time and on price range. This new facility has been so profitable {that a} additional extension has already begun creating the most important deep-water port in Africa with a capability in extra of 8.5 million containers. (As a comparability, Hamburg, the most important container port in Germany solely handed this mark a yr in the past.) It’s anticipated that the port will create within the area of 100,000 new jobs, lots of which will probably be center and higher administration positions taken up by expat professionals on contracts, creating a big space of demand for rental properties.

Cargo ships will dock right here, transferring items from Asia and past for cargo throughout the Atlantic or for transportation to Europe by truck or boat. As well as, a brand new roll-on, roll-off dock will probably be constructed that may deal with 1.5 million autos and 5 million passengers.

The exterior areas of the Med Port can even profit from having three new particular financial areas overlaying round ten sq. kilometres for logistics, trade and commerce. It is right here that multinational firms are actually establishing their operations, benefiting from the absence of import and export tariffs to fabricate and assemble their merchandise after which sending on to the international locations with which Morocco has free commerce agreements, the USA and the European Union.

As not too long ago as September 2007 Renault Nissan introduced the institution of a brand new automotive manufacturing plant in Tangier which will probably be positioned on a 300-hectare website contained in the Tangiers Mediterranean Particular Financial Zone and can use the Tanger Med port. Representing an funding of greater than €600 million, the advanced will create 6,000 direct jobs and 30,000 oblique jobs.


The place at present the centre of city is clogged by site visitors from the port and the loading bays and cranes blot the skyline, quickly the centre of city will probably be reworked as the present port is remodelled right into a luxurious marina attracting the most important ocean going yachts and the world’s richest individuals to the town. The sweeping bay of Tangier has the potential to turn out to be one of the crucial picturesque on the Mediterranean rivalling Monaco and Palma for glitz and glamour with costly yachts bobbing off shore and refined eating places and boutiques lining the promenade.

And the ambitions do not cease there. Plans for a tunnel from Tangier to Spain are underway which is able to make the technical challenges confronted by the Channel Tunnel appear like “kid’s play”, in response to the revered tunnel builder Giovanni Lombard who at 80 years previous might by no means stay to see his best achievement accomplished. So do not ditch the ferry tickets but, the earliest date for completion is 2025.

It’s anticipated that this closing hyperlink will allow high-speed practice journey from London to Tangier and Marrakech to turn out to be a actuality, perhaps even at some point stretching the size of Africa to Capetown. A bid of a number of billion euro was not too long ago accepted from a French consortium to hyperlink Tangier to Fes to Marrakech 3 days tour by TGV excessive velocity practice taking the journey time from round eight hours down to only two.

The worldwide airport that serves Tangier, Ibn Battuta Worldwide, has been present process some in depth enhancements, which embrace a brand new multi-story automotive park and baggage dealing with services to allow it to obtain a larger quantity of flights. Beforehand the airport had been served solely by the flag carriers Royal Air Maroc and British Airways who charged premium charges and managed the routes. Nonetheless the Open Skies Settlement signed between the Moroccan Authorities and the EU has opened up air journey to the Kingdom and the low value carriers are starting to announce new routes to Tangier. Straightforward jet not too long ago opened a service from Madrid and can shortly be beginning providers from Barcelona and the UK.


The Imaginative and prescient 2010 Programme, launched by the Moroccan Authorities in 2001, aimed to extend vacationer numbers to 10 million by 2010. At current the variety of vacationers stands at 9.4 million, solely 600,000 in need of the full – an unimaginable achievement given the worldwide financial situations. The brand new air routes and advertising campaigns in Northern Europe have been profitable.

Income from the sector elevated final yr to $7.5 billion in comparison with 3.5 billion throughout 2006, itself a rise of 29.9% on the earlier yr. Moroccan authorities statistics additionally present that tourism revenues have elevated at a larger price than arrivals, suggesting that Morocco is more and more attracting excessive spending vacationers slightly than the mass-market all-inclusive customer.


When the world’s largest residential builders Emaar and the creators of Solar Metropolis in South Africa determine to spend money on a rustic, there’s clearly one thing occurring. Property buyers ought to see these ventures as a large vote of confidence in Morocco and an indication that this progress is a sustainable long run venture from which they’ll make actual returns slightly than a speculators bubble created by an inflow of speculators.

Excessive ranges of Capital Progress – As property costs in established Northern European markets are more and more affected by the worldwide credit score crunch and a lack of confidence, property buyers are taking a look at Morocco as a rustic wherein they’ll earn the returns they beforehand loved from their property investments.

The upcoming entry of low value carriers to Tangier airport offers buyers with an instantaneous funding alternative in Morocco. Among the finest routes to profitable property funding is to purchase in an space that’s about to go up on the planet. Current analysis by Savills and Vacation-Leases indicated that property costs inside 10 miles of an airport served by a low-cost airline are practically 40 per cent larger than these of properties an analogous distance from airports with scheduled providers solely, and that the rents have been about 30 per cent larger. It appears that evidently vacation makers need to save on the air fare however are prepared to spend additional on the lodging.

Elevated Rental Demand – The North African Occasions not too long ago appropriately recognized these traits as leading to an elevated demand for rental property. As extra guests uncover Morocco it’s clear that there’ll extra vacation lets and necessities for self-catering lodging.


1. By no means to be repeated entry stage costs – much like Spain 20 years in the past.
2. Sleeping large of Mediterranean tourism – lower than 3 hours from the UK & Europe.
3. The Open Skies settlement opens Morocco as much as low value airways.
4. Imaginative and prescient 2010 has elevated tourism, improved infrastructure and revolutionised the property market.
5. Yr spherical heat means 12-month season.
6. Sturdy political backing mixed with substantial authorities funding.
7. Large personal sector funding.
8. Tax regime beneficial to buyers – 0% IHT, 0% CGT after 10 years, 0% Revenue tax for 1st 5 possession years.
9. Scarcity of European commonplace rental lodging for worldwide enterprise.
10. 100% repatriation of income on sale.

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