| Mention Tangiers to most Europeans and they will | | | | Mediterranean rivalling Monaco and Palma for glitz and |
| have a romantic vision of the interwar years when | | | | glamour with expensive yachts bobbing off shore and |
| Tangier was a hotbed of spies and espionage or | | | | refined restaurants and boutiques lining the |
| recall the days when Western bohemians such as the | | | | promenade. |
| Rolling Stones were drawn to the city to smoke kif | | | | And the ambitions don't stop there. Plans for a tunnel |
| in Cafe Hafa. Even the ancient Greeks recognised its | | | | from Tangier to Spain are underway which will make |
| possibilities referring to it as "the most beautiful city | | | | the technical challenges faced by the Channel Tunnel |
| in the world." | | | | look like "child's play", according to the respected |
| Since those heady days the city slipped into obscurity | | | | tunnel builder Giovanni Lombard who at 80 years old |
| as a combination of political mistrust (the King feared | | | | may never live to see his greatest achievement |
| rebellion from his northern most cities) and | | | | completed. So don't ditch the ferry tickets yet, the |
| consequent economic decline fed underdevelopment | | | | earliest date for completion is 2025. |
| and poverty. But today Tangier is a city on the | | | | It is anticipated that this final link will enable |
| move; the sunshine now bounces off the first | | | | high-speed train travel from London to Tangier and |
| gleaming facades and the views feature construction | | | | Marrakech to become a reality, maybe even one day |
| cranes amongst the palms. | | | | stretching the length of Africa to Capetown. A bid of |
| MASSIVE INVESTMENT TRANSFORMS CITY | | | | several billion euro was recently accepted from a |
| King Mohammed VI is the driving force behind this | | | | French consortium to link Tangier to Marrakech by |
| rebirth. He wants to make this ancient trading city | | | | TGV high speed train taking the journey time from |
| relevant to the 21st century, after all the strategic | | | | around eight hours down to just two. |
| and location advantages of Tangier are the same | | | | The international airport that serves Tangier, Ibn |
| today as they've always been, it's the gateway | | | | Battuta International, has been undergoing some |
| between Europe and Africa and the first major port | | | | extensive improvements, which include a new |
| at the mouth of the Mediterranean. | | | | multi-story car park and baggage handling facilities to |
| Over 1 Billion euro of public funds have been allocated | | | | enable it to receive a greater volume of flights. |
| as a physical sign of the King's intent on top of | | | | Previously the airport had been served only by the |
| massive loans from the EU and private investment | | | | flag carriers Royal Air Maroc and British Airways who |
| from France, Germany and the United Arab Emirates. | | | | charged premium rates and controlled the routes. |
| The aim is quite simply to spruce up Tangier, | | | | However the Open Skies Agreement signed |
| transforming it into the intercontinental hub of trade | | | | between the Moroccan Government and the EU has |
| between Europe, Asia and America. Overseeing this | | | | opened up air travel to the Kingdom and the low |
| ambitious project is one of the most inspirational local | | | | cost carriers are beginning to announce new routes |
| officials in Morocco, Mohammed Hassad, the governor | | | | to Tangier. Easy jet recently opened a service from |
| of the Tangier-Tetouan Region and a graduate of an | | | | Madrid and will shortly be starting services from |
| elite Parisian university. Before his appointment in | | | | Barcelona and the UK. |
| Tangier he was chiefly responsible for the "re | | | | TOURIST NUMBERS EXCEED EXPECTATIONS |
| branding" of Marrakech, taking it from a dusty desert | | | | The Vision 2010 Programme, launched by the |
| city to a chic, desirable location attracting over 4 | | | | Moroccan Government in 2001, aimed to increase |
| million visitors a year. | | | | tourist numbers to 10 million by 2010. At present the |
| Key to Hassad's strategy has been to put in place | | | | number of tourists stands at 9.4 million, only 600,000 |
| the infrastructure improvements required to attract | | | | short of the total - an incredible achievement given |
| European visitors, and the prosperity they bring, back | | | | the global economic conditions. The new air routes |
| to Tangier. He wants to recreate the glory days | | | | and marketing campaigns in Northern Europe have |
| from the mid 1920's to the early 1960's when | | | | been successful. |
| intellectuals and spies injected a dash of glamour and | | | | Revenue from the sector increased last year to $7.5 |
| to when Tangiers was seen as an equal with any | | | | billion compared to 3.5 billion during 2006, itself an |
| other major city in Europe. | | | | increase of 29.9% on the previous year. Moroccan |
| A KING-SIZED PROJECT | | | | government statistics also show that tourism |
| The previous King of Morocco, Hassan II, never | | | | revenues have increased at a greater rate than |
| visited Tangier, leaving the "rebellious region" to the | | | | arrivals, suggesting that Morocco is increasingly |
| cannabis barons and smugglers. But the future King | | | | attracting high spending tourists rather than the |
| spent his early years in the town and could even be | | | | mass-market all-inclusive visitor. |
| seen jogging around some of the leafier suburbs or | | | | BUT WHAT DOES THIS MEAN FOR TODAY'S |
| water-skiing off the beaches. Today he invites | | | | PROPERTY INVESTOR? |
| celebrities and politicians to his palace on the hills | | | | When the world's largest residential developers Emaar |
| overlooking the Bay of Tangier. His efforts have | | | | and the creators of Sun City in South Africa decide |
| attracted a string of celebrities and influential people | | | | to invest in a country, there's obviously something |
| to settle in the town; the fashion designer Yves Saint | | | | going on. Property investors should see these |
| Laurent, former Spanish Prime Minister Felipe | | | | ventures as a massive vote of confidence in |
| Gonzalez and the philosopher Bernard-Henri Levy. | | | | Morocco and a sign that this growth is a sustainable |
| But the project is far greater than any person, no | | | | long term project from which they can make real |
| matter their influence. In July 2007 the King opened | | | | returns rather than a speculators bubble created by |
| the new Tangier Med Port, situated just 35km from | | | | an influx of speculators. |
| the city and built in record time and on budget. This | | | | High levels of Capital Growth - As property prices in |
| new facility has been so successful that a further | | | | established Northern European markets are |
| extension has already begun creating the largest | | | | increasingly affected by the global credit crunch and a |
| deep-water port in Africa with a capacity in excess | | | | loss of confidence, property investors are looking at |
| of 8.5 million containers. (As a comparison, Hamburg, | | | | Morocco as a country in which they can earn the |
| the largest container port in Germany only passed | | | | returns they previously enjoyed from their property |
| this mark a year ago.) It is expected that the port | | | | investments. |
| will create in the region of 100,000 new jobs, many | | | | The imminent entry of low cost carriers to Tangier |
| of which will be middle and upper management | | | | airport provides investors with an immediate |
| positions taken up by expat professionals on | | | | investment opportunity in Morocco. One of the best |
| contracts, creating a significant area of demand for | | | | routes to successful property investment is to buy in |
| rental properties. | | | | an area that is about to go up in the world. Recent |
| Cargo ships will dock here, transferring goods from | | | | research by Savills and Holiday-Rentals indicated that |
| Asia and beyond for shipment across the Atlantic or | | | | property prices within 10 miles of an airport served |
| for transportation to Europe by truck or boat. In | | | | by a low-cost airline are nearly 40 per cent higher |
| addition, a new roll-on, roll-off dock will be built that | | | | than those of properties a similar distance from |
| can handle 1.5 million vehicles and five million | | | | airports with scheduled services only, and that the |
| passengers. | | | | rents were about 30 per cent higher. It seems that |
| The external areas of the Med Port will also benefit | | | | holiday makers want to save on the air fare but are |
| from having three new special economic areas | | | | willing to spend extra on the accommodation. |
| covering around ten square kilometres for logistics, | | | | Increased Rental Demand - The North African Times |
| industry and trade. It's here that multinational | | | | recently correctly identified these trends as resulting |
| companies are now establishing their operations, | | | | in an increased demand for rental property. As more |
| benefiting from the absence of import and export | | | | visitors discover Morocco it is clear that there will |
| tariffs to manufacture and assemble their products | | | | more holiday lets and requirements for self-catering |
| and then sending on to the countries with which | | | | accommodation. |
| Morocco has free trade agreements, the USA and | | | | 10 REASONS TO CONSIDER MOROCCO FOR |
| the European Union. | | | | PROPERTY INVESTMENT |
| As recently as September 2007 Renault Nissan | | | | 1. Never to be repeated entry level prices - similar to |
| announced the establishment of a new car | | | | Spain 20 years ago. |
| manufacturing plant in Tangier which will be located | | | | 2. Sleeping giant of Mediterranean tourism - less than |
| on a 300-hectare site inside the Tangiers | | | | 3 hours from the UK & Europe. |
| Mediterranean Special Economic Zone and will use the | | | | 3. The Open Skies agreement opens Morocco up to |
| Tanger Med port. Representing an investment of | | | | low cost airlines. |
| more than 600 million, the complex will create | | | | 4. Vision 2010 has increased tourism, improved |
| 6,000 direct jobs and 30,000 indirect jobs. | | | | infrastructure and revolutionised the property market. |
| FURTHER TRANSPORT IMPROVEMENTS DRIVE | | | | 5. Year round warmth means 12-month season. |
| GROWTH | | | | 6. Strong political backing combined with substantial |
| Where today the centre of town is clogged by | | | | government investment. |
| traffic from the port and the loading bays and cranes | | | | 7. Massive private sector investment. |
| blot the skyline, soon the centre of town will be | | | | 8. Tax regime favourable to investors - 0% IHT, 0% |
| transformed as the existing port is remodelled into a | | | | CGT after 10 years, 0% Income tax for 1st 5 |
| luxury marina attracting the largest ocean going | | | | ownership years. |
| yachts and the world's richest people to the city. The | | | | 9. Shortage of European standard rental |
| sweeping bay of Tangier has the potential to | | | | accommodation for international business. |
| become one of the most picturesque on the | | | | 10. 100% repatriation of profits on sale. |