Morocco has remained a country of stability among the unrest in the Middle East and Northern African countries. There have however been demands for King Mohammed VI, to re-energise the reforms that have slackened since the start of his reign in 1999 and introduce a constitutional monarchy like those of Spain or the UK.
Whilst Morocco is classed as a lower-middle-income-country, alongside, Egypt, Jordan, Tunisia, Morocco is ruled by a young king (47 years old), who acceded to the throne in 1999 after the death of King Hassan II, his father. In other countries the presidents were old and deemed unpopular. Morocco is constitutionally and in practice, a monarchy. King Mohammad VI has recently celebrated his first decade on the throne. And heads the Arab world’s longest-serving dynasty, the monarchy has led the country for 400 years.
Moroccans have grown up in a tradition of deference to the monarchy, and Mohammed VI is, on the whole, a popular king, certainly when compared with his more autocratic father King Hussan II.
Morocco Property – What is changing in Morocco?
In July the country voted in a referendum on a new constitution, which gives executive powers to the prime minister as “head of government”, making the government accountable only to parliament, with only parliament enacting laws. The prime minister will be automatically drawn from whichever party wins an election, rather than being chosen by the king.
However, the constitution retains the practice of having a core royal cabinet, whose meetings can be presided over by the monarch, and a wider cabinet including all ministers, which is chaired by the prime minister. The king is retained as head of the military, religious authorities and judiciary.
Morocco Property – So why is this relevant to Cost-conscious Overseas property buyers?
As the global economy is buffeted, Overseas property buyers continue to seek ways of keeping costs down. Alternatives to buying overseas property outright become more popular. For example, we could see more people buying leaseback properties, which combine holiday home ownership, with hassle-free maintenance and income generation. Great examples of this are in Morocco and its flagship resort on the Mediterranean.
And now CDG Développement – a public company in which the King of Morocco has a stake- has taken over the lead responsibility for the completion of Mediterrania Saïdia, the nation’s first purpose-built resort. This includes finishing and managing all of the originally planned leisure facilities such as the hotels, two further golf courses, the sports facilities, the Medina (open-air shopping arcade), the marina, and the continued improvement of the general infrastructure.
This is great news for investors who want to buy into an unspoilt part of the Mediterranean, for a holiday home apartment or villa, that can cover its costs and even generate a small income on top.
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Tags: Coastal Property, Leaseback property, new build, off-plan, overseas property, Rent