Moroccans 2nd Non-European Investors in Spanish Real Estate Market

Moroccans now make up the second largest non-European foreign investors in Spanish real estate, following the Chinese and ahead of the Algerians. In the first half of 2017, their number increased by 3.40 percent compared to the same period of the previous year.

Moroccan nationals are increasingly investing in the real estate market of the Iberian Peninsula. According to a report by the Spanish Property Registry Office, Moroccans are ranked ninth in terms of purchasers of foreign real estate, alone holding 3.58 percent of the market.

Within the past five years, the number of properties belonging to Moroccan nationals has increased to 813, up from 181 in 2013 and 36 in 2010.

Those with the biggest share are the Chinese, who hold 4.28 percent of the Spanish real estate market.

These figures are due in part to the administrative facilitations carried by Spanish government. Spain has made efforts to open up to foreign investors, signing several treaties with partner countries to avoid double taxation. The Spanish government ensured that only Spanish property will be taxed.

Moreover, a “golden visa” was created to allow foreigners to work and reside in Spain while having the right to travel freely to any country of the Schengen area. Transfers of funds are also permitted, but Moroccan entrepreneurs must justify any withdrawal of money from the Foreign Exchange Office.

In 2015, the southeastern Spanish region of De Costa Blanca was a hot popular location for Moroccan-owned real estate in the country. At the time, the number of properties acquired in the touristic region amounted to 245, totaling an increase of 45 properties compared to 2014.

The region is known for its beaches, landscapes, and its climate recognized by the World Health Organization (WHO). The prices of the villas and apartments on the Costa Blanca range between 3.8 million and MAD 4.9 million.

Source: Moroccoworldnews