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Tax Breaks Help Morocco Market Double
Date Added 16/10/2007
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Tax breaks help Moroccan market double
According to experts at the Property Investor Show (September 21-23 ExCel Centre), the soaring growth is set to continue as Morocco is predicted to present the biggest property prices rise worldwide over the next year.
Prices are predicted to increase by as much as 40% in the next three years, with rental yields as high as 10% in some spots, as investors take advantage of the unrivalled tax benefits and the Government`s commitment to boost tourism.
Alise Crossick, co-director of Ready2Invest says "We launched in Marrakech in September 2006, selling properties for £850 per sq m - now these properties are selling for over £2,000 per sq m, a 135% increase.
"This is set to rise as more investors discover the excellent tax advantages Morocco has to offer. There is no tax on rental income for the first five years, after which capital gains tax also halves to 10% from 20% for the next five years. After 10 years, properties are exempt from capital gains tax altogether.
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