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The terrorist bombing of a Marrakech cafe in April, which left 16 people dead, dealt another blow to Morocco's struggling holiday-home industry.Five years ago, the North African country was seen as a rival to Spain and Italy, a less-expensive alternative, luring pensioners and buyers of holiday homes. Middle East developers such as Emaar Properties, Sorouh Real Estate, Barwa and Qatari Diar announced large, multibillion-dollar developments.But the global financial crisis, political turmoil in the region and the cafe bombing have brought activity in the market to a halt."The second-home market collapsed totally," says David Le Bail, the director of consulting for the international property consultancy DTZ. "There were simply no transactions."Even before popular uprisings began in the Arab world,...
Posted in: Moroccan property takes a tumble
