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Morocco, a growing luxury market
Opportunities 16 September 2009
Morocco has long been considered a tourism destination, yet in the recent years the steady economic growth has generated a solid base of wealthy consumers, which lead to the development of the luxury market. Of the 30 million population, Morocco boasts more than 15.000 local wealthy consumers with annual incomes of over EUR 1 million. Of the 7 million foreign visitors who visit Morocco each year, over 30% are luxury wealthy travellers.
Casablanca is not only the business and financial capital of Morocco but also the center of luxury retail. DIOR, CANALI, LANVIN, YVES SAINT LAURENT, ROBERTO CAVALLI, LANCEL, HUGO BOSS, GUESS are some of the luxury brands with monobrand stores, with FENDI and CHANEL opening soon. Top international luxury jewelry and watches brands such as CHAUMET, CARTIER, PIAGET, CHOPARD have monobrand stores in Casablanca and others benefit from quality distribution within multibrand boutiques. There are several luxury residential projects currently in construction as well as two major mall projects ANFA PLACE and MOROCCO MALL, both with luxury dedicated areas. The Malls are due to open 2010-2012. The luxury hotel market currently dominated by SHERATON, HYATT, LE MERIDIEN, KENZI TOWERS will add a five star SOFITEL within the next 2 years.
Tangier is Morocco's second largest city, situated at the country's Northern edge on the Mediterranean, within less than one hour ferry journey from Spain. Leading international developers EMAAR and QATARI DIAR are developing grand residential and hotel projects, each with over 900 residential units and 1000 five star hotel rooms (both projects due 2012).
With its pleasant climate and proximity to major European cities such as Madrid, Barcelona and Paris has the potential to become a heaven for owners of exceptional properties. There are currently more than 5.000 residential units on Tangier's seaside coast in final stages of completion. The government has created incentive packages with banks financing both locals and foreigners for up to 100% of the value of the real estate. The government is building a second port in Tangier allocating a budget of USD 1 billion in investment. The new port will have top international facilities to receive any ship, commercial or cruiseliner.
Marrakech is the top tourism destination of Morocco with the largest number of hotels and resorts. The existing Sofitel and Barriere luxury hotels and the upcoming FOUR SEASONS and MANDARIN ORIENTAL resorts are turning Marrakech into a more upscale destination, wealthy travellers flying in from France, Germany and the U.K.
CPP Management Consultants Ltd has recently conducted an extensive research of the Moroccan luxury market, including all luxury sectors and highlighting the opportunities for development. The CPP study on Morocco also includes a comprehensive luxury consumer profile. Details available on request: office@cpp-mc.com