Buying in Morocco: It's cheaper than Europe and Ryanair has it in its sights: Fiona Tyrrell on apartments in Morocco which cost from €51,450

Offering the sun and beaches of the Costa del Sol with the spice and mystery of Africa, the emerging market of Morocco is now appearing on the radar of Irish investors and holiday homehunters.

With property prices around 50 per cent cheaper than in European resorts, capital appreciation at an estimated 15-30 per cent per annum and Ryanair planning to open 20 routes to the country, Morocco, once the playground for the rich and famous in the 1970s, is now being pitched as a pre-boom south of Spain.

Having sold many Irish holidaymakers investment properties in the south of Spain, Karl Morris, managing director of Irish-owned property investment group Simple Overseas Properties, has cast his eye across the 17km of water that separates Spain from Morocco and settled his eye on a beachfront development at the captivating town of Asilah.

The 3,600-year old town is home to an international art and culture festival that attracts over 150,000 visitors every August and was winner of an Aga Khan prize for conservation, architecture and urban planning in 1990. Once a hot spot on the hippy trail through Morocco, the small town has golden beaches, an enchanting whitewashed medieval medina and friendly local markets.

On the Atlantic coast, Asilah is 40km south-east of Tangier, which can be accessed via motorway or train. Casablanca, Fez and Marrakech are also accessible by train.

In two weeks, apartments at the Asilah Marina Golf development go on sale from plans through Simple Overseas Properties, subject to finalisation of planning permission. On 1.5 km of beachfront it will be a low-rise development of 500 one, two and three-bedroom apartments and penthouses.

In addition to a private marina, a nine-hole golf course and two private beaches, the scheme will incorporate all that is expected of a high-end development - pools, gardens, tennis courts, cafés, bars, shops and 24-hour security. The site is situated 1km from the town of Asilah and a 30-minute drive from Tangiers Airport.

Prices start at €51,450 for one-bedroom apartments, two-bedroom units start at €71,400 and three-bedroom apartments cost from e93,450.

One bedroom apartments have 54sq m (581sq ft) of space plus 17sq m (183sq ft) terraces. Two-bedroom units have 82sq m (883sq ft) plus 20sq m (215sq ft) terraces and three-bedroom apartments have 103sq m (1,108sq ft) and 28sq m (301sq ft) terraces.

Work on the scheme is due to start in two months and completion is expected in summer 2008, according to the selling agent.

Keen interest from Irish buyers is expected, given that over 80 per cent of the 150 apartments sold by Simple Overseas Properties at a similar scheme on the same stretch of coast earlier this year were Irish.

For the holiday maker Morocco has long been mythologized for the legendary hospitality of its people, beautiful landscape, fantastic art and rich history. Roman ruins, Islamic monuments, Portuguese fortresses and medieval bazaars combine to make Morocco a country that is European, African and Middle Eastern all at once.

The Mediterranean climate of north Morocco at a fraction of the cost of the Costa del Sol is the big attraction for holiday home hunters, according to Morris, with starting prices on the Costa now €200,000 minimum, he says.

With the low cost of living, visitors can enjoy a taste of luxury at little expense, there is no family inheritance tax, 70 per cent mortgages are available and capital growth is around 15-30 per cent based on last year's figures, he said. In Morocco there is a notary-supervised registration process similar to France and Spain.

While the holiday property market is still in its infancy, the western-looking government has set a target of attracting 10 million tourists a year by 2010, compared to the current figure of 2.2 million and wants to increase bed capacity by 80,000. Tourist safety and comfort are also a big priority for the government.

Currently there are no direct flights from Dublin. However, an open skies policy adopted earlier has just recently attracted Ryanair into the market. Last week the low-cost airline unveiled plans to establish up to 20 routes and carry one million passengers per annum on flights to Morocco. While exact details of the agreement between Ryanair and the Moroccan Government have not been revealed it will cover most of the regional airports in the country. Alternatively holidaymakers can avail of the many flights to the south of Spain and take the 40-minute hydrofoil trip from the typical Spanish town of Algeciras across to Tangiers.

• Simple Overseas Property. 1850 200 711, www.simpleoverseas.com

Buying in Morocco

• No inheritance tax if property passes to a family member

• No annual property tax for first five years of ownership. After that property tax is 13.5 per cent of rental value of property

• Legal fees are set at six per cent if the property is ready to move into and 10 per cent if property is in need of work

• Lawyer's fees are one per cent up to a max of 2,500 Dirham (around €250)

• Between 0 and 20 per cent tax on any capital gains