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Competition Mounts In Euro Property Market

The European property market is facing increased competition from some emerging property hotspots in other parts of the world.

The International Herald Tribune reports that countries in Africa and South America are attracting higher levels of interest from foreign property investors.

It says their ability to offer the sought after combination of sun, sea and sand as well as easy access to major cities is helping them to rival their European counterparts.

Morocco in particular is proving a popular destination and is fast catching up to the likes of Spain and Portugal as a top choice for foreign property investment.

Comparatively low prices are a big attraction to buyers and an increase in the number of tourists visiting the country is fuelling demand for rented accommodation, which means opportunities for buy to let investors are plentiful.

Tourism is the country is expected to be given a further boost thanks to the Moroccan government's Vision 2010 tourism strategy which aims to increase visitor levels five fold compared with 2002 levels.