Le Jardin de Moulouya is a “social” housing complex located in Saïdia town, only one kilometer from the beach. This is a very clear example of the mechanics of the original Plan Azur 2010 infrastructures program from the Moroccan government; it required the master developer of the Mediterrania-Saïdia macro complex to contribute to the overall development of the region in return for the very favorable conditions they were awarded the main project. Spanish developer Fadesa started building works around 2006 and it attracted considerable interest from the Moroccan expatriate community parallel to local applicants with lower level income. There was also interest from mainstream International investors who saw a good opportunity for a fast return as prices were extremely low. Since then Fadesa was taken over by another Spanish developer, Martinsa at the time of the Spanish property crash and which inevitably lead to bankruptcy in 2008 with their Moroccan holdings gradually taken over by Addoha/Excelia.
saidiarecov 