Few places are as evocative as Morocco. The tanneries of Fez, kasbahs of the mid Atlas or whitewashed splendour of Essaouira. With its close proximity to Europe, it has attracted the mysterious and itinerant, from the hedonists of Tangier to the tourists gracing the Marrakech souk. There is an otherworldly quality to Morocco, and its exoticism is its trademark. But it is also characterised by a high level of development compared with many of its peers on the African continent and is widely understood by emerging market investors. This means structural challenges are increasingly viewed as opportunities, not least by impact investors focused on housing.