From: The View from Fez
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Tags: Moroccan Morocco Fes, Maghreb news
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Tags: Moroccan Morocco Fes, Maghreb news
Fez hangs its hopes on Atlas Blue.
The Atlas Blue direct flights to Fez are set to reignite the property market. In the last week or so visitors from Britain and also Germany have been scouring the Medina for bargains. The sleeping tiger in the equation is America. Despite the credit crunch there are still a large number of Americans interested in Fez. The percentage of Americans visiting sites such as The View from Fez, has almost doubled in the last six months - a trend that looks set to continue for a while. Meanwhile with a look back at the gloomy past the Daily Telegraph reports on the impact of Ryanair's decision to quit Fez:
Frederic Sola has seen first-hand what happens when direct flights to an emerging property destination are halted. Since Ryanair stopped its route to the Moroccan city of Fez at the end of last year, Sola, who runs Fez Real Estate, has seen sales drop by more than 80 per cent.
"Last year we sold 37 riads, 27 of them to British people who wanted somewhere they could travel to directly and cheaply," says Sola. "This year we have sold six. Buyers now have to fly to Casablanca, a three-hour drive away, or via another airport such as Paris or Frankfurt." Fez may win a reprieve as Atlas Blue, Royal Air Maroc's low-cost branch, has said it will resurrect the route from December.
David and Sally Arnold, from Warwick, who paid £25,000 for an unrenovated house in the medina last year, certainly hope so. "Our next trip to Fez will take 12 hours and the return will need an overnight in Madrid," says David, 72. "The reasonably priced three-hour flight was a bonus. Now, travel to Fez is increasingly inconvenient, significantly more expensive - and it has undoubtedly diminished the interest of the UK market." Fez is a classic case of buyers piling in to a new second-home destination boosted largely by low-cost flights - then being left in the lurch when the airline changes its mind.
Fred Sola http://www.fez-realestate.com/Tags: Moroccan Morocco Fes, Maghreb news
Morocco and the impact of the World Economic Crisis
According to a Reuters report Morocco's Central Bank is more worried by inflation than by global financial markets turmoil originating in the United States.Le Matin reports sources close to the Royal Palace as saying, "For the time being, inflation remains a cause of concern because despite efforts to keep it in check, imported inflation has an impact. Inflation through costs has an impact and creates, with wage rises, a vicious circle".
Moroccan consumer price inflation rose to a year-on-year 5.1 percent in July from 4.7 percent in June, according to latest official figures released on August 18.
The annual inflation rate was 5.4 percent in May.
In June, the government said it forecast annual inflation of 2.7-2.9 percent, up from an initial estimate of 2.0 percent.
Commenting on a sell-off on Casablanca bourse prompted early this week by fears of contagion from global financial turmoil the source says, "We are not affected by the international crisis because we do not have subprime loans in our banks. We are not concerned by the mortgage crisis and our banks do not have such assets".
Moroccan stocks, mainly property shares, tumbled this week on concern that the global credit crisis could dry up foreign investment flow in the country's fast-growing real estate market, wiping out more than 50 billion dirhams in shareholder value.
Government officials played down investor fears of possible repercussions from the international credit crisis on the local property market, insisting that the domestic sector would continue growing in the next years.
"Where is the crisis when credits to the property market had risen 33 percent in July?" asked Finance Minister Salaheddine Mezouar in the business daily L'Economiste.
Morocco is immune to the subprime crisis for several reasons, notably the fact that the financial sector does not hold securities or loans in financial institutions or international investment funds affected by subprimes, Salaheddine Mezouar said on Thursday.
Speaking at the weekly cabinet meeting on the recent developments of national economy and international environment, Mezouar said that real estate loans in Morocco are mainly fixed interest rate loans with the possibility for variable interest rate loan beneficiaries to opt for fixing these rates under regulated and predictable conditions, Communication minister and Government Spokesperson, Khalid Naciri, said in a press briefing at the end of this meeting.
The financial situation of Moroccan banking institutions has significantly improved in recent years, thanks mainly to the strengthening of banking supervision in general and the stabilization of the public financial sector in particular, the minister said, adding that the upsurge in the energy and food products had an impact on our balance of payments and our public finances.
However, he noted, thanks to government support through the fund of compensation, the effects of this upsurge has had no impact on the purchasing power of our citizens, nor on production factors.
According to the minister, real GDP rose respectively by 7% and 6.7% in the first two quarters of 2008, which would allow for a growth rate estimated at 6.8% this year.
According to a report being run by Maghreb Arabe Presse, Morocco's cost-of-living index for August has edged 4.8% from the same period of last year, the High Commission for Planning (HCP) said on Thursday.The rise is pinned on a 8.3% hike of the food product prices and a 1.8% progress of non-food product prices, the Rabat-based HCP said in its monthly bulletin.
Compared to July, the index edged 0.4%, inflated by a 0.8% rise of the food product prices and a 0.1% progress of non-food products, it said.
The year-on-year index for July had jumped 5.1% on the food price hike, which had rocketed 9.1%.
The highest rise was registered in the western city of Kenitra, with 1.3%, followed by Tangier, where the index rose 1.2% and Fez and Tetouan (1%), the commission said.
Tags: Moroccan Morocco Fes, Maghreb news
Moroccan Property Update.
The latest in a string of websites set up to cash in on the boom in Moroccan property sales is Simply Morocco. So far the site has few listings for sale and only one rental property.
It appears to be based in Tetouan - which makes a pleasant change from the Casa and Marrakech sites - but it will need to diversify and include a wider range of properties in order to survive in what is now a pretty tough market place.You will find them here: Simply Morocco
A Rocky Road Ahead?
According to Property Select.com the construction boom in Morocco is outstripping inflation.
Not even the skyrocketing cost of building materials such as cement, bricks and steel are able to overtake the building boom going on in Morocco. The current investments in the tourism industry, infrastructure improvement and property in Morocco is vital to the kingdom’s future prospects. It will encourage sustainable growth in the economy, promote an improved international perception and help to bring foreign investors to the country. The current rising cost of building commodities, however, is causing concern that the swift development of Morocco property could become unsustainable when the supply of these products can no longer keep up with the demand.
The construction of new Morocco properties has become a booming industry since the country started building more tourist accommodations to cater to the increasing number of visitors, as well as luxury villas, low cost housing and improvements to infrastructure in many areas. Morocco has emerged as a property investment destination in recent years, and its government has taken the initiative to finance major developments in many sectors. These will improve the infrastructure to international levels and attract more tourists and overseas investors, in addition to helping to alleviate the lack of low-cost property in Morocco.
Tags: Moroccan Morocco Fes, Maghreb news
Russian business steps into Morocco property market
According to rumours around the boardrooms of Moscow, the place to invest your massive profits is Morocco. While there have been individual Russian businessmen dipping their toe in the real estate market, this time it is one of the big boys, or more accurately in this case, big girls. Inteco (Интеко in Russian, "Inteko") is a Russian construction company, 99% of which is owned by Yelena Nikolayevna Baturina (Елена Николаевна Батурина)Russia's richest woman and wife of Moscow city mayor, Yuriy Luzhkov.
Yelena Nikolayevna BaturinaIt is not a company without a hint of trouble and on October 9 2005 executive director of Inteko-agro, Alexander Annenkov, was attacked by three assailants armed with axes. He survived. On October 13 2005, Inteco lawyer, Dmitry Steinberg, was shot at the entrance to his house. Baturina attended his funeral.
Inteco, the real estate subsidiary of Russian gas company Gazprom, announced its intention to invest close to a billion euros in real estate and tourist projects in the north of the country.
Inteco has only recently established a Moroccan entity, which will invest 488 million euros for the construction of villas and apartments, golf courses and tennis courts, a mall and a marina on a sprawling 118.6 acres in the Rif mountains.
The Russian group plans to carry out a similar project close to the city of Tetouan on an area of 2,965 acres.
Tags: Moroccan Morocco Fes, Maghreb news
Buying Property in Morocco - Update 2008
Six years ago Morocco launched a massive tourism and residential development programme 'Vision 2010' which had the ambitious goal of bringing 10 million visitors a year to Morocco by 2010 and build 250,000 hotel beds, including 180,000 located in or around the cities. So with two years left before 2010 we decided to check the scorecard.
The Economy.
Morocco’s economy has been doing well. HM King Mohammed VI is a dynamic monarch who has brought substantial reform to Morocco as well as national reconciliation. Unemployment fell in 2006 to 15.5% in towns (9.7% nationally), down from 18.4% in 2005 (11% nationally).
However national GDP is only expected to grow by 2.5% in 2007, according to the Finance Ministry, due to a poor harvest. This follows a spectacular economic performance in 2006, when GDP grew by 8%. Nevertheless indicators suggest an economy which is steaming ahead, with electricity consumption up 22.9% on the year to March, industrial equipment imports up 12.7%. This is combined with an inflation rate of a mere 2.7%.
In 2007, a study published by the Georgetown University-based Center for Strategic and International Studies called 'Arab Reform and Foreign Aid: Lessons from Morocco' concluded that Morocco provides a valuable lesson in political and economic reform. It showed that top-down reforms can be highly effective, if skilfully and determinedly carried out, and that aid donors should lean towards countries where evidence of such commitment is to be found.
Morocco received US$3 billion in foreign direct investments in 2007, mostly from the Gulf, according to reports in the leading newspaper Aujourdhui.
The Tourist Boom.
According to the National Tourism Observatory, 2.5 million people visited the country during the first five months of the year.( See our full stories here and here )
Figures cited by the Maghreb Arabe Presse showed that this is 11 per cent higher than the amount recorded a year earlier.
For a long time Morocco has been a magnet for the glitterati with people such as Mick Jagger, Princess Alexandra, David Bowie, Richard Branson, Alain Delon and Sting all purchasing homes, often around Marrakesh but now the move is to more romantic destinations - coastal villas or the Medina of Fez.
The coasts ( being developed under a scheme called ‘Plan Azur’) are a major destination for French tourists and increasingly for retirees. There is a whole associated infrastructure of guest houses, French-speaking newspapers and doctors, and an increasing number of French settlers. drawn by the historic charm lost in many other Arab countries, plus the warm, dry, healthy climate, and a beautiful landscape, with its markets and traditional architecture, its car-free medinas and palaces hiding breathtaking gardens.
According to the Vision 2010 plan there will be 1,300 weekly flights into Morocco, with 15,6 million passengers per year. Many large international hotel chains have already built developments, including Club Med, Liwa, Accor, and Sol Melia. Tourism almost invariably brings increased interest in buying in the country, and will likely have an enormous impact both on Morocco’s economy, and on property prices.
Six huge new tourist stations / residential developments in priority coastal resorts are at the heart of Plan Azur, including: Saidia (Oujda), Lixus (Larache), Mazagan (El Jadida), Mogador (Essaouira), Taghazout (Agadir) and Plage Blanche (Guelmim).
Saidia is being developed by Fadesa and will have 30,000 beds and three 18-hole golf courses, the first unit opened in 2007. Lixus is being shared between three developers and will have 12,000 beds, and two golf courses; the first unit opens in 2009. Mazagan is being developed by Resort Co, and it will have 3,700 beds, opening in 2009.
Mogador is being developed by three developers, will have 6,800 beds, and open in 2009
Taghazout is being developed by Taghazout resort and will have 18,000 beds, and open in 2009
Plage Blanche seems likely to be built by Fadesa, will have 19,500 beds and open in 2012.
Outside the mass market
The long Moroccan real estate boom, of course pre-dates the mass market, and concentrates on the ‘authentic’ Morocco, and above all on giving Westerners a stylish life in exotic, traditional surroundings..
At the core of this has been the craze for buying Riads. It is not unusual to see Riads – traditionally-shaped Moroccan houses, with grand salons giving onto a central tiled courtyard, with a garden at the centre - offered on the Internet for €500,000 or in the case of the most palatial, €1,000,000. Around 7,500-15,000 French residents live around Marrakech in these and other accommodations.
Will Morocco run out of Riads? Those in the know have been searching out property in Fes, but experience has shown this is not an undertaking for the faint hearted. For those with more money and less interested in the challenges of Fes, there are 50,000 Riads in Marrakech and only 1,000 are sold to foreigners. The coasts are also a major destination for French and other European tourists and those looking for a second home. After the boom caused by the French, “the English market is beginning,” says Charles El Fassy of the real estate agent Cabinet Charles El Fassy.
“We have had five years of French buyers. We thought: “Things cannot go on like this any more!” says El Fassy. “But they are going on. It is beginning all over again, with the British.” Prices have increased threefold in four years, he says.
Others claim the English interest has slowed down and the first signs are showing of an increase in American involvement in the market.
Morocco’s climate makes it a perfect destination all year round. It is possible to ski, fish and surf in Morocco, and mountain trekking is very popular.
The major centres of Morocco
The cultural and physical attractions of Morocco centre on its traditional cities - Marrakech, Fes, Meknes, Casablanca, and Essaouira - and on its one coastal resort, Agadir.
Marrakech is an extraordinarily exotic city, with its drama heightened by a location at the foot of the Atlas Mountains. It is expecting 3.5 million tourists by 2010. Marrakech has a complete tourism zone, Aguedal. A public transport system carries tourists from the district into the city centre for its souks and traditional markets selling copperware, wool merchandise, and carpets and kaftans. There are no less than 27 five-star hotels in Marrakech.
Fes is the jewel in the crown for those who want an authentic "Moroccan" lifestyle, but, as mentioned before, iy has its challenges. The more than 9000 alleyways can be daunting and the general feeling is of a more conservative city. Yet, for those wanting to purchase an ancient house, prices are far less of a problem than in the overcrowded market of Marrakech.
In Casablanca the French built a city in a French idiom, heavily influenced by the architecture of the Arab-Andalusian Empire. The city centre has a modernist grandeur, with plenty of space and light. Casabablanca is large, modern, and agreeable, with five golf courses less that an hour away.
Meknes was recognized as a World Heritage Site in 1996. Its physical location, on a plateau, made it Morocco’s trade crossroads. Its magnificent architecture was built by the 17th century Ruler, Sultan Moulay Ismail. Over 55 years he built palaces, mosques, gardens, and lakes. At his death the unfinished buildings including the royal palace - the Versailles of Morocco - which fills most of the old city.
Agadir is Morocco’s main seaside destination. Beautiful beaches, luxurious hotels, an ultra-modern airport are all combined with a moderate climate. Agadir’s beach is spectacular. Some 10 kilometres in length, it is clean and wide. Agadir enjoys a continuous breeze from the Atlantic, so that the temperature is pleasant all day.
Tangier has a louche reputation dating from the 1920s, when it was an outpost for British paederasts. Then in the 1950s, beats, dropouts and writers like Burroughs and Bowles, Ginsberg and Kerouac, Leary and Eldridge Cleaver came to Tangier. It is a messy, rather ugly city. Now its coastline is being covered with resorts and new developments.
Essaouira is popular with independent travelers. This is partly because of its long beach, and partly because of its laid-back atmosphere. Yhe town has long been magnet for Moroccan poets and creative talent. In the Place de L’Indépendence, which is the main square in the centre of Essaouira, there are dozens of cafés and restaurants. It is a pleasant place to eat, drink, and watch the world go by.
Some make the analogy with Turkey. Morocco appeals to European tourists, holiday-makers and retirees for much the same reasons as Turkey. Like Turkey, but arguably more so, Morocco has large qualities of well-preserved architectural history. It has charm, exoticism, and a historical built environment which elsewhere in the Arab world has been largely obliterated by modern buildings. And it has geographical variety, the Atlas mountains, and wonderful beaches.
It is difficult not to suspect that Morocco’s success in attracting both summering and settling Europeans will eventually outpace that of Turkey.
Tags: Moroccan Morocco Fes, Maghreb news
Fes Sacred Music Festival Ticket collection service.
One of the most annoying things about arriving in Fez for the Sacred Music Festival is having the hassle of finding and getting to where you can pick up your tickets. Unfortunately even the taxi drivers experience problems finding the location of the ticket office and if you have just been travelling from overseas the last thing you probably need is to go hunting around Fez for your tickets. Thankfully after the problems last year a solution has been found in the form of the Fes Festival Ticket Collection Service. Here is what they can do to make life easier
For those attending the Fes Festival of World Sacred Music (6-14 June 2008), we offer a ticket collection service. Once you've ordered and paid for your tickets through the ticketing agency, Objectif Maroc, send us your invoice number and we will collect your tickets and deliver them to your guesthouse in time for your arrival. The charge is Dh300 (approximately 27 Euros) per set of tickets per person or group.
To find out more about this great service visit FES FESTIVAL TICKET COLLECTION
Tags: Moroccan Morocco Fes, Maghreb news
Medina Madness? - Marrakech prices.
The following article struck us as interesting. "Mad for the medina" - Times Online - UK For a start the prices are now going through the roof and secondly, for those that think a secondary market is developing - hold your breath. At the foot of the article is mention of the delightfully restored Dar Settash in Fez which after a considerable time is still not sold, despite the price being more reasonable than anything comparable in Marrakech. Herfe is the article:
The first comment from friends is, ‘Blimey, you’re brave,’ ” says Peter Cowie, when the topic of his holiday home in Marrakesh comes up at dinner parties. “Then they all say, ‘Can we come?’
“It is so exciting,” he continues. “As soon as you land, you know you are in Africa. You are part of a different culture with different sounds, smells and colours. There is a real buzz.” Cowie, 46, and his wife, Rebecca, 47, have fallen under the spell of Morocco, with its sandy beaches, desert interiors, minarets, mosques, souks and carpet-sellers.
On holiday this summer with their three children, Hannah, 23, George, 21, and Mildred, 18, the London-based couple went searching for a holiday home they could use for pleasure, but that would also be a good investment. After a “slightly scary” tour to see what lay behind the decorative wooden doors and windowless walls of the city’s medina (the old Arab quarter), the Cowies bought Riad Najah for £200,000.
The property, which needs some work and which they plan to let out (www.riadnajah.com), is in one of the more fashionable districts of the medina, behind the Bahia Palace. A typical riad, it is set around a lush courtyard. Plans for the £30,000 renovation and extension were negotiated in faltering French.
Background
So far, the work is coming in on time and on budget. When the place is finished, it will have four bedrooms, three bathrooms, two roof terraces and a Berber tent. Cowie is also building what he calls his gin-and-tonic platform. “I plan to sit on the roof with an ice-cold gin and tonic, and watch the sun set over the medina and Atlas Mountains,” he says.
The Cowies are among thousands of British buyers lured by Morocco’s blend of exoticism, winter sunshine and relatively cheap property. Until recently, Britons who bought in the Islamic kingdom were adventurous types who headed to the ancient medinas and kasbahs in search of a riad, a larger house (known as a dar), or even a disused palace to renovate.
Today, their ranks are being swelled by sun-seekers, some of whom have never before strayed from the Med, who are piling in and investing in one of the thousands of new properties under construction by royal decree. Mohammed VI’s development plan aims for six coastal tourist resorts: one on the Mediterranean and five on the Atlantic. The new beachside playground will run all the way from Saidia, 100 miles from the Algerian border, down to Plage Blanche, south of Essaouira.
The scale of the 44-year-old monarch’s vision is staggering. The government has earmarked £220m to spend on infrastructure, and wants 10m tourists by 2010.
So, what property is on offer and what should you pay? And what price might Morocco pay for such development?
Marrakesh Morocco’s most fashionable destination, the ochre-coloured city is a favourite of slickers and bohemian types alike. Here, east meets west as visitors sit and sip beer, listening to the call to prayer.
Tim Buxton, a director of Investment Adventures (www.investmentadventures.com), says the desire to renovate within the medina is undiminished: “The cheapest, most rundown riadsstart at £60,000, but are increasingly rare,” he says. “Prices go up to £250,000 for something in need of work, to millions for the grandest, most boutique-style guesthouses.” For a 4.5% commission, the company will hold buyers’ hands during the entire process, from finding a house to choosing the tiles.
Outside the medina walls, billboards line the roads, projecting garish images of pink villas, almost luminous vegetation and glittering pools: all are resorts under construction. There will be seven golf courses by 2009, the city boundary has been extended to eight miles, and developers are in-filling as quickly as they can. Hotel chains including Four Seasons, Mandarin Oriental and Banyan Tree are all developing.
It is possible to buy a decent new-build flat off-plan for £65,000, and a semidetached villa for £150,000. The apartment blocks, townhouses and villas are designed for the mass market, and provide credible competition for Spain, Greece, Turkey and Dubai.
One of the smartest schemes around is Assoufid (020 7491 9791, www.assoufid.com), a 15-minute drive from the city centre. The 544-acre site will have an 18-hole golf course and academy, 2,000 palm trees and a Rocco Forte hotel. There will be 80 private villas, from 4,000 sq ft to 9,000 sq ft, each set in about 2.5 acres. They will have pools and, on a clear day, views to the snow-capped peaks of the High Atlas. Prices in the second phase, which launches next month, are from £1.25m to £1.67m.
Fez Pioneers seeking the culture, chaos and charm of old Morocco started scouting out riads in this city about three years ago. The arrival of more British buyers, and English-speaking agencies such as Fez Properties (www.fesproperties.com) and Churchill Solutions (www.churchill-solutions.com), is referred to as the “Marrakesh effect”. You can still pick up a run-down riad in the medina for £20,000, but expect to spend the same again and at least a year restoring it: the process is complicated by donkey-only transport.
“Fez is significantly cheaper than Marrakesh,” says Jenny Barnard, co-founder of Fes Medina Houses, which helps British buyers find a property and manage restoration projects. “As a general rule, prices have doubled in the past three years, but values are quite erratic as the market is not yet mature. It depends on the location, condition and amount of original features.”
Outside the walls of this ancient imperial centre, dust clouds indicate that a few resorts are beginning to spring up, all with requisite pools and golf courses. Mediterranean Coast There is a construction boom on the northern coast, and an unprecedented level of development, which mirrors Marbella’s “golden mile”. One-bedroom flats at the £180m Mediterranea Saidia, a colossal resort, start at £54,000, rising to just under £90,000 for a detached villa. In Spain, it might cost three times as much. Similar developments are under way south of Tangier. The largest is Tinja, a 750-acre, 2,000-home beachside resort, where the first phase is due for completion by mid2010.
Tangier has yet to shrug off its reputation as a dirty, dangerous place. However, a new port and marina are under way. So keen is the king on a clean-up that he has appointed Mohammed Hassed, the former wali (mayor) who oversaw Marrakesh’s regeneration, to, as Hassed puts it, “restore the cachet Tangier had in the 1960s”. Brave buyers head for the medina; those chasing boho appeal go to the Old Mountain area, where properties range from £300,000 to £1m, or inland to pretty Tetouan.
“Prices around Tangier are comparable to Marrakesh,” says Philip Arnott, director of Moroccan Property Immo-bilier (www.moroccanproperties.com). “But the city is playing a waiting game. If it wins the World Expo in 2012, then expect prices to soar.”
Atlantic Coast The recreation of the Spanish-style developments continues apace further along the country’s 3,000-mile coast-line; sites earmarked for development on the Atlantic stretch include Mazagan, Larache, Taghazout and Plage Blanche. Bulk-buying speculators are investing in city-centre skyscrapers in Rabat, the capital, and in Casablanca, where prices start at £68,000 for a flat and £380,000 for a villa. In Agadir, a townhouse costs about £100,000. Prices at the Royal Moroc Sports and Leisure Club (www.royalmorocclub.com), on Agadir’s outskirts, start at £60,000 for a two-bed flat.
For a more laid-back lifestyle (and investment potential), Arnott picks small towns such as Asilah and Essaouira, where small two-bed riadsin need of complete renovation start at £55,000 (www.spanish-homes.com).
Atlas Mountains Going inland to Berber country requires a decent 4WD and strong nerves. Foreigners are not allowed to own agricultural land, so must ensure that whatever they buy has a building permit. Prices are rising but vary wildly depending on the location, access and what the owner thinks he can get.
“Show a white face and prices will double,” says Buxton, who recommends employing a trustworthy local to negotiate on your behalf. “There is no shop window, no fixed price and no estate agent.” In the Ourika Valley, 20 minutes’ drive from Marrakesh, Investment Adventures is selling four-bedroom villas with Atlas views off-plan. Prices start at £775,000 (www.ardamane.com).
Southern belles
Saidia: This three-bedroom riad set around a central courtyard with a fountain, at the Mediterranea Saidia resort, is due to be completed in 2009. The villa has a pool and comes furnished.
For sale for £218,480, with Moroccan Sands; 0800 856 3005, www.moroccansands.com
Marrakesh:This five-bedroom villa with pool and terrace is in the Samanah Country Club, a 10-minute drive from the airport. There will be 600 villas around a private Jack Nicklaus golf course.
For sale for £689,000, with Savills; 020 7016 3740, www.savills.co.uk/abroad
Tangier:A 20-minute drive south of Tangier, Tinja is a 750-acre beachside resort of 2,000 flats, townhouses and villas, by the Dubai-based Emaar Properties.
A three-bedroom villa is for sale for £310,000, with Hamptons International; 020 7758 8447, www.hamptons-int.com
Fez:Dar Settash is a restored riad in the medina with lots of original architectural features. It has a kitchen, three large bathrooms, a courtyard and 10 other rooms.
For sale for £175,000, with Fes Medina Houses; 00 212 3563 7143, www.fesmorocco.com
Tags: Moroccan Morocco Fes, Maghreb news
Marrakech an investment hotspot?
According to overseas property investment specialist Select Property, Marrakech, Morocco, looks set to be the next big investment hotspot.
Select Property is currently offering traditional apartments and riads, and estimating 141% return on investment by completion in April 2009. These projections support the company’s claim that Marrakech is set to become the next Dubai, where comparable properties which sold for £60,000 in Dubai 4 years ago are now worth in excess of £140,000.
With investment potential high Select Property believes their latest development will receive huge interest. The Atlas Golf Resort is situated on an 18-hole golf course and comprises 1, 2 and 3 bedroom apartments, each with their own private garden or terrace, as well as authentic 2, 3 and 4 bedroom riads. Atlas Golf also includes a 4 star Marriott hotel, 4 star and 5 star hotels, clubhouse, restaurants, shops and swimming pools. The golf course will be one of 10 in Marrakech operating by 2010, another driver boosting rental potential and property prices.
According to Managing Director of Select Property, Mark Stott, “Atlas Golf Resort, and Morocco as a whole, have all the elements required of a strong investment opportunity with many similarities to early Dubai. Both leaders share a vision for the prosperity of their nations, low land prices and labour costs, as well as the government’s determination to bring in international investment means that property investors can buy investment property in Morocco at prices far lower than they encounter in any established European market"
“In addition, the Morocco property market tax situation is favourable. Capital gains tax is low and runs between 0% and 20%, inheritance tax in Morocco is 0% when assets are transferred to another family member and there are no annual property taxes to pay for the first 5 years that you own real estate in Morocco making it a tax attractive country in which to invest”.
Tags: Moroccan Morocco Fes, Maghreb news
A couple of words about Fez Real Estate.
Tags: Moroccan Morocco Fes, Maghreb news
www.fez-realestate.com has been created in January 2007.
8 people employed in Fez.
Around 200 properties in the portfolio (visible on the net).
Main field: real estate broker in the Medina of Fez.
www.fez-realestate.com runs restoration projects as well.
5 houses under restoration process at the moment.
example of our achievements: www.riad-laaroussa.com
Buyers are mainly foreigners with a high proportion of english speakers.
www.fez-realestate.com New fields witihin the next month:
extend our range of products to Fez new town (appartments, villas and lands).
opening of www.tanger-realestate.com (under construction).
www.fez-realestate.com has been created in January 2007.
8 people employed in Fez.
Around 200 properties in the portfolio (visible on the net).
Main field: real estate broker in the Medina of Fez.
www.fez-realestate.com runs restoration projects as well.
5 houses under restoration process at the moment.
example of our achievements: www.riad-laaroussa.com
Buyers are mainly foreigners with a high proportion of english speakers.
www.fez-realestate.com New fields witihin the next month:
extend our range of products to Fez new town (appartments, villas and lands).
opening of www.tanger-realestate.com (under construction).
House for sale in the Fez Medina
An interesting house we came across this week is a good example of the style and type of property that is available in the Fez medina.
It is probably about 150 sq metres, with a 25 sq metre courtyard. There are two salons on the ground floor with a second salon on the next floor, complete with its own bathroom. The roof terrace is about 48 sq metres and has a splendid view
The condition appears pretty good and the woodwork is fine. We estimate the property would probably sell for between 115,000 and 120,000 Euro.
If you are interested, check with Fez Real Estate where the reference number is 799
Tags: Moroccan Morocco Fes, Maghreb news
The PR machine swings into action
Latest PR release...
Moroccan property investors have long anticipated the launch by the world's largest property developers, Emaar, of their Tinja Resort near Tangier in Morocco. The first phase of the development is released on Saturday 25th August but the limited release looks likely to leave many investors disappointed as demand outstrips supply. So what next for the overseas property investor?
Emaar have recognised, along with shrewd investors from around the world, that Morocco has a unique combination of factors that put it at the forefront of potential investment destinations. With a tax regime favourable to investors (including exemption from income tax on rental income for 5 years) and massive government backing for infrastructure creation and an ambitious programme of resort creation, known as the Plan Azur , Morocco certainly possesses the attributes for profitable property investment.
So if you missed out on Emaar where are the other great investments in Morocco?
The Saidia Resort , set on 6km of glorious Mediterranean beach, is the most prestigious and complete resort investment in Morocco. With a 740 berth luxury marina, three golf courses, Olympic standard sports facilities, a conference and exhibition centre, as well as a plethora of high end retail and leisure outlets, from the Buddha Bar to Dior, Saidia is set to become the new home of the international jet set.
For those looking for quality and style similar to Emaar, the The Fairway Riads and The Greens Golf Apartments offer a stylish, fully furnished alternative. With prices from £88,000 for a two bedroomed apartment with plasma TV�s and air-conditioning they offer great value, plus potential capital growth can be conservatively estimated at 15-20% per annum.
These properties and many other attractive investment opportunities in Morocco are available from Moroccan Sands Morocco�s premier real estate company.
See www.moroccansands.com or call 0034 952 765 993 (direct Spain), 0800 856 3005 (UK freephone) or 1 800 805 430 (EIRE freephone).
Tags: Moroccan Morocco Fes, Maghreb news
Moroccan property investors have long anticipated the launch by the world's largest property developers, Emaar, of their Tinja Resort near Tangier in Morocco. The first phase of the development is released on Saturday 25th August but the limited release looks likely to leave many investors disappointed as demand outstrips supply. So what next for the overseas property investor?
Emaar have recognised, along with shrewd investors from around the world, that Morocco has a unique combination of factors that put it at the forefront of potential investment destinations. With a tax regime favourable to investors (including exemption from income tax on rental income for 5 years) and massive government backing for infrastructure creation and an ambitious programme of resort creation, known as the Plan Azur , Morocco certainly possesses the attributes for profitable property investment.
So if you missed out on Emaar where are the other great investments in Morocco?
The Saidia Resort , set on 6km of glorious Mediterranean beach, is the most prestigious and complete resort investment in Morocco. With a 740 berth luxury marina, three golf courses, Olympic standard sports facilities, a conference and exhibition centre, as well as a plethora of high end retail and leisure outlets, from the Buddha Bar to Dior, Saidia is set to become the new home of the international jet set.
For those looking for quality and style similar to Emaar, the The Fairway Riads and The Greens Golf Apartments offer a stylish, fully furnished alternative. With prices from £88,000 for a two bedroomed apartment with plasma TV�s and air-conditioning they offer great value, plus potential capital growth can be conservatively estimated at 15-20% per annum.
These properties and many other attractive investment opportunities in Morocco are available from Moroccan Sands Morocco�s premier real estate company.
See www.moroccansands.com or call 0034 952 765 993 (direct Spain), 0800 856 3005 (UK freephone) or 1 800 805 430 (EIRE freephone).
Tags: Moroccan Morocco Fes, Maghreb news
Fez - the next Marrakech?
The British Telegraph newspaper is suggesting that Fez is the place to buy - they may have a point, but as anyone who has been through the process will tell you - it can be hard work. Here is an edited version to the Telegraph story
With new low-cost airline access - including a three-hour flight from Luton with Ryanair - and surging interest in Morocco's historic cities, Fez holds great appeal to foreign property buyers in search of the next Marrakech.
While wealthy Moroccans regard the old town as the ghetto and prefer to live in Fez's French-built new quarter, overseas investors are eyeing up the palaces, dars (houses set around courtyards) and riads (houses with gardens) in the Fes-El-Bali medina, the world's largest car-free urban zone. Among its back streets are about 3,000 houses in a ruined state. Those for sale cost from £20,000 - a fifth of the price of comparable properties in Marrakech.
"It's hard to find beautiful houses with original features and a lot of people are put off by stories of the endless paperwork and having to track down all the owners before you can buy," says Louis McIntosh, a former DJ from Norwich who recently moved to Fez and bought a six-storey house with octagonal ceilings in the medina for £24,000.
With the help of the English-speaking agency Fez Properties he spent three months tracing the empty building's owners - a family with nine members spread from Portugal to Malaga and Casablanca. "Searches can take up to a year as some people feel a strong emotional attachment to these houses and don't want to sell, even though they don't live there," reports Louis, 52.
"My buying process was straight-forward. The difficulties came with the renovation as 12 weeks into the project, when the house was only half finished, the architect told me I'd used up my budget. I ended up spending £37,000 on the work, but it was worth it. I'd like to release some equity on it, as prices have gone up, and do it again with another house." Figures on price rises are not available as the market is in its earliest stages, but Louis cites a friend whose £17,500 dar has doubled in price in 12 months before he has even started renovation work.
There is no market yet for buying converted houses, says Adil Ait Hamd from Fez Medina Consulting (www.insidefezmedina.com), who help people to buy, restore and manage properties in the medina. However, derelict properties in areas of the medina such as Bab Boujloud or Ain Azleten are sought after, mainly by British buyers wanting to convert them into guest houses.
"Prices in those areas have risen a lot recently, especially for houses within a five to 10-minute walk of a car park," says Adil. "But buyers need to be prepared for the fact that everything is different here. Very few estate agents speak English and 99 per cent of the properties in the medina do not have modern title deeds. They have a traditional, handwritten document proving ownership called R'sem." Buyers should find a reputable local lawyer to witness the transaction, ensuring that the paperwork shows all current owners of the property have given consent to the sale and explaining all taxes and fees, which total about 7 per cent of the purchase price.
"Once you have bought a property and you want to start restoring it, you face other difficulties," Adil adds. "What do I do first? Where do I go? How much should I pay? How do I manage the project?" If all that sounds daunting but you are still drawn to this captivating city whose low-lying, sand-coloured buildings fade into the arid hills that surround it, then buying a new-build property could be the solution. While there is a spate of construction in the new town, including the huge Oued Fes development that covers a 6·5 square mile site, only three tourist developments near the old town have been granted planning permission.
Fez's profit-making potential, over time, looks promising, but its instant allure is certain. "There's something about the city that hooks you," says Louis. "The phrase they use in Arabic translates as 'the call of Fez'."
Tags: Moroccan Morocco Fes, Maghreb news
With new low-cost airline access - including a three-hour flight from Luton with Ryanair - and surging interest in Morocco's historic cities, Fez holds great appeal to foreign property buyers in search of the next Marrakech.
While wealthy Moroccans regard the old town as the ghetto and prefer to live in Fez's French-built new quarter, overseas investors are eyeing up the palaces, dars (houses set around courtyards) and riads (houses with gardens) in the Fes-El-Bali medina, the world's largest car-free urban zone. Among its back streets are about 3,000 houses in a ruined state. Those for sale cost from £20,000 - a fifth of the price of comparable properties in Marrakech.
"It's hard to find beautiful houses with original features and a lot of people are put off by stories of the endless paperwork and having to track down all the owners before you can buy," says Louis McIntosh, a former DJ from Norwich who recently moved to Fez and bought a six-storey house with octagonal ceilings in the medina for £24,000.
With the help of the English-speaking agency Fez Properties he spent three months tracing the empty building's owners - a family with nine members spread from Portugal to Malaga and Casablanca. "Searches can take up to a year as some people feel a strong emotional attachment to these houses and don't want to sell, even though they don't live there," reports Louis, 52.
"My buying process was straight-forward. The difficulties came with the renovation as 12 weeks into the project, when the house was only half finished, the architect told me I'd used up my budget. I ended up spending £37,000 on the work, but it was worth it. I'd like to release some equity on it, as prices have gone up, and do it again with another house." Figures on price rises are not available as the market is in its earliest stages, but Louis cites a friend whose £17,500 dar has doubled in price in 12 months before he has even started renovation work.
There is no market yet for buying converted houses, says Adil Ait Hamd from Fez Medina Consulting (www.insidefezmedina.com), who help people to buy, restore and manage properties in the medina. However, derelict properties in areas of the medina such as Bab Boujloud or Ain Azleten are sought after, mainly by British buyers wanting to convert them into guest houses.
"Prices in those areas have risen a lot recently, especially for houses within a five to 10-minute walk of a car park," says Adil. "But buyers need to be prepared for the fact that everything is different here. Very few estate agents speak English and 99 per cent of the properties in the medina do not have modern title deeds. They have a traditional, handwritten document proving ownership called R'sem." Buyers should find a reputable local lawyer to witness the transaction, ensuring that the paperwork shows all current owners of the property have given consent to the sale and explaining all taxes and fees, which total about 7 per cent of the purchase price.
"Once you have bought a property and you want to start restoring it, you face other difficulties," Adil adds. "What do I do first? Where do I go? How much should I pay? How do I manage the project?" If all that sounds daunting but you are still drawn to this captivating city whose low-lying, sand-coloured buildings fade into the arid hills that surround it, then buying a new-build property could be the solution. While there is a spate of construction in the new town, including the huge Oued Fes development that covers a 6·5 square mile site, only three tourist developments near the old town have been granted planning permission.
Fez's profit-making potential, over time, looks promising, but its instant allure is certain. "There's something about the city that hooks you," says Louis. "The phrase they use in Arabic translates as 'the call of Fez'."
Tags: Moroccan Morocco Fes, Maghreb news
Annual rental return in Morocco
Overseas property investment news
Fully furnished luxury Beachfront apartments, suites and penthouses, at a new development on Morocco’s Mediterranean coast will give you annual rental returns of between seven and 11% claims property specialists Saffron Villas.
The properties in the new five-star Le Jardin de Fleur Sahara Beach and Spa Resort are currently available off-plan at pre-launch prices from £81,000 for a studio to £250,689 for a two-bedroom penthouse.
It forms the latest phase of Mediterrania-Saidia, the €1.6 billion golf and marina resort taking shape along six kilometres of the 14 kilometre golden sandy beach at Saidia.
Saffron Villas is selling the properties on a nine-year renewable leaseback scheme whereby owners benefit from a share of the total rental achieved by the 204 apartments in the development. They also have private use of their apartment for up to 10 weeks each year.
The properties are located close to Mediterrania-Saidia’s marina and waterfront promenades.and will have a number of facilities within its tropical including three fresh and sea water lagoon-style swimming pools, a Moroccan-themed spa and thalassotherapy centre, a gymnasium and fitness centre, as well as three bars and three themed restaurants. Also planned are a conference and banqueting centre, and a children’s club.
Construction work is due to start later this year and the first apartments are expected to be ready for occupation around the end of 2009.
Tags: Moroccan Morocco Fes, Maghreb news
Fully furnished luxury Beachfront apartments, suites and penthouses, at a new development on Morocco’s Mediterranean coast will give you annual rental returns of between seven and 11% claims property specialists Saffron Villas.
The properties in the new five-star Le Jardin de Fleur Sahara Beach and Spa Resort are currently available off-plan at pre-launch prices from £81,000 for a studio to £250,689 for a two-bedroom penthouse.
It forms the latest phase of Mediterrania-Saidia, the €1.6 billion golf and marina resort taking shape along six kilometres of the 14 kilometre golden sandy beach at Saidia.
Saffron Villas is selling the properties on a nine-year renewable leaseback scheme whereby owners benefit from a share of the total rental achieved by the 204 apartments in the development. They also have private use of their apartment for up to 10 weeks each year.
The properties are located close to Mediterrania-Saidia’s marina and waterfront promenades.and will have a number of facilities within its tropical including three fresh and sea water lagoon-style swimming pools, a Moroccan-themed spa and thalassotherapy centre, a gymnasium and fitness centre, as well as three bars and three themed restaurants. Also planned are a conference and banqueting centre, and a children’s club.
Construction work is due to start later this year and the first apartments are expected to be ready for occupation around the end of 2009.
Tags: Moroccan Morocco Fes, Maghreb news
Work begins on $350m Mazagan Resort
Ground was broken officially in Rabat yesterday on the first phase of the luxury Mazagan Resort, a $350 million joint venture project that involves Dubai World subsidiary Istithmar PJSC, Kerzner International Holdings Limited, and a cluster of Moroccan Government and private investors.
The Moroccan partners include the government pension investment fund, CDG Développement, the Moroccan-Emirati investment fund, SOMED, and the mutual insurance companies, La Mutuelle Agricole Marocaine d'Assurances and La Mutuelle Centrale Marocaine d'Assurances MAMDA-MCMA.
Those present at the ground breaking event for this unique development was the Prime Minister of Morocco, Driss Jettou, and the Minister of Tourism, Craftsmanship and Social Economy, Adil Douiri.
Kerzner International Holdings Limited, a leading international developer and operator of destination resorts, and luxury hotels, will develop and manage the Mazagaon Resort.
This will span 324 hectares of coastal land (when completed the whole resort will cover 514 hectares) and will feature a 500-room, 1,000-bed five star hotel, multiple restaurants including Mediterranean, Portuguese and Moroccan restaurants, a private lounge club, a club House, a buffet restaurant and five light meal restaurants.
Tags: Moroccan Morocco Fes, Maghreb news
The Moroccan partners include the government pension investment fund, CDG Développement, the Moroccan-Emirati investment fund, SOMED, and the mutual insurance companies, La Mutuelle Agricole Marocaine d'Assurances and La Mutuelle Centrale Marocaine d'Assurances MAMDA-MCMA.
Those present at the ground breaking event for this unique development was the Prime Minister of Morocco, Driss Jettou, and the Minister of Tourism, Craftsmanship and Social Economy, Adil Douiri.
Kerzner International Holdings Limited, a leading international developer and operator of destination resorts, and luxury hotels, will develop and manage the Mazagaon Resort.
This will span 324 hectares of coastal land (when completed the whole resort will cover 514 hectares) and will feature a 500-room, 1,000-bed five star hotel, multiple restaurants including Mediterranean, Portuguese and Moroccan restaurants, a private lounge club, a club House, a buffet restaurant and five light meal restaurants.
Tags: Moroccan Morocco Fes, Maghreb news
Amlak Finance to open in Morocco?
According to a Reuters report,Amlak Finance, the largest UAE mortgage lender by market value, is considering expansion into Morocco, where UAE developers are building projects worth $30 billion in the next five years.
Amlak, which opened a home loan subsidiary in Egypt this year, said in a statement it had held meetings with Morocco's central bank and finance ministry about setting up in the North African country. It did not give further details.
Tags: Moroccan Morocco Fes, Maghreb news
Amlak, which opened a home loan subsidiary in Egypt this year, said in a statement it had held meetings with Morocco's central bank and finance ministry about setting up in the North African country. It did not give further details.
Tags: Moroccan Morocco Fes, Maghreb news
Morocco an investment plus!
Morocco will become a top Mediterranean destination within three years, one expert has said.
Although it is a "relative unknown" on the international investment stage, seasoned buyers are aware that real estate in Morocco can be bought for around a third of the cost of similar properties in Portugal and Spain, according to Matthew Peters, writing in the Daily Reckoning.
"At some point Moroccan prices may converge with those of southern Spain as the new developments arrive," he said.
He said that the launch of Vision 2010 - a plan to increase the number of overseas holidaymakers to ten million every year by the end of the decade - will help to transform the country's tourism sector.
"The plan, if successful, will diversify away Morocco's reliance on France for tourists and replace it with a reliance on western Europe," he remarked.
According to Rightmove, Morocco is set to be the top overseas summer hotspot this year after it was revealed that flight bookings to Marrakech rose by an annual 295 per cent last summer.
Tags: Moroccan Morocco Fes, Maghreb news
Although it is a "relative unknown" on the international investment stage, seasoned buyers are aware that real estate in Morocco can be bought for around a third of the cost of similar properties in Portugal and Spain, according to Matthew Peters, writing in the Daily Reckoning.
"At some point Moroccan prices may converge with those of southern Spain as the new developments arrive," he said.
He said that the launch of Vision 2010 - a plan to increase the number of overseas holidaymakers to ten million every year by the end of the decade - will help to transform the country's tourism sector.
"The plan, if successful, will diversify away Morocco's reliance on France for tourists and replace it with a reliance on western Europe," he remarked.
According to Rightmove, Morocco is set to be the top overseas summer hotspot this year after it was revealed that flight bookings to Marrakech rose by an annual 295 per cent last summer.
Tags: Moroccan Morocco Fes, Maghreb news
Massive development projects in Central Morocco
Over 2.258 billion US dollars has been allocated to implement large-scale tourist and urban projects in the central cities of Safi and El Jadida (347km and 190 kms south of Rabat respectively) to promote sustainable development in the region.
A seaside resort "Mazagan", to be built in El Jadida on a 500ha area, is due to have a total capacity of 8.000 beds and include animation, sport and commercial facilities. It is expected to generate some 30.000 jobs and cost 641 million USD.
The 600ha "Souiria lqdima" station that is to cost 846.7 million USD, provides mainly for building of quality hotels with 6,000-bed capacity, golf fairways, 2.000 flats for tourists and 1,100 villas. It is due to create around 12.000 jobs.
Another project dubbed "Golden Bay" will be built on a 67ha area with a cost of 738 million USD.
There is also a new 19.3 million USD urban zone being created in “Sidi Bouzid” (nearby Safi). Spanning over an area of 88ha, it provides for building 4,000 housing units as well as public service facilities and green spaces.
About 780,615 USD has been dedicated to revamp old buildings in the region of Azemmour, east of El Jadida.
Morocco has worked out an ambitious strategy, dubbed "Vision 2010", which aspires to attract 10 million tourists by 2010. This strategy also aims to create 160,000 beds, bringing the national capacity to 230,000 beds and to create some 600,000 new jobs.
Tags: Moroccan Morocco Fes, Maghreb news
A seaside resort "Mazagan", to be built in El Jadida on a 500ha area, is due to have a total capacity of 8.000 beds and include animation, sport and commercial facilities. It is expected to generate some 30.000 jobs and cost 641 million USD.
The 600ha "Souiria lqdima" station that is to cost 846.7 million USD, provides mainly for building of quality hotels with 6,000-bed capacity, golf fairways, 2.000 flats for tourists and 1,100 villas. It is due to create around 12.000 jobs.
Another project dubbed "Golden Bay" will be built on a 67ha area with a cost of 738 million USD.
There is also a new 19.3 million USD urban zone being created in “Sidi Bouzid” (nearby Safi). Spanning over an area of 88ha, it provides for building 4,000 housing units as well as public service facilities and green spaces.
About 780,615 USD has been dedicated to revamp old buildings in the region of Azemmour, east of El Jadida.
Morocco has worked out an ambitious strategy, dubbed "Vision 2010", which aspires to attract 10 million tourists by 2010. This strategy also aims to create 160,000 beds, bringing the national capacity to 230,000 beds and to create some 600,000 new jobs.
Tags: Moroccan Morocco Fes, Maghreb news
Tourism and real estate in Morocco.
Over 100 key decision makers and investors in the region attended the discussions that were held in Dubai on the future of tourism and real estate in the region.
Farhan Faraidooni, Executive Chairman of Sama Dubai, led a discussion on the future of tourism in Morocco. He highlighted the importance of sharing experience and information among decision makers in the region to support overall regional development.
Forum speakers included Abdelmalik Al Latifi, Director of Real Estate Development, Ministry of Housing and Urban Development, Morocco, Yasser Charafi, Investment Officer, IFC Morocco, Fouad Chraibi, President, H Partners and Ali Ghennam, President, MEDZ. The Forum reviewed studies on tourism, real estate, infrastructure, economy and investment sectors besides private sector development.
Faraidooni said: 'In the past, the regional investment vision was mostly limited to one country's strategy and focused greatly on individuals or secondary deals between Arab countries and other regions. However, things have changed. With a global drive towards supporting economic clusters, we need to re-orient and restructure our investment portfolios in order to enable the region to compete globally. This is vital because our region is endowed with strong infrastructures, established rules and regulations and a strategic geographical location.
'The North African country is also an accessible tourist destination, especially to the European market, due to the country's geographical position, as well as its cultural and historical ties with Europe.
'We need to focus on tourism more in the coming years mainly because we enjoy great natural and financial resources. We also have adequate experience that will enable us to reach our tourism goals. According to recent statistics, tourists spend a great amount of money outside our region. Although the percentage of Arab tourists is quite small at three per cent, with 12 million tourists we also know that their spending is the highest globally,' Faraidooni added
Studies have shown that tourists from the Arabian Gulf spend at a daily rate of US$1,814, more than double that of European tourists who spend US$836 a day.
Faraidooni said that regulatory and organizational frameworks need to be amended, or improved, to develop tourism in the region. He emphasized that there is a need to recognize the private sector, be it locally or regionally, as a strong partner. He also highlighted the need to develop leadership, human resources, investment in Information Technology and IT telephony, marketing, simplified border controls and setting up of joint ventures between the real estate and tourism sectors.
'Dubai Towers - Casablanca' is a US$600 million project that will cover an area of 240,000 sq. m and will cater to both tourists and businesses. It will include a hotel, office tower and a mall anchored by prestigious brand names. The whole complex will offer office space, residential apartments, retail and entertainment facilities. Similar projects are being developed in the UAE, Qatar and Turkey, under the 'Dubai Towers' brand.
The US $ 3 billion Amwaj - Rabat will be the first development to be implemented under the Bouregreg project. It will include beautifully crafted apartments and villas, designed to allow international and domestic residents to lead a full and balanced lifestyle. Located on over 121 hectares, Amwaj will feature five-star hotels, resorts, a convention centre, a mix of entertainment facilities and a marina.
Valued at US$500 million, the Marina de Casablanca will feature offices, retail and entertainment facilities, marina hotels, residential apartments, promenade and open landscape, on a built-up area of 190,000 sq. m.
Tags: Moroccan Morocco Fes, Maghreb news
Farhan Faraidooni, Executive Chairman of Sama Dubai, led a discussion on the future of tourism in Morocco. He highlighted the importance of sharing experience and information among decision makers in the region to support overall regional development.
Forum speakers included Abdelmalik Al Latifi, Director of Real Estate Development, Ministry of Housing and Urban Development, Morocco, Yasser Charafi, Investment Officer, IFC Morocco, Fouad Chraibi, President, H Partners and Ali Ghennam, President, MEDZ. The Forum reviewed studies on tourism, real estate, infrastructure, economy and investment sectors besides private sector development.
Faraidooni said: 'In the past, the regional investment vision was mostly limited to one country's strategy and focused greatly on individuals or secondary deals between Arab countries and other regions. However, things have changed. With a global drive towards supporting economic clusters, we need to re-orient and restructure our investment portfolios in order to enable the region to compete globally. This is vital because our region is endowed with strong infrastructures, established rules and regulations and a strategic geographical location.
'The North African country is also an accessible tourist destination, especially to the European market, due to the country's geographical position, as well as its cultural and historical ties with Europe.
'We need to focus on tourism more in the coming years mainly because we enjoy great natural and financial resources. We also have adequate experience that will enable us to reach our tourism goals. According to recent statistics, tourists spend a great amount of money outside our region. Although the percentage of Arab tourists is quite small at three per cent, with 12 million tourists we also know that their spending is the highest globally,' Faraidooni added
Studies have shown that tourists from the Arabian Gulf spend at a daily rate of US$1,814, more than double that of European tourists who spend US$836 a day.
Faraidooni said that regulatory and organizational frameworks need to be amended, or improved, to develop tourism in the region. He emphasized that there is a need to recognize the private sector, be it locally or regionally, as a strong partner. He also highlighted the need to develop leadership, human resources, investment in Information Technology and IT telephony, marketing, simplified border controls and setting up of joint ventures between the real estate and tourism sectors.
Sama Dubai is developing three landmark projects in Morocco; Dubai Towers - Casablanca, Amwaj - Rabat and Marina De Casablanca - Casablanca.
'Dubai Towers - Casablanca' is a US$600 million project that will cover an area of 240,000 sq. m and will cater to both tourists and businesses. It will include a hotel, office tower and a mall anchored by prestigious brand names. The whole complex will offer office space, residential apartments, retail and entertainment facilities. Similar projects are being developed in the UAE, Qatar and Turkey, under the 'Dubai Towers' brand.
The US $ 3 billion Amwaj - Rabat will be the first development to be implemented under the Bouregreg project. It will include beautifully crafted apartments and villas, designed to allow international and domestic residents to lead a full and balanced lifestyle. Located on over 121 hectares, Amwaj will feature five-star hotels, resorts, a convention centre, a mix of entertainment facilities and a marina.
Valued at US$500 million, the Marina de Casablanca will feature offices, retail and entertainment facilities, marina hotels, residential apartments, promenade and open landscape, on a built-up area of 190,000 sq. m.
Tags: Moroccan Morocco Fes, Maghreb news
Moroccan property agency takes a taxi.
Under the headline "Moroccan Hospitality with British Professionalism arrives on London's Streets" Property Borders are out and about selling their latest imaginative campaign - advertising on London taxis. Here is what they have to say about this campaign:
As passengers arrive outside Buckingham palace in licensed London taxi's her Royal Highness could be forgiven for thinking that Morocco has arrived in the mall, but if she looks deeper she will see its Property Borders the UK's leading Moroccan run property agencies new marketing campaign hitting some of London's most exclusive places like Harrods, Grosvenor House Hotel and the Savoy Hotel.
“The marketing campaign on London taxis is to highlight Morocco as an up market tourist destination as well as promoting Morocco as a holiday home/investment destination” comments Mustapha Mezouri a Moroccan director for Property Borders.
Morocco is currently going through fundamental changes with the government’s privatisation program in full swing the country is increasingly receiving large amounts of (FDI) foreign direct investment and funding from the (EU) European Union who are encouraged by Morocco's rapidly changing economic and social reforms.
Mustapha Mezouri says “the late King Hassan II had a vision Morocco will one day join the eu. This may be unlikely but morocco is already very closely aligned with the west, Morocco has been designated a major non-Nato US ally”
Mustapha Mezouri says “Property Borders are the first Moroccan run agency specialising in Moroccan property in London and we are very proud of this fact”.
As a Moroccan agency Property Borders are committed to promote Morocco and show the World what a truly fantastic place Morocco is to invest and visit. Most people who think of Morocco think it just a desert but Morocco is a country of contrasts from green hinterlands to majestic mountains where during the winter months you can ski.
Head for the imperial cites like Fes, Meknes, Marrakech & Rabat, the capital of Morocco, and see the real Morocco with all it century old traditions. If its open space you’re after, head for the vast deserts.
For lovers of sport you will be spoilt for choice in Morocco and you will find it hard to keep the Moroccans away from joining you, Moroccans are fanatical about their sports. Golf is very popular with some sublime course’s to play on at a fraction of the price one would expect to pay in Europe. If you’re a keen surfer head for the golden beaches on the Atlantic coastline to ride some amazing waves, Morocco has what seems like an endless coastline of incredible powdery beaches.
Fishing is also a great way to enjoy the lifestyle Morocco has to offer with an abundance of fish. Food is part of the Moroccan culture and the country is renowned for its sumptuous mouth watering food at giveaway prices.
Morocco has something for everyone so much so that Sir Winston Churchill was quoted as saying "It is the most beautiful place in the world".
Property Borders are marketing property all across Morocco and you don’t need a budget of the likes of England captain Rio Ferdinand who along with his team-mates John terry and Gary Neville recently bought property in Morocco.
In Marrakech we are marketing the El Oasis de Marrakech, a truly stunning development in the exclusive La Palmeraie area, which offers exceptional value for money with excellent, cash flow positive payment options.
All financial issues have been addressed to present this unique mortgage and financial package....
• 25% Deposit 75% Loan to value
• 2 Years interest only mortgages on a 15 year term.
• 2 Years mortgage paid by the developer for the investor.
• 2 Years service changers paid by the developer
• 2 Years guaranteed net rental income at 3% per annum.
• 2 weeks free usage per annum*
• 2 Free plasma televisions fitted with every purchase before 1st June 2007.
• After the initial 2 year there is an option to renegotiate a rental program for a further 3 years.
Prices start at just £81,598
So if you find yourself dreaming of some Moroccan sunshine while being chauffeured around London in one of Property Borders exclusive London taxis and would like further information on living a Moroccan lifestyle or would like to discus the possibilities of investing in one of our many resorts do not hesitate to contact the UK’s 1st Moroccan property agency Property Borders.
Contact Property Borders
www.propertyborders.com
0208 508 9905
Tags: Moroccan Morocco Fes, Maghreb news
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