 One of the many properties on offer: this five bedroom guest house in the Fez Medina is for sale at 540,000 euros through Fez Real Estate. |
The Moroccan property market has been in the doldrums for the past few years, but according to The Sunday Times, buyers are set to return.
In an article published last weekend, writer Zoe Dare Hall points out that Morocco, along with Turkey, is an attractive alternative to Spain, Italy and France and has considerably lower prices.
Since King Mohammed VI opened the skies with a view to increasing tourism, the abundance of cheap flights to Morocco has made the country a haven for those looking for a beautiful and unusual home or retreat.
While property prices rocketed in 2006-7, especially in Marrakesh, the global financial crisis; public perception of the Arab Spring and the bombing in Marrakesh in April have combined to dampen recent investment. However, the bombing appears to be an isolated incident and Morocco has remained stable during the recent political upheavals. With the debt troubles in Greece likely to impact on the entire eurozone, Dare Hall suggests that now is a good time to invest in Morocco.
Renovated four-bedroom riads near Djemaa el Fna square start at £370,000 through Savills (020 7016 3740, savills.com), but less touristy cities like Fez, Essaouira, on the Atlantic coast, Tangier, on the Strait of Gibraltar, offer better opportunities. You can find old houses in Fez for as little as £20,000 through Fez Real Estate (00 212 535 637775, fez-realestate.com). They also list high-end properties, such as the guest house shown above.
If you want to let out your property, while Marrakesh remains the strongest market for short-term lets, it is worth considering Casablanca suggests Kate Stinchcombe-Gillies, head of marketing for Holidaylettings.co.uk. “Demand for lets there is phenomenal, but we have little inventory.”
You can find the full article on The Sunday Times website.
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