Moroccan Property

Fez Real Estate Update 2012

2012-01-19T11:19:00.000Z

After a very quiet time in the Moroccan real estate market, things look set to change. One early indicator is that major media players are giving space to stories about buying property in Morocco. From airline inflight magazines to the lofty heights of the New York Times, journalists are pointing to Morocco as a good place to invest.

What is particularly interesting is the attention is not on Marrakech, but Fez. Although Fez is the spiritual and cultural heart of the country, Marrakech has always been the 'party town' with a louche reputation akin to that of Tangier, and been the choice particularly of French investors. While Casablanca is the commercial heart, it has not attracted attention from British, American and French home buyers. So, what is happening in Fez, and why the attention?

The first unusual thing about the Fez market is that it is actually two different markets - the World Heritage listed Medina and the Ville Nouvelle or New City. The Ville Nouvelle is often the choice of Moroccans and those with businesses there, but for foreigners the charm of the Medina, being car-free, with its medieval houses and labyrinthine alley ways, is the key point.

A riad for sale in Fez - in perfect condition

Then, having chosen the Medina, there is another choice to be made; a riad or a dar. A riad is normally larger and has an open central courtyard with trees, a fountain or garden. A dar is smaller, with a central courtyard that can often be closed over against inclement weather. Dars do not have a central garden or fountain although they may often have a wall fountain.

Another consideration is the age of the house. David Amster, in his fine website A House in Fez.com has this to say: In terms of age, you need to decide whether you want a older house, generally 17th to 19th century, or a "neotraditional" house from the early 20th century. Older houses are more interesting, but generally need more restoration and are deeper in the medina. Note too that the age of a medina house is often hard to determine. There is often a date on the plaster above one of the main salon doors, but this is the date in the Islamic calendar of when that plaster was completed and generally has nothing to do with when the house was built. It's also normal for doors, beams, carved plaster, and zellij to be replaced every one to two hundred years, which means that a seven-hundred-year-old house sometimes looks like it's 19th century.

For sale a potential maison d'hôtes

Quoted in a recent New York Times article, Cédric Elsener, the owner of Maroc Immobilier Capital, says, “The Medina is really bewitching. It has a weird effect on you. Either you love it or you hate it — nothing in between.” According to Frédéric Sola, owner of Fez Real Estate, a company that sells and renovates riads in the Medina, “Time stopped about five centuries ago. What you see in the Medina, you don’t see anywhere else in the world.”

Also quoted in the New York times is Tim McTighe, a partner of Fes Properties, which sells, restores and manages properties in the Medina. Like others he reflects that the property market has been slow since 2008. “I’d say the glory days were between 2004 and 2007,” said Mr. McTighe. He and other brokers attribute that primarily to the global economic downturn, though they acknowledge that the regional political turmoil of the Arab Spring hasn’t helped. “Unfortunately some people put Morocco in the same basket” as Libya, Egypt, Tunisia, and other strife-torn countries in the area, said Mr. McTighe, suggesting that possible investors might be watching and waiting. “But Morocco is a very peaceful country, night and day with a country like Libya.”

Fred Sola points out that despite the sluggish market prices have not fallen sharply, because there are fewer properties on the market. “There have been some good bargains from foreigners who had to resell riads quickly,” said Mr. Sola. Mr. Elsener said it was a good time to buy, especially given improvements in Fez’s accessibility. “There are more direct flights to Europe,” he said, “and they are working to double the size of capacity at the airport. We also have a new highway that opened last June — from Fez you can drive to the Mediterranean in two and a half hours.”

One changing demographic is the nationality of those purchasing properties. For a long time the major buyers were French, but with the increase in budget airline flights to Morocco, other nationalities are catching up. Also present in the market are Belgians, Italians, Americans, Britons and several Australian or New Zealanders. While a majority of investors are buying in order to set up a guesthouse, a small number are buying private residences.

Traditional restoration takes time and money

The initial purchase of a house can be a relatively simple procedure, however, the cost of restoration needs to be factored in. In general terms, restoration is likely to cost two to three times the purchase price, depending on the structural condition of the building. Those who have been through the renovation process will be quick to advise that it is best to be on site for any major work as communicating day to day decisions by email or telephone is far from efficient. For this reason, a growing number of buyers are looking at properties where a majority of the restoration work is already completed.

Further reading:

David Amster's site
Suzanna Clarke's A House in Fez
Tahir Shah's The Caliph's House

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Moroccan Property - latest information

2011-09-18T10:49:00.001Z

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.

The View from Fez - New mobile interface

2011-06-19T20:43:00.001Z

The smart way to keep up to date

Because of the number of people who now access The View from Fez from their phones, we have introduced a new clean, fast, mobile interface. You don't have to change anything on your phone, or get a new app - it will happen automatically. And this is what it looks like.

All the stories and latest updates are there, but they will load faster and appear in an easy to read, digest form. However, if you prefer the older web version, then simply scroll down and select "view web version".

For those of you who do get your Fez Festival updates from us, we would love your feedback on the new interface.

For programme changes and other event updates you can also follow us on Twitter or Facebook

Quick link: All our Fez Festival stories

Morocco's Residential Real Estate ~ Update

2011-05-29T07:49:00.002Z

Prices in Morocco's residential real estate market are holding steady in 2011, with a slight overall decline balanced by increases in the key apartment segment and in some high-demand areas of the country. Residential rentals have also held up well and, in spite of the wave of political unrest in North Africa earlier this year, the development of major real estate projects is largely on track, with domestic investors and low-cost housing set to drive further growth.

According to figures released in February by Bank Al Maghrib, the Moroccan central bank, having risen 2.4% year-on-year at the end of September, residential real estate sale prices ended 2010 slightly down after a slow final quarter, at 0.9% below where they stood at end-2009 and 2% below end-September. However, the value of apartment sales - which account for the majority of transactions - rose slightly, up 0.3% on the previous year.

Fez and Marrakech see price rises

A number of areas, including the Fez-Boulmane and Marrakech-Tensift-El Haouz regions, also bucked the trend, witnessing notable price increases. The sale value of apartments and houses increased by 1.3% and 2.3%, respectively, in the business capital, Casablanca, which accounted for 40% of all sales. Prices also held up well considering a 28.4% fall in the number of transactions in the fourth quarter of 2010 compared to the same period in 2009. The Fez area appears set to continue in a positive way as it is not subject to security concerns and visitor numbers are expected to increase in the coming months.

The residential rental market appears to be performing more strongly, with property agencies reporting both a solid 2010 in terms of rentals and optimism regarding 2011. Rental prices are reported to have risen in the country's respective political and commercial capitals, Rabat and Casablanca.

Fez hangs its hopes on Atlas Blue.

2008-11-01T08:09:00.002Z

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/

Morocco and the impact of the World Economic Crisis

2008-09-18T23:58:00.000Z

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.

2008-09-15T01:47:00.000Z

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

2008-07-18T23:32:00.000Z

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 Baturina

It 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

2008-07-09T00:06:00.000Z

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.

2008-03-12T07:15:00.001Z

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, 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.

2007-10-29T05:33:00.000Z

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?

2007-10-09T20:14:00.000Z

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.

2007-09-05T11:35:00.000Z

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).

House for sale in the Fez Medina

2007-09-04T07:31:00.000Z

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

2007-08-25T12:27:00.000Z

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

Fez - the next Marrakech?

2007-07-24T05:56:00.000Z

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

Annual rental return in Morocco

2007-07-06T22:29:00.000Z

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

Work begins on $350m Mazagan Resort

2007-06-27T08:44:00.000Z

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

Amlak Finance to open in Morocco?

2007-05-23T07:40:00.000Z

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

Morocco an investment plus!

2007-05-22T22:23:00.000Z

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

Massive development projects in Central Morocco

2007-05-12T07:58:00.000Z

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

Tourism and real estate in Morocco.

2007-05-05T14:03:00.000Z

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.

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.

2007-04-13T16:18:00.000Z

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

Steady growth and development in Morocco

2007-04-05T09:44:00.000Z

Steady growth and the development of more major resorts looks set to be the trend for the Morocco property market in 2007 according to Paul Staines, managing director of Newbury-based Saffron Villas Ltd.

Construction work starts this year on new resort developments in Atlantic coast locations including Mogador-Essaouira, Larache and Agadir. They form part of the Plan d’Azur backed by King Mohammed VI and the Moroccan Government in a bid to boost tourism.

First announced in 2001, the plan aims to increase the number of visitors to Morocco to 10 million by 2010. The plan is expected to create 600,000 new jobs.

Saffron Villas is one of the UK’s leading Moroccan property specialist. Having secured exclusive agency rights for a number of developments, it is projecting sales valued at £70 million in 2007.

Last year the firm handled the sale of more than 500 villas, apartments and townhouses in Morocco.

Saffron Villas has grown consistently since its conception in 2001. Recently it appointed three new employees to meet increasing demand, taking its staff total to 13.

The firm, which has offices in Berkshire, Saidia and Tangier, last year was the recipient of two prestigious industry awards.

In 2006 the British tourist market in Morocco rose by 40 per cent - more than double that of any other market - with Marrakech reporting a 68 per cent occupancy rate.

“This is excellent news for property investors,” says Paul who reveals that buyers with budgets ranging from £100,000 to £150,000 are leading the market.

“Many are in the 20 to 50 age bracket, with around 80 per cent of them seeking a holiday home in the sun within easy reach of the UK,” he said.

“Older purchasers, recognising that their pensions will provide less than they expected in old age, are buying investment properties with annual rental projections of between 10 and 12 per cent and a capital growth prediction in excess of 20 per cent per annum. We have even known properties to go up by 35 per cent in a six month period on the Mediterranean coast.

“Coastal locations such as Mediterrania-Saidia are the most popular, but we anticipate increasing popularity of Atlantic locations which can offer buyers a different option.”

The Moroccan property market will be further boosted by the introduction of the open skies agreement, which allows low cost airlines to fly into Morocco from Europe.

Tags: Moroccan Morocco Fes, Maghreb news

Abu Dhabi developers plan project in Morocco

2007-04-04T07:29:00.000Z

A company recently formed by four Abu Dhabi-based developers will build a massive real estate development in Marakech, Morocco.

The project - estimated to be worth US $1 billion (AED3.67 billion) - is still in the master-planning stage, although a project insider from Sorouh, one of the four developers, confirmed that it would feature high-end property and would be located in the outskirts of the city.

The other developers that make up the new company, called Al Maabar, are Aldar Properties, Reem Investments and Al Qudra Real Estate.

"We are also going to tie up with a Moroccan government agency to develop the project," said the Sorouh spokesperson, who wished to remain unnamed.

"The details are still in the master-plan stage, but it will be a high-end development. We'll be using Al Maabar as a vehicle for venturing into the GCC and the rest of the region."

Tags: Moroccan Morocco Fes, Maghreb news

$1 Billion private investment in Moroccan property

2007-04-03T16:07:00.000Z

Gulf Daily News reported that UAE-based Reem Investments, a private investment company, is planning to set up a $1 billion real estate project in Morocco's historic city of Marrakech.

According to Moroccan officials, the company is planning to build a complex that includes houses, three hotels, a golf course and other attractions 10km from the centre of the city, which is among Morocco's most popular tourist attractions.

The officials pointed out that the new project, known as the Atlas Garden project, will be the region's biggest real estate project.

Tags: Moroccan Morocco Fes, Maghreb news

Today's featured house in Fez - March 28

2007-03-28T17:09:00.000Z

A large and beautiful dar

This dar, located in the Qalqliyine district of the historic Fez Medina, is a real find. Not only is it in good condition, but for the size and number of intact traditional features, it is priced sensibly.

It does not take much to imagine the glow of the cedar doors after paint stipping and oiling... a gem of a dar.

For more information, http://www.fez-realestate.com/index.php?agency=house-selection-fez and quote the reference number 671.

Details

Asking Price : 3 000 000 Dhs [272 153 €] [178 704 £] [352 547 $]

Location : Qalqliyine

Total Sqm : over than 250 sqm

Courtyard : 120 sqm courtyard with fountain, 12 columns

Number of rooms : 3 rooms 36 sqm; kitchen 55 sqm with fountain; 4 rooms around 15 sqm and others smaller.

Terrace : Excellent view from the 210 sqm terrace

General Comment : A fine traditonal house, large, with well preserved original elements

Tags: Moroccan Morocco Fes, Maghreb news

Today's featured house in Fez - March 27

2007-03-27T11:13:00.000Z

Today's featured house is a sweet Dar in the district of Laayoun in the Fez Medina. Thankfully away from the thousands of tourists in some other area. The price is a good one and normal for this area. The dar has a fountain and if you are interested, please email us and quote the reference number 674. Our email is fes.riad@gmail.com

Details

Asking Price : 800 000 Dhs [72 574 €] [47 654 £] [94 013 $]

Location : Laayoun

Total Sqm : 100 sqm

Courtyard : 30 sqm courtyard with zellige and a fountain

Number of rooms : 4 rooms from 15 up to 20 sqm; 2 large rooms of 30 sqm and additional ones.

Terrace : 60 sqm nice view on the medina

General Comment : Medium house with lot of rooms

Ref : 674

Tags: Moroccan Morocco Fes, Maghreb news

Todays featured house for sale in Fez - March 25

2007-03-25T14:50:00.000Z

Today we are featuring a dar with some charming balconies. It is situated in the Qettanine district in Fez. For further information please contact us at fes.riad@gmail .com and mention the reference number: 710

Asking Price : 400 000 Dhs [36 287 €] [23 827 £] [47 006 $]

Location : Qettanine

Total Sqm : 80 sqm

Courtyard : 40 sqm courtyard, zellige

Number of rooms : 7 rooms from 10 to 15 sqm, one cellar

Terrace : 40 sqm terrace, nice view.

General Comment : Two levels house, wall fountain, wooden balconies.

Tags: Moroccan Morocco Fes, Maghreb news

Sky TV claims Morocco has "hip vibe" - for house buyers.

2007-03-23T15:46:00.000Z

The website Realestate TV is running a story under the headline: More Britons 'choose Morocco for holiday homes' Unfortunately it is simply tabloid burble - but here it is anyway.

The hip vibe and winter sun are enticing more and more Britons to invest in a second home in Morocco.

Offering a laid-back lifestyle and an alternative cultural experience, the north African country is an ideal, cheaper alternative to the likes of the Costa del Sol.

"Morocco is a red-hot ticket," the creator of the Hip Hotels books, Herbert Ypma, told the Independent.

"In the same way that Americans have Miami and the Caribbean, we have Morocco on our doorstep for guaranteed winter sun. There's little time difference, no jet lag and it's so easy to get to."

In fact, more Britons now visit the country than any other nationality except the French.

Ryanair and easyJet offer daily cheap flights, while BA franchise partner GB Airways flies twice a day from Heathrow to Marrakech and daily from Gatwick.

"Flight fares to Morocco have dropped dramatically," said Justin Figgins of Rightmove Overseas.

"This makes the destination a more attractive investment prospect for those looking to cast their nets further afield in search of a holiday home that is a little out of the ordinary."

Typical properties in the country cost between £100,000 and £125,000, although bargains can be picked up for around £50,000.

Tags: Moroccan Morocco Fes, Maghreb news

Latest property news from Morocco

2007-03-15T19:24:00.000Z

The Regional Agency for Planning and Construction for the southern region (ERAC-Sud) will build 23,596 housing units in 2007, worth USD 210Mn.

The agency will purchase 361ha in 2007 and upgrade various land plots, while giving priority to the purchase of land plots to build the new city "Tagadirt" on 1,129 ha.

Morocco built a total of 330,000 housing units of all categories in 2006, according to statistics of the Housing and Urbanism Ministry.

The constructions include 115,000 low-cost housing units, against only 113,000 a year before. 21% of bank loans concern this sector, against 15% in 2002.

10,000 people benefited from the newly created (FOGARIM) fund, which aims to provide real estate loans to people without a fixed employment or salary. About 20,000 applications are expected in 2007.

Investments in this field jumped from MAD 18Bn in 2002 to MAD 36Bn in 2006 (about USD 4.2Bn).

Tags: Moroccan Morocco Fes, Maghreb news

Fez Medina property prices - update

2007-03-12T08:34:00.000Z

"As for prices, I was surprised to find this last weekend that there are still real bargains if the simsaar believes that you really want an inexpensive house. I saw some good houses for 7,000, 12,000 and 14,000 euros! And a friend of mine recently bought a lovely massreiya for 8,000 euros."

We were pleased to get above comment just a few days ago, because trying to ascertain the house prices has become a nightmare. We have also had several reports of offers being accepted and then buyers finding the price has been substantially increased at the last minute. Our advice in those cases, is walk away for a few days.

One client of a very ethically minded real estate company in Fez was actually advised to look elsewhere, rather than be involved in a grasp for more Euros by a greedy seller.

The market in Fez is likely to continue to grow for some time now and with the relaxation of the rules governing guest houses, that market will also increase. If it does there is going to be a continuing shortage of craftsmen and women available for restoration work. If in doubt about a craftsman, check his previous work and talk to those who have employed him. A little bit of checking could save a lot of money and time.

If you do decide to employ a contractor to do your renovation - double check his credentials and get his quote for the work in writing. There is nothing more heartbreaking than to see gullible house owners standing in the midst of a house that could have been beautiful - but has been ruined by shoddy work.

Remember - when in doubt, ask someone who has been through the process.

Tags: Moroccan Morocco Fes, Maghreb news

Irish promote Moroccan property sales

2007-03-11T09:52:00.000Z

Here is a fine example of how to attract the Irish to buy real estate in Morocco. Or is it just badly written? You choose!

CLICHÉS eh? Can't live with them, can't live without them. Boom boom.

Now here's a cliché that comes into all our minds when someone mentions Morocco - men with fezzes on their heads and camels who always seem to have the hump.

Of course as anyone will tell you, it's the men who have the hump and the camels are wearing the hats. And another thing - why oh why do camels always insist on those elaborate public displays of urine gymnastics?

God damn it, but every time I see them on the TV, there they all are - with their gymnastics. You wouldn't get away with that kind of behaviour down my way, I can tell you.

Mind you, quite what a camel would be doing in North Kildare is anyone's guess, but you get my point.

Larionovo get the point. They've been getting the point since the point was invented, and indeed some of you will remember that back in November they had their initial Moroccan launch of apartments which sold out in just over a week.

Now they've twisted various Royal arms and interrogated a few more camels to ensure that the Irish public can once more be the first to get their mitts on their second release of this top Moroccan development.

This second wave of apartments is in the Moroccan Mediterranean resort development of Alkudia Smir.

The resort, which is just five minutes from the famous Marina Smir where Morocco's King Mohammed and the Saudi Royal Family have holiday homes, is being hotly tipped as a high-potential investment opportunity for Irish investors.

"We knew that Alkudia Smir would be popular before we launched it in November, but even we were taken by surprise by the level of interest," said Larionovo sales and marketing director Andrew Brett.

"Since then we've been inundated with requests for more units. This new release of units is in a fantastic location within the development, and we expect it to sell out just as swiftly as the last."

Alkudia Smir is located on Morocco's famous 'Golden Mile', the most exclusive tourist region in the country, on a seemingly endless stretch of unspoiled beach.

Brett is excited, very excited, and why wouldn't he be? "Alkudia Smir is simply the best value for money available anywhere on the Mediterranean at the moment," he says.

"These are superior quality apartments in a prime location, on the most exclusive stretch of coastline in Morocco, and they're available for a fraction of the price you'd expect to pay in Spain or France."

The reason for this incredible value is that Morocco is currently in the midst of an unprecedented modernising drive which hasn't been lost on the airlines.

The recent introduction of an 'Open Skies' policy has further contributed to an increase in European tourists through low cost carriers like easyJet and Ryanair, and tourist numbers are predicted to hit 6.8m for 2006, which equates to a 60pc increase over the last three years.

Investment will be the key draw on this second phase though. Investors are currently experiencing capital appreciation of between 15pc and 35pc per annum on quality coastal properties depending on location.

At a third of equivalent Spanish property prices; the potential for capital growth is considerable.

Rental yields of around 6pc per annum are also now being experienced, though these are expected to soar as the tourist industry matures over the next two to three years. One word of warning before you go there though. Don't say I didn't warn you about the camels.

Larionovo offices in Lr Baggot Street in Dublin are open today for reservations for this second phase of Alkudia Smir.

Buyers who reserve their unit between now and close of business tomorrow, Monday, March 12, will receive two free flights to Morocco.

For further information phone Larionov on 1890 252 138 or 01 659 9625 or email sales@larionovo.com or visit www.larionovo.com

Tags: Moroccan Morocco Fes, Maghreb news

Morocco to liberalise foreign exchange rules

2007-03-09T19:23:00.000Z

According to a report being carried by Reuters Morocco's Central Bank said on Friday it would liberalise the exchange of foreign banknotes and traveller's cheques from April to energise competition and improve banking services.

Under the existing regime, the central bank sets buy and sell prices for foreign banknotes and traveller's cheques which the banks and foreign exchange offices have to follow.

"A new circular-letter was just published by the Institute of Issue and will be effective on April 3, 2007," the central bank, officially known as Bank Al Maghrib, said in a statement.

More than 3.0 million Moroccan expatriates would benefit from the liberalisation move, analysts said. Expatriate worker remittances are Morocco's main source of foreign currency earnings.

"The new framework...it allows clients to play competition between banks and foreign exchange offices and negotiate the prices related to their operations," the statement added.

The move would ease the central bank's grip on that segment of the foreign exchange market and open competition among the banks, traders and analysts said.

"It would benefit people who have foreign currency banknotes and traveller's cheques, especially those with big amounts who would be able to bargain for better prices," said a trader.

"Under the new measure, banks would be able to offer better prices by lowering their gain margins but with bigger profits if they would draw larger number of consumers," he added.

The move would have no effect on Morocco's larger foreign investment flows

Tags: Moroccan Morocco Fes, Maghreb news

Sotheby’s International Realty to Expand into Qatar, Morocco, Egypt and Oman

2007-02-14T21:03:00.000Z

Sotheby’s International Realty Affiliates has signed master franchise rights that will expand the Sotheby’s International Realty network into the countries of Qatar, Morocco, Egypt and Oman. The rights have been acquired by Qatar Real Estate Partners, which is a joint venture partnership formed between Qatari Diar, a regional leader in real estate development, and NorthCourse Leisure Real Estate Solutions, a global vacation and leisure real estate company.

Preben Vestdam, the president and CEO of NorthCourse said, “We are excited about the opportunity of partnering with Qatari Diar to help build the sales brokerage and distribution services for their $20 billion real estate development pipeline. NorthCourse plans on making Qatar Real Estate Partners one of the most respected real estate brokerage companies in the region.”

Qatar Real Estate Partners will be headquartered in Doha, Qatar, and will initially open Sotheby’s International Realty offices in the central region of this city as well as the Moroccan city of Casablanca. Future plans include expanding into the Egyptian capital of Cairo as well as Muscat, which serves as the capital of Oman.

Qatar Real Estate Partners will focus on the distribution of Qatari Diar’s extensive portfolio of luxury real estate projects and will also offer their brokerage services to other developers and property owners across the region. NorthCourse will oversee the development and ongoing management of Qatar Real Estate Partners as well as provide leisure real estate consulting services to the partnership.

Once the firm opens its Sotheby’s International Realty offices, all of its listings will be marketed on the Sotheby's Realty global Web site, which currently posts luxury home listings from countries around the world.

Tags: Moroccan Morocco Fes, Maghreb news

The Spain - Morocco tunnel and the property market..

2007-02-10T20:50:00.000Z

King Mohammed VI has made northern Morocco a priority for development with Tangier at its heart and incentives for investors such as • 0% Annual property tax for the first 5 years • 0% tax on rental income for the first 5 years • 0% capital gains tax if profit is under £40K or after 10 years of ownership • 0% inheritance tax when a property passes to a family member • 100% repatriation of funds when you sell your property.

What effect will the tunnel have?

In a recent interview Karim Ghellab, Morocco's minister of transportation stated "It's not easy to predict a date yet, but it is a project that will happen. It will completely change our world,". With many thousands of Moroccan's and tourists crossing the straits of Gibraltar every year on ferries "the tunnel makes sense" says Mustapha Mezouri a Moroccan director for English company Property Borders.

The tunnel will have a positive effect for both countries, Europe and North Africa if it goes ahead. By 2010 Morocco expects to become part of the Euro-Med free trade zone and is working towards a close relation with the EU this is a significant development that will undoubtedly boost the Moroccan economy further still.

Mustapha Mezouri says FDI (Foreign Direct Investments) in Morocco is at a all time high from investors across the globe, France and Spain are a big part of this. The effects of Vision 2010, Morocco's drive to have 10 million tourist by 2010 and the planned tunnel are evident everywhere with the Tangier Med Port the biggest in north Africa and new motorways being constructed. Tangiers airport is being extended in preparation for the flood of low cost and charter carriers that will likely use it. The open skies agreement, signed recently with the EU, will open up the skies to allow no-frills/ low cost airlines to fly to Morocco.

Mustapha Mezouri comments "the dynamic King Mohammed VI has made northern Morocco a priority for development with Tangier at its heart and incentives for investors such as • 0% Annual property tax for the first 5 years • 0% tax on rental income for the first 5 years • 0% capital gains tax if profit is under £40K or after 10 years of ownership • 0% inheritance tax when a property passes to a family member • 100% repatriation of funds when you sell your property."

Tangier which was once seen as a seedy area has changed immensely over the past years. The highly capable mayor Mohamed Hassad has brought in plans to make this area a centre for tourism and business trade.

Property Borders have properties for sale in all areas of Morocco including the Exclusive La Baie Panoramique in Tangier the first phase of which is due for completion in December 2007, Plan Azur resorts of which they are official agents and recently they released the first units of La Plage at Port Lixus an Exclusive beachfront condo hotel in Larache.

Port Lixus is the second of the Plan Azur resorts to be launched. The first 25 units of the condo hotel units at La Plage Port Lixus were sold out in two weeks and Property Borders have a list of clients waiting for the second release which is imminent.

Contact details: 0208 508 9905
www.propertyborders.co.uk

Tags: Moroccan Morocco Fes, Maghreb news

Rental accommodation wanted in Fez

2007-02-07T20:13:00.000Z

Fassi is looking to rent a studio or Masria in Fez. Must be available for at least one year. Offering monthly rental between 1000 and 1500 dirhams.

Please contact: Rental c/- ArtiZany@gmail.com

Tags: Moroccan Morocco Fes, Maghreb news

Investor wanted for Mt Zalagh development

2007-02-03T10:02:00.000Z

We have just learned of a possible new development on Mount Zalagh, the beautiful mountain overlooking Fez. What is proposed is a Farm House resort with restaurant, bar, pool and accommodation. There is also the possibility of commercial olive groves. The owner of the property is a Moroccan from Fez and is looking for a partner to invest in the project.

Given the expanding tourist sector and the paucity of development on Mount Zalagh - this sounds like a really interesting project.

If you would be interested in more information and the contact details for the owner, please email us at Fes.riad@gmail.com We will treat all inquiries as confidential.

Tags: Moroccan Morocco Fes, Maghreb news

New tourist complex for Morocco

2007-01-31T12:34:00.000Z

(MAP) Egyptian company Orascom Hotels and Development (OHD) is to built a USD 1,165 bn tourism resort near the Southern city of Tan-Tan , under an Memorandum of Understanding (MoU) signed, here Tuesday, with the Moroccan Government.

The tourism complex to be built on the banks of the Chkiba river, some 50km of Tan-Tan, on the Atlantic Ocean, will include hotels with 4000 bed capacity and 7000 residences, in addition to leisure centers. The project will provide 4000 permanent jobs and will be built on 1500 plot land.

According to Moroccan Minister of Tourism, Handicraft and Social Economy, Adil Douiri, the technical studies of this "huge" project will be finalized in six months and the works will be launched in 2008. The first Hotel will open early 2011.

ORASCOM Hotels and Development chairman, Samih Sawaris, underlined the tourism potential in Morocco and explained his group’s investing in the region by the “encouraging investment environment” in the North West African country and the climate in the region in addition to the security and stability in the kingdom.

With a land bank of over 91 million square meters and as a fully diversified tourism and real estate developer, OHD specializes in the development of fully self-sufficient destinations, complete with real-estate properties, hotels, marinas, golf courses, shopping centers, and restaurants.

It is also the primary designer, developer, contractor and marketing force behind the highly successful El Gouna (Red Sea, Egypt), Taba Heights (Sinai, Egypt), Tala Bay (Aqaba, Jordan) and The Cove (Ras El Khaimah, UAE) projects.

Tags: Moroccan Morocco Fes, Maghreb news

Ethical real estate and property service in Morocco.

2007-01-27T00:24:00.000Z

There has been a lot of discussion on these pages about the need for ethical behaviour in the property business in Morocco. A few months ago it was mentioned that a new company had decided to set up a property and real estate service that was based on ethical guidelines. This should be of great interest to anyone thinking of purchasing a property in Fez, or other parts of Morocco.

Now we have a little more information that we can share with you.

The company, Fez Real Estate, based in the Fez Medina, assists with purchase and renovation and addresses the most common complaints about viewing fees and wildly varying commissions by having a set of very strong principles. The key ones listed on their website are:

Our business is governed by a strong belief in ethical behaviour.

Openness and transparency are essential components of our business.

We will never charge a fee for showing you properties.

Because it is a conflict of interest to negotiate on your behalf and at a same time ask for a commission based on a percentage of the price – we have abolished percentage commissions.

On completion of a sale we charge a flat fee

We think this a very good move by the company and should force some of the less ethical companies into reviewing the way they have been doing business. The notion of abolishing a percentage commission is certainly worth encouraging.

You will find Fez Real Estate website here: FEZ REAL ESTATE.

Contact details:

Fez Real Estate

E-mail: fred@fez-realestate.com

Phone: +212 65 231 404

Adresse: 3 Derb bechara, Fez medina
30000 FEZ MOROCCO.

Tags: Moroccan Morocco Fes, Maghreb news

Discount accomodation in Fez

2007-01-18T22:16:00.000Z

A discount of 40% is being offered by Riad Laaroussa - but there is a catch! It is only for a very limited time and you will probably need to be quick. The discount is only available for the first week in February and also the first week in March.

Discount accommodation is almost unheard of in Fez, but one of our favourite super-riads has decided to make a move in that direction. It is a good sign of competition in the market place and hopefully other riads will respond by lowering some of their prices. The value-adding of free Moroccan cooking lessons is also a smart move as Moroccan cooking has become popular worldwide and a chance to learn in Morocco is bound to be popular.

Contact Riad Laaroussa,
3 Derb Bechara, Fes-Medina, Morocco .
Tel.: +212 74 187 639
isabelle@riad-laaroussa.com
contact@riad-laaroussa.com

Tags: Moroccan Morocco Fes, Maghreb news

Moroccan Property & Lifestyle Show - to be held in London

2007-01-18T20:05:00.000Z

The 1st Moroccan Property & Lifestyle Show will be held between June 1st to 3rd at Selfridge's Hotel in downtown London (Orchard Street at Oxford Street). Morocco has become such a booming property market over the last few years and is also attracting a great deal of interest from European but also Arab investors from Dubaï, Bahrein and Qatar. As we have previously noted on Moroccan Property, the only investors slow to get into the market appear to be the Americans.

The Moroccan Property & Lifestyle Show will bring together the major real estate professionals from Morocco, the UK and Spain who have a common interest in the development and/or sale of property in Morocco.

Those expected to attend include:

Livingstone Estate
Saffron Villas Ltd
Currencies Direct
Spanish Algarve & Morocco Properties
Barclays bank PLC
Simple Overseas Properties
Property Link
Buy Abroad
Property Frontier
Ready2invest
The International Law Partnership LLp
Currency solutions
Propertiesabroad
FOPDAC
Customs house
Atlantic Estates-First for Portugal
Someplace Else
Sherwoods Independent Property Consultants
Overseas Homes Forever Ltd
AIPP
Team Overseas
Ellegant Homes Worldwide
Hamptons
HIFX
Holidaylets
Leapfrog Properties
Mag Trading
MGI Immobilier
New Look Stores
Atlantic Magna Chaabi Lil Iskane
City Life
FNBTP
Andalucia
BBC Chaouia...
Absolute Estates

For more info:

Telephone: +212 39 94 18 05

+212 39 94 18 06

FAX: +212 39 94 18 07

E-mail: info@moroccopropertyshow.com

Tags: Moroccan Morocco Fes, Maghreb news

Royal Resort Cap Malabata, launched in Morocco

2007-01-17T23:15:00.000Z

The $600 million Royal Resort Cap Malabata, in Tangiers, Morocco, was officially launched today. The resort is a mixed-use tourism, commercial and residential destination on the Mediterranean coast and the Atlantic Ocean. It is one of the two distinctive but complementary elements of the $1.4 billion ‘Gateway to Morocco’ project. The second is the Royal Ranches Marrakech, in the city of Marrakech.

The Client Relations Centre (CRC) of the project was officially opened at the same time.

The launch of the project and the opening of its CRC was presided over by Mohammed Hassad the Wali of Tangiers, top government officials, senior dignitaries, VIPs, members of the diplomatic corps, strategic partners, investors, international tourism operators and hoteliers.

Tags: Moroccan Morocco Fes, Maghreb news

Mission Possible: Making Money in Morocco

2007-01-11T19:29:00.000Z

With the European Spring on its way, the property investors and property industry are dusting off the snow off their shoes and preparing for the new season. One of our readers - Adam from Nubricks writes about the situation in Morocco and reveals that they are using podcasts as a marketing tool. A link to the podcasts follows his article.

Morocco. A country of vibrant culture, classically beautiful coastlines and the contrast of traditional villages and bustling cities. Situated only 9 miles away from Spain by sea, you can enter into a new way of life and certainly a new world of opportunity for property investors.

Paul Staines has no less than three off plan apartments in the town of Saidia, the Playa Vista development in Tangiers and at Sunset Beach just south of Casablanca. You may well expect a Director to buy one of his company’s properties, but to buy three… he clearly knows something that we don’t.

In 2001 Morocco’s new King Mohammed VI announced the ‘Azure Plan and Vision 2010’ which intends to increase the tourist numbers into the country from 2 million to 10 million within 10 years through developing major tourism property development projects. Since 2001 the market has grown by around 50-75% with the first new properties being launched 2 years ago and with new developers moving into the market including local companies and developers from Dubai and Europe.

The average property price currently in Morocco is �100,000 to �125,000; however the market caters for the �50,000 budget as well as luxury multi-million pound properties. There are a variety of types of property available in the Azure Plan including apartments and villas. If you want an original property outside of the Azure Plan then riad’s are available in the historical medinas, however they can come complete with problematic title deeds!

Paul mentions on the podcast, “There is a risk in buying outside the Azure Plan resorts, use your due diligence and research the developers well. There are a number of large and established developers operating outside of the Plan; it is the smaller and lesser known developers and agents that you really have to do your research on.”

Morocco, like successful tourist locations before her, is becoming more and more accessible, which is good for visitors and investors alike. Ferries are available from Gibraltar and Algeciras in southern Spain but for the majority, taking to the skies for the 3 hour direct flight from the UK is most popular. The Open Skies agreement starting in Morocco as of the beginning of this year will also open the country up to all the low cost airlines. Recent news which also bodes well in the case for Moroccan property investment is confirmation that Swiss engineering firm Lombardi has won the contract to design the railway tunnel between Europe and Africa running under the Strait of Gibraltar. Similarly to the Channel Tunnel linking England and France, the tunnel’s completion will allow a continuous rail link between the north of Scotland and Africa.

If you are still not convinced about purchasing in Morocco then a visit to sample the local gastronomy will help change your mind, it has been attracting high profile celebrity guests such as Kate Moss and P Diddy as far back as 2003. Moroccan cuisine is reputed to be one the top cuisines from across the world including the famous Couscous, Mechoui, Pastilla, steaming Tagines, pastries and the national drink, mint tea. The climate varies from region to region, the coast has a very mild climate in the summer and humid in the winter, average temperature from 16�C to 26�C; inland is much warmer during the summer up to 33�C.

Despite a common belief that it is a requirement to speak either Arabic, the native tongue, or French which is spoken in most regions; English is widely spoken especially in the major cities and tourist areas.

So what about the future of Morocco? Saffron Villas offers the following hot tips… Marrakesh is gaining in popularity and will see an increase in property development to satisfy demand. This city is a fabulous mix of the traditional and modern; it retains its charm, has skiing 1 hour and 30 minutes away and currently has 3 golf courses with 7 more recently receiving planning permission.

Taghazout resort will be available for purchase options later in 2007, which is set to be extremely popular. It is located in the Agadir region where there are stretches of clean, clear coast meeting the Atlantic Ocean, perfect for water sports enthusiasts.

Click here for: Morocco Property Podcast

Tags: Moroccan Morocco Fes, Maghreb news

Where to stay in Fez - while you look for your own palace!

2007-01-11T10:31:00.000Z

House hunting in the Fez Medina can be hard work and at the end of the day you should reward yourself by staying somewhere special. Having sampled this vast 17th-century palace, former home of Minister Mnehbi, we can heartily recommend it as a great base-camp.

The palace has been lovingly restored over two years to provide a wonderful guesthouse. Superbly comfortable and furnished in an eclectic style, it offers comfortable suites with delightful bathrooms. The magnificent kitchen is yours to explore Fassi cuisine. The roof terrace provides sweeping views over the medina.

· convenient location in the medina

· 5 generously-proportioned suites

· lounge/dining room with fireplace

· huge kitchen with cooking lessons available

· air-conditioning

· large garden

· Fabulous roof terrace

· WIFI internet connection and fax

For more information please contact: Fes Riads

Tags: Moroccan Morocco Fes, Maghreb news

Thomas Cook sells hotels in Morocco and Mallorca

2007-01-08T20:25:00.000Z

Thomas Cook AG has sold its 100%-owned AGA Founty Investissement SA which owns a 470-bedroom hotel in Agadir, Morocco, to Inversora de Hoteles Vacacionales SA , a joint venture between hotel operator Iberostar and three Spanish banks Sa Nostra, Caja de Madrid and Caixa Galicia. Iberostar Founty Beach will be the new name of the hotel.

The company has also sold its majority stake in the Spanish Royal Beach Club, an apartment-hotel with 200 rooms in Magaluf in Mallorca, to Dazzle Capital Holdings Ltd., a U.K. real-estate investor

With the sale of these hotels Thomas Cook AG continues its divestment plan which aims to achieve a flexible asset-light business model, focusing on its core businesses of selling package tours, components and services.

Tags: Moroccan Morocco Fes, Maghreb news

British tourist figures up - and they buy houses.

2007-01-03T22:32:00.000Z

According to figures released by Tourism Ministry and the National Tourism Observatory, tourist arrivals up to November 2006 have recorded a 9% increase in comparison to the same period of last year. British tourist numbers rose a staggering 36%.

The number of British tourists coming to Morocco is extraordinary and is reflected in the numbers purchasing property. Most experts expect the trend to continue for at least two or three more years and so the property market should flourish.

Tourists visiting Morocco totalled 5.87Mn during the first eleven months of 2006 while guest nights in tourist ranked institutions gained 7% by the end of November 2006 to stand at 15.2Mn nights, against 14.2Mn in the same period of 2005.

Guest nights in some destinations such as Essaouira, central west (+25%), Meknès, center (+14%), Casablanca (+11%), Agadir, south (+11%), Casablanca (+11%), Rabat (+8), Marrakech (+6%) and Ouarzazarte (+3%) scored an appreciable growth.

The room occupancy rate has moved upward by 3 points, reaching 50% and the travel receipts and expenses balance gained a 26% increase to reach 5.6Bn in comparison to the same period in 2005.

French citizens topped the list of tourists with 2.35Mn visitors (+6%) followed by Spaniards (+12%), Belgians (+9%), British (+36%), Italians (+6%), Dutch (+6%) and Germans (+7%).

Tags: Moroccan Morocco Fes, Maghreb news

The changing face of property investors in Morocco.

2006-12-18T22:09:00.000Z

For a long time the major interest in Moroccan property was from Spain and France. Now that is changing. According to many of the major players the Irish and English are rivaling the traditional markets.

There are some interesting patterns emerging. One is that the French seem particularly interested in the South of the country - Marrakech and the region around Essaouira. English interest appears to span the country with the market divided between those looking to purchase and restore houses in the Fez Medina or (to a far lesser extent) Marrakech and those with a lifestyle investment heading to the coastal areas including Asilah and the newer developments around Tangiers.

The Spanish buyers of Moroccan property are opting to save on travel expenses and remain close to the North, with areas such as Tangiers, Larache and Asilah being of particular interest.

As we have written in earlier articles, Tangiers in the process of revitalizing itself with a new marina, luxury hotels, beachfront residential developments, restaurants and nightclubs.

Where are the Americans?

For those whose prime objective is capital gain, 2007 would appear to be the year to get into the market. Yet, the Americans seem very slow to catch on to what is happening in Morocco. Although there are Americans getting involved, the numbers are far below that of the British, Irish, French or Spanish.

While distance and recent political events may go some way to explaining the American attitude, property experts also point to the generally low level of knowledge about Morocco amongst the American public. Yet further south, in South America, interest is growing.

In a recent press release, Mustapha Mezouri one of the directors of the English company, Property Borders said - "This year we have seen the market expand in the UK & overseas with buyers contacting us from as far afield as South America. We have also sold property to clients from China and Australia. As an Arabic/English speaking agency we have had much interest from Middle Eastern countries who are aware of the property boom in Morocco and have followed their respective governments who are heavily investing their oil wealth in this emerging nation."

When Property Borders launched the Alcudia Smir resort close to the prestigious Marina Smir area it had a phenomenal response from buyers with the first phase of properties selling out in under 2 months.

"The second phase will be released shortly" says Mezouri "and we are expecting just as much a frenzy as the first phase of Alcudia Smir was". The Paradise Golf and Beach Resort has proved very popular for investors and 2nd home buyers, it is located on the outskirts of Tangiers in a peaceful scenic environment. It is only 10 minutes from Tangier International Airport which is currently being extended in preparation for the surge of tourists & the expected arrival of the low cost carriers like Monarch Airlines and Easy Jet.

It would seem that 2007 may well be a boom year. How long it lasts is another question.

Tags: Moroccan Morocco Fes, Maghreb news

New company to invest $400 million in Moroccan housing.

2006-12-16T11:19:00.000Z

Real Capita, based in Bahrain, and Morocco's Jet Asset Management have formed House Invest, which will spend $400 million on social housing projects in Casablanca, Tangier, Agadir and Marrakesh over four years. According to Salmane Lekhlit, a company official, the company formed on Friday by Gulf Arab and Moroccan investors to oversee the building of 22,000 homes for low-income families in Morocco, may float on the local stock market after two years.

RealMaroc, a fund specializing in social housing that includes leading investors from Saudi Arabia, the United Arab Emirates and Kuwait, will acquire 90 percent of House Invest's capital, with the rest held by Real Capita and Jet.

"We have enough money to develop the 22,000 units, but we're thinking about an IPO that would bring the project company to the Moroccan stock exchange, give some investors an exit and raise more capital for more projects," said Salmane Lekhlit, managing director of Jet Asset Management. He said that would not happen before two years, by which time the company would have a proven financial track record.

Initiatives to eradicate Morocco's slums, financial sector reforms to lower borrowing rates and incentives for banks to lend to people with irregular incomes have produced heavy demand for low-income housing in the North African kingdom.

Rapid population growth and migration from the countryside to urban centers has led to a shortfall in new housing and the private sector is taking a growing role in plugging the gap.

The country's largest provider of social housing, Addoha, has built or plans to build over 100,000 housing units, according to its Web site. Its shares have soared since it listed on the Casablanca bourse earlier this year.

Source: Reuters.

Tags: Moroccan Morocco Fes, Maghreb news

Morocco - hot property tip for 2007

2006-12-15T00:24:00.000Z

International property tips for 2007 revealed.

According to the London Stock Exchange website Morocco is one of the countries that can expect a surge in property investment in 2007. Other areas like Istanbul, Panama City, Jersey and Slovakia have also been named as "property hotspots" for property investors in 2007 by a property investment company.

Istanbul has been cited by escapes2.com as one area to watch for 2007 because of the high levels of migration and the fact that young people are increasingly looking to buy their own homes.

Jersey's "strong" rental market, bolstered by changes to employment laws in the area, are also likely to provide investors with strong returns, while Panama is starting to attract European investors as the canal is set to be widened, providing a further boost to the economy and property markets in the area.

Adrian McDermott, managing director for escapes2.com, remarked: "For 2006 we predicted areas such as Cape Verde and Morocco would be popular with overseas property investors." He added that this would still be the case, thanks to expanding air routes to these places, but that other markets could achieve "good levels of capital growth in 2007 and beyond".

Morocco has recently signed airline agreements that have opened the country up to a flood of visitors - many of them potential investors.

Last week, a report from the Worldwide Property Investment club revealed that many people have been seeking property abroad in order to diversify away from equity plans, individual savings accounts and pensions.

Tags: Moroccan Morocco Fes, Maghreb news

Bouregreg valley developing agency signs contracts

2006-12-13T00:56:00.000Z

On Tuesday, the agency in charge of developing the valley of the Bouregreg River in Rabat signed three contracts with engineering, logistics and architecture companies to achieve the first step of the development project.

The first contract provides for assistance in the design of public spaces in the marina and the quays of the left bank of the river, while the second provides for legal assistance to chose the company to operate the tramway network due to link the neighboring cities of Rabat and Salé.

The third document concerns the project management of the Moulay Al Hassan Bridge that links the two cities. The MIMRAM group, which signed this contract, commits to carry out architecture and technical studies and to follow up the construction work on the bridge.

The new bridge will include pedestrian, bicycle and vehicle lanes in addition to two tramway tracks. The contract also provides for conducting architecture and technical studies on a warehouse and a parking to be built under the viaduct of the bridge.

The signing took place in Paris where the Moroccan Prime Minister Driss Jettou, accompanied by a governmental delegation, are attending the 8th French-Moroccan intergovernmental meetings. About 20 conventions are due to be signed during the meetings in various sectors such as water management, health, education, employment and territory development. France's Prime Minister Dominique de Villepin said Monday that France supports "launching negotiations on an advanced status in favour of Morocco".

The French Agency for International Development is expected to increase aid to Morocco to 460m euros for 2007-2009, up from 300m euros in 2004-2006. The aid will be a combination of sovereign and non-sovereign concession loans.

Tags: Moroccan Morocco Fes, Maghreb news

British push into Morocco gains momentum.

2006-12-12T21:40:00.000Z

Anyone watching the property market in Morocco will be aware of just how strong the British foray into the market is. In the first phase a lot of the attention was on the riads and dars in Marrakech, Fez and Essaouira, but then came the opening up of the Moroccan coastline to major development projects.

With larger players entering the market, competition has heated up and incentives, such as free flights to inspect property are being offered. One of the players worth keeping an eye on is Property Borders. Not only do they have Mustapha Mezouri, a Moroccan, at the helm, but they have also taken a lot of time and trouble in designing a strong web presence. Mezouri's local knowledge is being touted as "Moroccan Hospitality With British Professionalism". A smart move.

Although their highly professional site is eye-catching, there are still a lot of gaps in the areas where properties could be available, but we expect that to improve in the near future.

The next year should be an interesting time in the top end of the Moroccan property market and we can expect to see new players arrive and possibly some of the less professional leave. One thing is for certain. Competition will get tougher. We will keep you posted.

You can check out the Property Borders website here: Property Borders

Tags: Moroccan Morocco Fes, Maghreb news

Qatar invests 335 million in Moroccan property

2006-12-09T09:43:00.000Z

Qatar Diar plans $335m Morocco resort

Qatari Diar aims to build a resort with hotels, holiday homes and a golf course in northern Morocco worth $335 million. The resort near Tangier will include accommodation of 3,000 beds and a conference centre and should create 1,500 jobs, according to a statement distributed at a government-sponsored conference near the Moroccan capital Rabat.

Qatari Diar for Real Estate Investment, owned by the government of the energy-rich country, has launched 18 projects across the Arab world from Morocco to Oman.

The deal is the latest in a string of investments in Morocco by GCC investors looking for new havens for bumper oil revenue.

Morocco saw $2.24 billion of foreign direct investment in the first nine months of 2006 excluding privatisations, putting the North African country on track for a record year, the government said last month.

India's TATA Consultancy Services also plans to move into Morocco by setting up an offshore services delivery centre for the French and Spanish speaking worlds, the statement added.

Tags: Moroccan Morocco Fes, Maghreb news

Morocco Fever - the property boom heats up.

2006-12-06T02:58:00.000Z

How to bag a property bargain in Morocco

Morocco is on a mission to attract foreign buyers - but you'll have to move quickly to snap up the best bargains. Graham Norwood reports in the British newspaper, The Independant

Say "Morocco" and most people think of Marrakech. But Marrakech is not the only place in Morocco that is having a love affair with selling homes to foreign buyers.

Since 2004, the North African country has put tourism and development at the top of its agenda. In the first nine months of 2006, visitor numbers rose by 9 per cent compared to 2005. Their spending rose 26 per cent, suggesting longer visits by more affluent tourists. By the end of this year, 6.5 million foreigners will have been to the country, up from 5.8 million last year.

The Moroccan government aims to attract 10 million visitors a year by 2010. There's even a permanent exhibit at Disney World to tempt US tourists - a strident move for a Muslim country these days.

The government has a raft of plans: to create six coastal resorts (five on the Atlantic Coast and one on the Mediterranean), to upgrade regional airports to attract budget airlines to locations other than Marrakech, to increase flight capacity over the country, and to build a new high-speed train service. It's even looking at the possibility of digging a tunnel to Spain under the Strait of Gibraltar.

Morocco means business. It is modernising property-buying processes for foreigners who are looking to buy holiday homes. "It was incredibly difficult for a foreigner to buy just five years ago, but now it's pretty easy," says Tony Roberts, who has just become the Marrakech-based representative of the upmarket UK estate agency Savills. The firm's move into this market is a sign of how many Britons are now interested in this North African country.

There are no figures on the level of foreign ownership of property in Morocco, but there is a wide choice of homes across the country in diverse locations, from sandy beaches to snowy peaks.

In the Atlas Mountains, there is North Africa's top ski resort, Oukaïmeden, which at 3,250m above sea level is a "snow-assured" location, despite the threat of global warming. There are three-bedroom villas close by in a scheme called Domaine de L'Akhdar starting at £225,000. "Morocco has been seen as a winter-sun destination but with the plans for Oukaïmeden, it will be the best of both worlds," says Colliers' Jonathan Salisbury.

On Morocco's Mediterranean coast there is Saïdia, a £1.1bn golf and marina resort on 1,730 acres of land stretching along six kilometres of beachfront. This is one of the country's six new resorts, and 3,000 holiday homes there are to be marketed worldwide. There will also be six hotels, three golf courses and a marina with 750 moorings. Capital appreciation in the scheme runs at about 30 per cent per year, according to the UK selling agent Saffron Villas, so some of the best bargains will have been snapped up already.

"Investors can benefit from exemption from rental income tax for five years, no capital gains tax if the property is sold after 10 years, and no inheritance tax," says Gerry Jones of Saffron.

Elsewhere on the Moroccan coast is Aglou Plage, which is an hour south of Agadir by car. There are good facilities, several French restaurants and it is close to the pretty towns of Tisnet and Mirleft, which are popular with the many French visitors to the area each year.

A new development here is Diors el-Janoub, which will have about 200 villas and apartments. Those remaining on sale are going for €276,000 to €406,000 (through Moroccan Properties, 00212 024 430 465).

Morocco's tactics in opening up its market to foreign buyers appears to be paying off. Next year, another top-end British estate agent, Hamptons International, launches a scheme in Tangier. There are also schemes coming on-stream in the New Year in Casablanca. The city is an industrial centre, and regarded as less desirable than most of the rest of Morocco, despite the romantic connotations conjured up by the Humphrey Bogart film.

In 2007, the authorities in Marrakech will begin a process to log more of the city's older properties with its land registry, to make them easier for foreigners to buy in future.

"I've lived here a year and love Morocco," says Tony Roberts. "There's only one snag: more people are realising that it's a great location. Prices are still cheap, but soon they may not be."

Buyers' guide

* Any newly built property, or an older one sold in the past five years, will be fully documented with a titre foncier and a number lodged with the Moroccan land registry. But if you want to buy a traditional riad that has not already been sold since 2000, it will probably have an Islamic melkia title, which are not strictly recognised by the Moroccan land registry. "If you buy a property or a farm or parcel of land that has a melkia title, you must get signed approval and acceptance of the sale from all members of the owning family," says Tony Roberts. "This transaction has to be recorded by an adoul, a scribe recognised under shariah." Mr Roberts recently sold an old riad in Marrakech and had to obtain 13 family signatures from people based in Marrakech and other Moroccan locations including Tangier, Fez and Casablanca, plus one living in Switzerland.

* Once you agree the purchase with the owner, you should budget for 6 per cent extra to cover stamp duty (2.5 per cent of purchase price), legal fees (0.5 per cent), notary fees (0.5 per cent) and land registry (up to 2 per cent).

* There is no tax on rental income for the first five years. Capital gains tax is charged at 20 per cent of profit with a minimum of 3 per cent of the sale price if the property is sold within five years, then 10 per cent if sold between five and 10 years, then zero after 10 years. There is no inheritance tax for family members, but you must make a Moroccan legal will and seek tax advice.

Tags: Moroccan Morocco Fes, Maghreb news

Moroccan beach properties are set to take off.

2006-12-04T20:25:00.000Z

"Morocco is famed for its culture, colour and cuisine, but it's time investors started looking at its beaches" - British e-newspaper easier.com.

According to Spanish-based agents, Prime Properties International, Morocco has 3,000 miles of virtually untouched coastline, and some of the best areas are now being developed under Plan Azur, Morocco's ambitious scheme to attract foreign investments and transform the country, reported the article titled "Heading for the beach - by Royal appointment."

Prime Properties that has been operating successfully in the Almeria region, south-eastern Spain, has launched an international division, with Morocco at the forefront of it's expansion plans, revealed the article, highlighting that Prime Properties will open its first office in Morocco early next year.

Morocco offers the same year-round climate as southern Spain and is only a five-mile hop away, reported the newspaper, noting that low cost airlines such as Easyjet and Ryanair are set to launch new routes making the country even more accessible from Spain, the UK and France.

It also said that the city of Saidia, north-eastern Morocco, which will benefit from the "Plan Azur", will host a new sunshine paradise overlooking four kilometres of white sandy beach, next to a nature reserve. Beautiful villas and apartments are being built around three golf courses, noted “easier.com”.

Five star hotels, designer shops, beach clubs and a 840-berth marina will complete the picture.

A new real estate company in Fez?

2006-12-03T23:03:00.000Z

For a while there have been rumours flying around the Fez Medina about a new property company starting up. Given the growing interest in purchasing houses (dars or riads) it would hardly be surprising that new players would enter the market. The big question is - does Fez need a new property company?

The answer is yes. Over the last couple of years several new players have emerged with a varying degrees of success a development has left some of the more established firms a little flat-footed. One classic example is a company whose only offices are in the Ville Nouvelle, rather than the Medina and whose staff show a certain reluctance to venture there. Others have so inflated prices in the expectation that house hunters have no idea of market values, that they are pricing themselves out of consideration.

The newer companies have not had a uniformly smooth ride with buyers complaining of high commissions, viewing fees and other charges. What some companies have failed to grasp is that the Medina is a place in which news travels fast. The ex-patriot community has a good understanding of the price range for properties and what is more important - they talk to each other and they talk to newcomers. It normally takes less than a few hours for word to spread of a new arrival looking for a house and friendly advice is almost always forthcoming.

Another complicating factor in the Medina is the number of simsaars ( property agents) who operate at the local level. Their depth of knowledge, contacts and other expertise are invaluable. However many of them have failed to adapt to the new realities. A buyer arriving in Fez from France, England or the USA expects a system to be in place that gives them information and access to houses in their price range. Too often a simsaar will have little more than the address of the house and fail to provide size, exact price and whether the paperwork is in order so that the house can actually be sold.

So, what could a new company offer? Is there a niche waiting to be filled?

Ideally a new real estate company would be based in the Medina, have a transparent and possibly sliding, fee scale and an ethical approach to the way they do business. House hunters coming to Fez should be fully informed of the laws and regulations, the availability of all the paperwork on the vendors side, the likely cost of renovation and a commitment to follow up should there be any problems down the track. A company that has this approach as a bare minimum has every likelihood of succeeding. However, they would also need to have a close working relationship with the local simsaars and and assist them in providing a standard of service that meets the requirements of the prospective purchasers.

We understand that a new company will soon be in business - we will keep you posted.

Tangier - the new Dubai?

2006-12-01T00:48:00.000Z

According to the experts, Tangier is the new land of golden opportunity for those seeking to invest in property overseas. King Mohamed VI and a consortium of private companies have taken a leaf out of Dubai’s book and joined forces to capitalise on Morocco’s strategic position between the European and African continents. By 2010 they will have transformed Tangier on Morocco’s northern peninsula into one the most important Free Enterprise Zones in the world and the main trade gateway to more than 600 million people across Europe, West Africa, North Africa as well as North America.

As Morten Skjelborg of Moroccan property specialists Direct Morocco explains, “Morocco is a country that’s changing fast. Tangier is the epitome of this change. The King and the team behind Dubai’s rise to prominence have secured one billion Euros of private investment to develop the region into a modern, forward-thinking place with the kind of high-tech infrastructure that goes with it. If you’re looking to buy a foreign property as either a sound investment or as a holiday retreat, there simply is no better place than Tangier. And now is absolutely the time to buy before prices soar.”

The Tangier Exportation Free Zone is a protected free trade environment where companies from around the world can operate tax-free. It’s literally a massive project covering 345 hectares of land. It incorporates a vast container port at the junction of the biggest maritime routes in the world with the capacity to handle both cargo and passenger ships; the expansion and improvement of Tangiers international airport, road and rail networks; the complete renovation of Tangier’s historic old port which will become a pleasure port for yachts and cruisesliners; the development of six new world class holiday resorts with four and five star hotels, holiday villages, nature trails and cultural attraction sites including a Kasbah, restaurants and shopping centres in the coastal Ghandouri tourism area; plus of course the controlled construction of quality apartments, townhouses and villas to house the increase of both workers and tourists coming to the region. This mammoth undertaking is estimated to create 145,000 jobs by the year 2020.

Founded in the fourth century B.C. by the Phoenicians, Tangier is the oldest city in Morocco and is considered by the Moroccan people to be their doorway to the world. At just 15 km. from the tip of southern Spain it is unequivocally a Mediterranean city, not just for its geographical location, but also its rich history, tradition and cultural influences. Like its near neighbour Spain’s Costa del Sol, it enjoys mild temperatures in the winter and non-stop sunshine in summer. At just three hours flying time from the UK, it’s already becoming an ideal destination for both weekend breaks or longer stays and attracts a large number of tourists year round. As such, Low-cost airlines such as Easyjet have obtained permission to begin flying direct from airports in the UK. The Spanish and Moroccan governments have also commissioned preliminary engineering studies to build a rail tunnel under the Straits of Gibraltar linking the two countries.

Construction of the Tangier Exportation Free Zone is already well underway and the majority of the work is expected to be complete by 2010. “The Moroccan authorities have put strict environmentally sensitive measures in place to prevent the kind of over supply of property we have seen in other developing areas,” Direct Morocco’s Morten Skjelborg points out. “It really does represent a fantastic opportunity for investment in overseas property. At the moment, you can still buy a beachfront apartment for as little as sixty thousand pounds.”

Mad about Fez?

2006-11-26T18:55:00.000Z

Recently we have a ran an article on the property scene in Fez that looked at the issue of commissions and viewing fees. One company mentioned in the article was Madaboutfes

Mark Willenbrock runs Madaboutfes, and here he explains a little more about the way he does business.

MADABOUTFES

Madboutfes does indeed charge 10% commission. This includes rather more than just the agents fees.

We do NOT, ever, charge for viewing houses. If anybody has been asked for a fee by an associated simssar and I can confirm this, I will refund the fee. Simssars do sometimes ask for a modest fee for viewing; we pay them directly so the client doesn't have to.

We work closely with a very small group of traditional simssars. They charge, normally, 2.5% to both the purchaser and vendor of the property; 5% in total.

They often have great difficulty in extracting their fee from the vendor, in particular, so, in order to encourage them to work with us, we guarantee the simssar his fee. This amounts to 5%.

We charge 5% for our own services. This includes a years consultancy and support. This is not undertaken lightly; it's a potentially huge commitment.

Professionalism.

I should add that I am not, unlike most people involved in the property business in Fes, an amateur. I was trained as a Chartered Surveyor in the UK. My family business was investment property, and I have worked for a number of clients over the last twenty years, specialising in the acquisition of property for development and investment in the international market. I'm not cheap.

Madaboutfes has never advertised, and nor do we need to. The web site is very much a work in progress and does not yet fully explain our fee structure and services, but rest assured, it will.

I should also point out that following a misunderstanding regarding fees, we elected to voluntarily withdraw from a sale and charged no fee whatsoever. It's interesting to note that, without our influence, the price of this property then rose by a substantial amount!

You will find Madaboutfes here: http://www.madaboutfes.com/index.html

Tags: Morocco Fes, Maghreb news

Fez Medina - the media buzz continues.

2006-11-24T09:14:00.000Z

Buying property in the Fez Medina used to be a pretty relaxed affair. You wandered the streets, explored Fez, looked at dozens of houses, and had a chat to the few brave souls that had trodden the path before. You also read all the information on the web and arranged to meet David Amster for a detailed discussion. Having been in the Medina for years David was and is something of an inspiration to the first wave of house buyers and restorers.

Now things are changing. These days the typical house hunter is likely to have far less information in advance, arrive on a plane from Luton, spend four or five days and return to Britain owning a house or at least have set the wheels in motion. It all seems so easy. Of course reality will catch up with them as soon as the renovation process begins and they discover that opening up a small hotel is not as easy as they imagined.

As one riad owner observed recently, "This is the year everything changed." - and he is right. The next logical question is "What has changed."

One obvious answer is the media interest. At least two TV shows featuring houses in Fez, dozens of articles on the travel pages and more recently major newspapers, radio and TV, have looked at the property value side of the equation. In the last week alone The View from Fez has been contacted for comment by three newspapers from the US, UK and Australia and each time the focus was "property".

As is always the case, the TV and press will hunt out either the interesting or "beautiful" characters for their stories and in the case of Fez we had a quiet bet on who the "media darling of the Medina" would be - Yes, our mate Louis Mcintosh. (See story here)

Those who read our earlier article (yes, we thought he was a great story too) on Louis will know most of his background, but a recent article the Evening News also includes a video clip of his house, Dar Mernissi that is worth a look. Louis will feature again in a major British daily in the near future.

Here, is an excerpt:

“After three days looking at 50 houses I found myself the ideal one in the heart of the famous medina.”

The extensive property also has a 160 sq m roof terrace with views over the medina and hills beyond.”

Mr McIntosh plans to spend 50,000 euros renovating, sorting out plumbing, electrics and has been told once it is complete it could be worth 200,000 euros. He then plans to open it as a small guest house.

When he first took it over nobody had lived there for 10 years and the locals had taken to keeping sheep in it. Mr McIntosh is renting a place nearby while restoring the house to its former glory.

He said: “I must say it is nice to be mortgage free at last as millions in Britain struggle to pay bills, credit cards, mortgages and the evil council tax to keep their head above water. Here, the main large bill is electricity but to live daily is so cheap it is ridiculous.”

But, will the houses continue to be cheap, or is all this media attention driving prices up? The answer is that it is a contributing factor rather than a definite yes. Property experts expect the prices to continue to rise for four or five years and for a secondary market in renovated houses to emerge. There are signs that this secondary market is in its infancy, but one very tastefully renovated small dar has been on the markets for months and so far failed to sell. However this may be because of a range of factors - the price and the fact that it is a relatively modern house in a market where the greatest interest is in older style dars or riads.

May you live in interesting times - is said to be a Chinese curse. In Fez, it appears to be a blessing.

You will find the Evening News article and video pics on Louis here: Turning my back on England

Tags: Morocco Fes, Maghreb news

Essential reading list for buying property in Morocco

2006-11-23T18:49:00.000Z

The View from Fez gets so many emails about buying riads, dars or houses in Morocco that we have decided to collect our most useful posts in one easy to bookmark site. So we have launched Moroccan Property as a separate service We would also like to hear from you about your experiences good and bad of buying or renovating in the Fez Medina or anywhere in Morocco. We hope these pages help you in your search for the perfect home in Morocco.

Riad for rent

Tangier Property Market

Has Marrakech boom peaked?

Buying a house in Fez? - A warning

More villas and apartments for sale

Moroccan property boom - another view

Moroccan property boom - Irish style

British view of buying property in Morocco

Why restore a house in Fez?

Buying and restoring in Fez

Buying property or renovating in Fes

Buying a house in Morocco - Book review

Buying property in Morocco - the essential list of contacts

Luxury golfing community in Morocco

Foreigners buying up big in Morocco

Impact of mass tourism on Morocco

Renting a house in the Fes Medina

Riads to rent

If you are considering buying a riad or dar in the Fez Medina, you should do nothing until you read the very informative pages provided by David Amster on his superb House in Fez site.

House purchase may seem easy and inexpensive, but restoration, while rewarding, can be a difficult process. To avoid problems, make sure you have as much information as possible. The House in Fez pages are here: House in Fez.