Property in Marrakech

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16/01/09 | Property forums top choice for 2009 is Morocco: Property forums around the world have yielded a surprising winner in the ‘best places to consider investing’ for this year. Property in Morocco, it...Read more
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Property in Marrakech

For the best combination of great weather, exotic location, sightseeing and accessibility, Marrakech has become a distinctly sought-after investment location. Indeed, there has been a marked rise in international demand for property in Marrakech in recent years, and a subsequent property boom in the area. Not only is Marrakech easily accessible, but its asking prices are significantly lower than those in France, Spain and much of southern Europe.

There are two types of property in Marrakech, both of which are concentrated in the medina. The “riad” is something of a mansion, and is always built around a central garden with a fountain; the “dar” is a smaller house without the central garden. Of the 28 000 riads in Marrakech, some 600 are owned by foreigners. This is reflective of both the impact of Vision 2010 and the already strong European interest in the city. A celebrity retreat since the 1920s, Marrakech retains its hold today. The city’s unique blend of cosmopolitan and individual shows a timeless appeal, while the cost of living is much lower than in Europe. Good value for money, particularly on property, makes Marrakech a favourite choice for second property and holiday home buyers. Buy-to-let investors will also not be disappointed. Rental returns are generally good throughout the year.

The astute investor will be aware of the prominent variations in property prices in Marrakech. These are attributable to three primary factors: whether or not the property has been renovated, the size of its garden and its accessibility to the streets of the medina.