by A country with a variety of colours and paints, a place where cultures are mixed with history, Morocco offers a shimmering bouquet and a diverse palette of tourist destinations, accommodation options and business opportunities.
Morocco is located in the northwestern part of Africa. It is bounded on the north by the Strait of Gibraltar and the Mediterranean Sea, on the south by Mauritania, on the east by Algeria and on the west by the Atlantic Ocean. The country can be divided into three major parts: the Mediterranean coast, the mountains and in the central part – the famous Sahara desert. With all three parts having such different climates, you will encounter a variety of cultures and landscapes, and discover a new, amazing Africa.
From Gibraltar to Mauritania, nature has made Morocco one of the most beautiful countries in the world. The country boasts of the Atlantic Ocean in the west, the Mediterranean Sea in the north, fantastically beautiful beaches, four mountain ranges with dizzying cascades, a grove of ancient cedars, eternal snow, spacious plains of blooming orange trees, mountain rivers in lush down from the top to the sands of the Sahara.
Reasons for deciding to invest in Morocco:
- Marrakech is recognized as a famous international brand.
- The palm groves on the slopes of the snowy Atla.
- Ideal climate 333 days a year.
- The situation of “an oasis of peace.”
- Extremely friendly people.
- Actively developing hotel business from 2 stars to “Mamounia” (one of the most beautiful palaces in the world).
- A place of intellectual inspiration for living and working for famous personalities such as Churchill, Weizsäcker, Delacroix, Matisse, etc.
- Easily recognizable and pronounceable name in all languages of the world, thanks to it special sonority.
Tourism is an important financial and economic factor, confirming the promise of your investment. Growing every year by 15%, tourism is today one of the most dynamic sectors of the Moroccan economy. Until the late nineties, this tourist paradise had been mastered mostly just by the French, but now even other Europeans and the rest of the world, is beginning to discover this corner of paradise, and not only for a short stay, but also to purchase real estate. Today, property in Morocco is owned by several celebrities such as Michael Schumacher, Claudia Schiffer, Alain Delon, Catherine Denev and many others. The flow of tourists will continue to grow steadily in Morocco because of the policy in this area that “the tourist is the king.”
Property in Morocco
In recent years, property in Morocco has become popular among Russians and other foreigners. While in earlier times the Europeans preferred to reside exclusively in hotels in Marrakech and Agadir, in the late 90′s many people began to buy villas and houses in different regions of Morocco. For example, the outskirts of Marrakech in 2003 were somewhat like St. Tropez – the elite district of Palmer, with Thousand Palms, evergreen lawns, bougainvillea blossoms and the most expensive real estate in North Africa. Old houses were interspersed with villas and new buildings from famous architects.
It is worth noting that a villa in Morocco can be bought at a price of 600,000-750,000 euros and above. Owning such houses in a modern style here has been preferred, in particular, by the owner of the Virgin Media empire, Richard Branson, and the Belgian billionaire Albert Frere. Renting a villa in the neighbourhood may be possible at prices ranging from 1,200 to 14,000 euros per week.
On average, the up-to-date property prices in Morocco are: social housing at 200 to 300 euro/sq.m., real estate at an average level of 600 to 750 euro/sq.m. and elite real estate at 900 to 1500 euro/sq.m. The availability of plots of land in Marrakech has risen by almost 50%. Prices of building plots depend primarily on the location and amount of proposed land, but on average range from 800 to 1200 euro/sq.m.
Property in Morocco known as riad, or traditional house, is located in Medina, the old part of the Moroccan city. By the street-side, a home looks simple enough, having deaf plastered walls and a wooden entrance door. But external austerity is offset by the decorative rampage inside. The fact is that riads have a second façade, which is hidden from passersby and which overlooks the courtyard. This square or rectangular open area in the house is called wast ad-dar. Built around this space in a Moroccan home come all the windows and exterior doors. Often there is a fountain set or a garden planted with fragrant jasmine or rose flowers. The rooms are shaded from the sun by porches with richly decorated marble columns having mosaic, covered with multicoloured enamel tiles, stained glass and cedar wood. In the Medina of Marrakech alone, there are 2,300 such private mini-palaces. Many riads have a hammam at the entrance, a rooftop pool, and a fireplace that is dealt with by the servants. Riads are small and large and can also be rented. Rental prices range from 800 to several thousand euros a week. Often, these units can be rented for a few days.
Many Europeans buy houses to do the restoration work themselves, picking up authentic furniture, carpets or old equipment for the interiors, as per their own taste. While riads in need of general renovation and depending on their size and wealth can be priced anywhere from 40,000 to 120,000 euros in Marrakesh, the cost of a new, fully-furnished riad with an area of 600 sq.m., having two courtyards and six bedrooms, comes to around 700,000 euros.
It is worth noting that many famous people have opted for a property in Morocco. Charles Aznavour, Alain Delon, Madonna, as well as some domestic oligarchs prefer the quality of local real estate, living standards and service, and are definitely not disappointed by their choice.
By Iana Roginska
