Luxury real estate in the world
Along with tourism, the real estate market is one of the pillars of Morocco’s economic expansion.
“Growth in demand covers every city,” says Laurence Vernet, who heads Vernet Immobilier. “Each year, we get more and more requests for houses in Tangier, Fez, and Agadir.
Even towns that didn’t interest foreigners a few years ago, are now very popular.” The development of the Moroccan middle classes and the growing presence of Europeans are kindling demand for high-end real estate.
“There is a very dynamic market for properties worth up to €400,000,” says Bernard Charrière, head of MC Connexion Groupe, and partner in Marc Foujols Immobilier Coldwell Bankers. “The same goes for properties that sell for over a million euros.”
In the high-end segment, the Ad Valorem agency offers a programme of new luxury villas just near the Royal Golf Club in Marrakech. They come with land, pool, private garden, Turkish bath, sauna, air-conditioning, and a guard service.
Prices run from €670,000 to 900,000 for living areas of 310 to 380 sq. m.. The market for riads is more mature but equally popular. Provided you have a good contact on the spot, the most interesting solution is clearly to buy a property and completely renovate it.
According to Alain Guyot, it is still possible to live in the heart of the mythic medina of Marrakech in a renovated riad with three bedrooms for an all-inclusive budget of under €200,000. Prices of exceptional sites are naturally higher – for example around €750,000 for a fully-fitted 300 sq. m. living space riad with a pool in the heart of the medina.