In 2001, King Mohammed VI announced his vision during the National Meeting on Tourism, and since Morocco has officially been engaged in a new tourist policy, the ambitious plan is aimed to increase tourist arrivals to around 10 million over the next years. State has begun to set up tourism as a national economic priority focusing major developments such as the improvement of Morocco’s infrastructure in general, and the countries pleasantness for investments. In fact and quite in contrast to most countries in Africa and the Middle East, Morocco has long emboldened foreigners to buy and invest in property in the country. Foreign investors are welcome to buy, rent and invest in land and real estate almost freely (except agricultural land). “The 2010 Vision” sets itself the goal of achieving the following figures-based objectives:

• Based on tourist arrivals, it is planned to reach 10 million of tourists against 5,5Million in 2005, 7 million of 10 million are supposed to be international tourists;
• Increase of hotel capacity, 160.000 beds will be created (130.000 beds in coast line tourist resorts and developments and 30.000 beds in the cultural destinations of the country), putting the national capacity up to 230.000 beds;
• Investments: the volume should reach 8 to 9 billion Euros, (planning of the new sea tourist resorts, infrastructures, hotel trade and entertainment);
• Jobs: 600.000 new jobs will be created;
• Contribution of tourism to the GDP: this contribution should annually rise by 8.5% (on average), which would bring it to around 20% by the year 2010 Despite the global slowdown over the last few years, the government has continued to increase investing on construction and regeneration of its transport infrastructure. Since 2007, Morocco’s economy has grown at a quite impressive number despite the overall economic situation (2007: 2.7%, 2008: 5.6%, 2009: estimated 5.0%).

The real estate market hasn’t been hit that heavy like in some neighboring countries or close by European states. However, Morocco has seen also a decline in prices especially in the high-end property. Demand in the lower sector is still strong and government is working to reduce housing shortage for the low- and medium income housing. Supply on the second home market will also increase when finishing all six large resorts which are part of the government’s national tourism strategy “Plan Azur”. Another issue what will affect the second home property market are flight connections from and to Morocco. Several low-cost carrier cancelled routes from some European locations to some of the main resort locations in Morocco. These flight connections will definitely impact the success of some of the resorts. Foreigners such as UK and French buyer depend on their decision where to invest on easy accessibility of their vacation home.

Riads are still in demand by foreign buyers. Cities like Casablanca, Fes and of course Marrakech lead the list of the sought-after locations for riads. The traditional Moroccan houses within the ancient cities also called Medina, are the most charming way to explore the Moroccan lifestyle of living. However, speaking for Marrakech, we have seen an increase in supply what will impact prices especially in the high-end sector. Like always, it all depend on location and uniqueness so some properties will prove their asking prices.

Morocco as being the country of the ‘Thousand and the one Nights’ still benefits from a more and more increasing media presence about jet setters and famous celebrities visiting the country. In a result to that, new 5* hotels open its doors to the wealthy clientele like the La Mamounia. Marrakech for example is home to not less than 27 of its kind. Of course, the lifestyle, exotic food and vibrant bustling life proof Morocco’s appeal not only for tourists.

Posted By: Peter Rabitz

Marrakech is still a destination of interest and with the sale of Yves Saint Laurent former house in Tangier, the country is once again the focus point of many of the city slickers from around the globe. The country features a variety of country sides and fairytale like city living what makes it one of the most sought after it-destinations on the African continent. Besides Marrakech, the red city with its oriental style souks and colourful life throughout the whole city, with its medina and beautiful riads is only one attraction to many of us, but there is much more to explore and one of Morocco’s latest destinations is upcountry, in the foothills of the Atlas Mountains. This part of Morocco is quite different to the bustling life of Marrakech’s ancient city, but still attracts foreigners who are fascinated by valleys, which are not dissimilar to rural Mallorca or Andalusia and which are only an hour’s drive out of the city. But, despite the increasing interest in locations outside Marrakech’s such as Ouirgane, Marrakech itself still leads the pole position for people demanding living like in the Thousand and One Nights. Although the proliferation of riads may be abating, but the city is still top of the wish list of many individuals such as iconic celebrities as well as many luxury hotel groups like Roco Forte, Gordon Campell Gray, Four Seasons, Banyan Tree and Park Hyatt who all have designs on the city.

I define two major areas within Marrakech where people looking for their dream oriental style hideaway. The Palmeraie, a 10-minute jaunt northeast from the city by air-conditioned 4WD, has been Marrakesh’s most salubrious and expensive area, with beautiful and huge sized villas. A bit more sought-after, but very rare to find are beautiful renovated riads within the Medina of Marrakech. The supply of top-end luxury riads within the Medina and right next to Marrakech’s famous souks and the Djemaa el Fna, the so called “meeting point of Africa”, is rather limited and mostly quiet marketed. Please click here to see two outstanding examples of fabulous Moroccan riads.

Posted By: Peter Rabitz

Marrakech - with its exotic riads in the Medina or its numerous supersized luxurious villas in the Palmarei around the city - didn’t loose its charm to foreigners. The Medina, as the old town is known, is bustling with colourful life, vibrating with exotic sounds and is exploding with alluring perfumes from those oceans of activity – the souks.

Many of the sumptuous villas by the old-established foreign community, including Bled Targui, owned by Princess Henrietta von Auersperg, and Le Verger de l’Etoile Filante (Orchard of the Shooting Star), which belongs to Frederick Vreeland, the former United States Ambassador and son of Diana Vreeland, the famed fashion-setter and Editor of Vogue are changing hands to a new but not less elitist scene of Morocco lovers such as Jasper Conrad and Ralph Lauren.

Properties combine the best of European refinement, American comfort and Moorish culture. A very exclusive and rare example is riad “The Secret” or a very fashionable riad just around the corner. Both are fine examples of a great mixture of traditional architecture and design, enhanced by modern components and luxurious details. Even you don’t want to buy a property in Marrakech – you need to visit this dream of The Thousand and One Nights.

Source: Times Online by Celia Brayfield

Posted By: Peter Rabitz

There is not a single day where we don’t hear news of struggling businesses, weakening markets and turmoil’s in all sectors of the worlds markets. But, with a little bit more forward thinking and paying attention to analysts and markets, I can see some real estate markets most likely to rebound. Some other markets have seen no dramatic slump in interest or demand and even further, there are still properties on the market we dream of. Take for example Morocco. While some regions in Morocco are experiencing a decrease of visitors along with buyers, Marrakech, a vibrant city and labeled the meeting point of Africa, is still a hot spot not only by the French Jet set like seen at the Marrakech International Film Festival last week. People love the flair and openness of Marrakech and its inhabitants. Prices for golf villas and historical riad’s increased over the last years and there are a few gems which belong to the world’s best real estate. Take this ‘once in a lifetime’ riad “The Secret”, right within the ancient city of Marrakech also called the Medina. This truly hidden jewel is Marrakech’s Medina biggest privately owned Villa and only a short walk off the square Djemaa el Fna and its surrounding souks. The villa of approx. 30’000sq.ft living area features a stunning indoor pool, 3 Hamam, a stunning 360° panoramic view roof deck and a very rare to find 3 car garage for maximum privacy. This property is a perfect getaway and family retreat to relax and enjoy the beauty of its medieval town and bustling, colorful life. Click here for more information on this ‘dream of the Thousand and One Nights’ or visit www.wetaginternational.com

Posted By: Peter Rabitz