IT IS TIME TO BUY PROPERTY IN MAROCCO

The real estate business in Morocco is affected by instability in the Middle East and the fragmentary confusion in some other parts of North Africa.

The market in Morocco has been wrongly painted with the same brush.

Prices over all are down 30 % to 40 % from the peak in 2007.

But there has been an uptick in sales in the last year, in part because of second-home buyers taking advantage of the low prices. Essaouira is viewed as an low-priced alternative to the beach resorts of Spain and France.

 Prices are constant but demand is growing, which might bring prices up next year.

Valuing property can be difficult, with little market wide data available. Each property is valued according to location, size, amenities, standards of construction and condition. Small riads, that are traditional Moroccan homes built around a courtyard  or villas outside town with swimming pools are most popular these days. In the centre of the city, older riads are available for less than $200,000. Properties are typically marketed internationally in euros, but transactions are completed in Moroccan dirhams.

Essaouira’s housing market may get some help from a countrywide effort to improve tourism. The Moroccan government has a target of increasing international visitors to Morocco to 20 million a year by 2020almost double the current levels.

One of Morocco’s most popular tourist destinations, Essaouira is known for its bohemian vibe, which has attracted artists and musicians from around the world. It’s always been known as a hippie type of place.

The majority of second-home buyers are from France, but Essaouira attracts a broad international consumers, including retirees from Belgium, Scandinavia, Britain and the United States. In 2015, the budget airline EasyJet began direct flights to Essaouira from London Luton Airport, expanding the British market.

 

 

[From NY Times]

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