A surge in the property market in Marrakech has resulted from cheap buying prices and new government legislation making buying a property there much simpler - a city steeped in culture and history, it serves as an exotic location for holidaymakers and those looking to buy property abroad

Marrakech, also known as the “Red City”, has a population of around 1,000,000 and is the third largest in Morocco. It is the capital of the mid-southwestern Moroccan economic region of Marrakech-Tensift-Al Haouz. Located inland from the Atlantic coast at the foot of the Atlas Mountains, Marrakech historically has been known as a playground for the rich and famous with people like Rita Hayworth, Winston Churchill, Charlie Chaplin and, later, Liz Taylor all holidaying there. Some 4.5 million tourists have visited the country since 2001 and is seeking to increase that to 6.5 by 2010.

The city was originally built in 1070 A.D. and popular for its palaces, gardens, open air markets (Djemaa el Fna) and festivals, inspiration from  French colonial times resonate in the town’s restaurants and riads that line the boulevards.

Marrakech is already the number one holiday hotspot with its short haul flights from the UK (approximate flight times to Marrakech from London are three hours and thirty minutes) and European mainland with cheap flight operators reaching the city (www.ba.com / www.atlas-blue.com / www.easyjet.com ). On arrival Marrakech-Menara International Airport is located about six kilometres southwest of Marrakech. The short flights and the weather (summer temperatures rise to 33ºC with winter temperatures rarely dropping below 14ºC) are highlighting the city as a destination not only for all seasons but for all types of tourists.  Thus incentivising people to buy in Marrakech with the possibility of high rental returns.

The Marrakech property market is well recognised and international investment within the market has continued to grow each year.  Yves St Laurent was one of the first high profile people to purchase a villa almost thirty years ago. The government has implemented an economic reform program supported by the IMF and World Bank since the 1980s. It has restrained government spending, revised the tax system and reformed the banking system. Tariffs have been consistently lowered or removed. In 2005, the Moroccan GDP grew seven percent.

Buy a Riad
Whether you are looking to buy a riad (a traditional Moroccan house or palace with an interior garden) in the medina or a villa in the palmeraie help is on hand to source people for renovations. There has been a surge in people looking to buy properties with the idea of bringing in international designers and making the most of the cheap property prices and high rental returns.  Rental income for a riad with five en suite rooms can be as high as €1,000 a night. The medina offers the more traditional feel with the hussle and bustle of the local city life whereas the palmeraie offers a larger expanse for sprawling villas and lush gardens.  The palmeraie tends to attract people with bigger budgets and the desire for the more private property with the ability to have direct car access to the property.  

Famous
Marrakech is also recognised for its world class restaurants and hotels. Many of the hotels in the Palmeraie including Palais Rhoul, Amanjena and Ksar Char-Bagh are now reaching around €500 a night and above. Bo Ziin, Pacha and Le Foundouk are just a selection of the world renowned destinations.