The recent fashion for buying and restoring Moroccan riads, particularly, those found in atmospheric Marrakech, has pushed up their prices to such an extent that many people are shying away from the traditional property Morocco has become known for, and are turning their attentions to buying new and off plan Moroccan property.
Morocco Property: Old or New?
About seven years ago it was possible to buy a sizable old riad in Marrakech for around €300,000. Now, if you are lucky enough to find a suitable riad for restoration, you can expect to pay over three times as much. Once restored however, riads (if you can afford them) still make a great place to live. Because of the costs involved in purchasing and restoring riads, many end up as upscale hotels or exclusive guest houses.
A Moroccan Sands’ insider commented: “If buyers are looking to invest in overseas property Morocco can compete with the best around. However, if people hope to pick up a bargain priced riad, most will be sadly disappointed.” He added: “Experienced investors are increasingly ignoring traditional riads, in favour of the low priced, off plan property Morocco has been promoting in recent years.”
“Moroccan Sands is proud to showcase the finest off plan property Morocco has to offer.” He concluded.