Looking For A New Emerging Market? What About Morocco?
Writen by Jaffar Wilson
Fes is the next emerging real estate market of Morocco. What about Marrakech? Properties in Marrakech have practically all been bought and people are now turning to Fes. Why Fes? It could be estimate that 95% of all foreigners purchasing in Fes are buying houses in the old medina; restoring them and then using them in whatever way they desire. The ancient medina has the charm and mystery of a 1500 year old Arabic city.
Houses and Riads (houses with gardens) tucked away down small narrow allies are just waiting to be discovered. From intricately carved plaster, amazing woodwork, to beautiful zelig (tile), these houses are a wonderful project and investment for those looking to get into the foreign market.
Many Europeans are snatching up the properties in Fes. Direct flights are now available from many European cities into Fes, which makes Fes a perfect summer or winter destination.
Over the last 5 years, the prices of houses have doubled in Fes and it seems like the trend is to continue. Each day houses are being bought and sold and the prices just keep going up.
I just finished purchasing a house for a friend living in the states and the process is actually very easy. Be prepared for homeowners to raise their prices OR to not want to pay taxesbut if you come prepared to buy and are willing to put down a deposit, the process is fairly easy.
As I have spent my time in Fes, there are many agents (simsars) who can help you find a property. A relatively new option is Fes Properties This is an agency based in Batha, Fes run by some very professional Americans. They have pictures of most of their houses, which can be viewed quickly in their office. This cuts down on time spent looking at properties that you are not interested in.
If you visit Fes once, you will fall in love with the wonderful city.
Currently living in the medina of Fes, Jeff Wilson is the US representative for Experience It! Tours providing custom tours to Morocco.