Marrakech

Recently voted the world’s eighth favourite destination The Red City, Marrakech, has maintained an ability to enchant and excite ever since its foundation in 1062. In the last ten years the city has emerged into the limelight of the world tourism market as one of the most desirable and fashionable destinations for the international jet set and mass tourism markets.

Tourism in Morocco increased by 14% in 2006 to over 6.5 million visitors and Marrakesh accounts for over 50% of these visitors. At present the airport handles over 4 million visitors a year and once the expansion plans are complete this figure will rise to 8 million. Over 100 flights a week now operate between the UK and Marrakech and new low cost routes are opening from Madrid and Paris.

Traditionally buying property in Marrakesh meant engaging in the laborious task of buying an ancient riad in the congested ancient Medina. These buildings presented many problems to the potential buyer, often they required extensive renovation and obtaining an clean title can mean gaining the approval of up to 40 signatories who have a claim.

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Today there are far easier ways for the property buyer to purchase in Marrakech. The three main residential areas for new off plan property are Gueliz, Hivernage and the exclusive Palmeraie district. Property prices have risen by up to 50% in some areas in the last few years (Financial Post 15th Dec 2007) and the rental market remains strong with occupancy rates in hotels (c.85%) indicating that there remains a shortage of suitable rental accommodation.

Gueliz in the modern European area of town where you’ll find lots of cafes and restaurants as well as the main branches of banks and retail outlets. Apartments here would make a great investment for anyone considering purchasing in the hub-bub of the city as the central location appeals not only to tourists but also local residents and students in the Universities Law and Medicine departments.

Hivernage is where you’ll find most of the international hotels with their swimming pools, bars and restaurants – often a welcome haven from the bustling city. During the French period of occupation it was in this area that the wealthiest chose to build some amazing sumptuous villas, cool green gardens and bubbling fountains can be glimpsed through the ornate gates of many houses.

The Palmeraie area is one of the most prestigious and unique residential areas in the world. As a former desert oasis the date palm tree holds a particular significance in Marrakech and there are strict laws to ensure their protection and heavy fines for any illegally removed. This immense grove covers 1,200 hectares and is planted with more than 150,000 palms. The area has suffered a little from years of drought but this is now being addressed with an ambitious plan to plant a further half a million palms over the next few years.

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