Assessing the potential of a property in Marrakech
A booming property market in Marrakech
Marrakech, nicknamed "the Pearl of the South", is a Moroccan city full of charm and authenticity that is attracting more and more foreign investors. The city's ideal location, between the Atlas Mountains and the desert, makes it a highly sought-after tourist destination. But in addition to its tourist potential, Marrakech also offers a property market that has been booming in recent years, with affordable prices and constantly rising demand. If you're looking for a property in Marrakech, here are a few things to consider when assessing its potential.
Location: a determining factor
As with any property investment, location is a key factor in assessing the potential of a property in Marrakech. As the city is constantly expanding, it is important to take into account the property's immediate surroundings, as well as its access to amenities and infrastructure. The most sought-after districts are often the historic ones, such as the Medina or Guéliz, but outlying areas such as Targa or Hivernage can also offer good opportunities.
It is also important to consider proximity to tourist attractions and public transport, as well as the safety of the area. Properties near the medina, with its souks and historic monuments, are generally very popular with tourists and investors.
The type of property and its general condition
The type of property is also a determining factor in assessing its potential in Marrakech. Riads and traditional cast-iron houses in the Atlas mountains are highly sought-after for their charm and authenticity, but so are modern flats in secure residences with swimming pools and gardens. It is crucial to check the general condition of the property, particularly in terms of any major works that need to be carried out, to get a clear idea of the total cost of the investment.
It is also important to check that the property complies with building permits and current regulations. Properties located in protected areas or those classified as historic heritage sites may be subject to restrictions on renovation or extension work.
The market price
In general, property prices in Marrakech are very attractive to foreign investors, with prices generally lower than those in major European cities. However, it is important to carry out a market analysis to make sure that the property you are buying is well valued in relation to local prices. Don't hesitate to call on an estate agent who knows the local market well to advise you on prices and market trends.
The seasonal rental offer
Marrakech is a popular tourist destination, so seasonal rentals can be an excellent way of making a property investment in the city profitable. So it's important to take into account the supply and demand for rental properties in the area you're interested in. If the property is to be rented on a seasonal basis, it may be a good idea to find out about the rental management services offered by local estate agents.
Foreign investment legislation
Finally, it is important to find out about the legislation in force concerning property investment by foreigners in Marrakech. In recent years, Morocco has relaxed its laws to encourage foreign investment in property, but it is still advisable to find out about the procedures to be followed and the authorisations required before making a property purchase in the city.
In conclusion, assessing the potential of a property in Marrakech requires careful analysis of a number of aspects, such as location, type of property, market price and rental opportunities. It is also important to find out about current legislation governing foreign investment. With its many assets, Marrakech is certainly a city with great property potential, but it is always advisable to call on professionals to guide you in your investment.
Sources :
- Investing in property in Marrakech: what you need to know", Explorimmo, https://www.explorimmo.com/actualite/investir/immobilier-maroc/marrakech.htm
- Property investment in Morocco: things to know before you buy", Le Particulier, https://www.leparticulier.fr/jcms/p1_1748649/investissement-immobilier-au-maroc-les-choses-a-savoir-avant-dacheter
- The property market in Marrakech", Le Petit Futé, https://www.petitfute.com/p145-marrakech-40000/c1179-visites-points-d-interet/c935-visite-rue-par-rue/c936-visite-rue-par-rue/186874-marche-immobilier.html