Price hikes in Fez

[imported_simonw]

Hi friends,

Not sure how many of you follow blogs and news, but I read on a blog that last week sunday, there were widespread protests in Fez over the recent price hikes. The protests were carried out by locals who were trying to persuade the government to reduce the prices of basic products and utilities like water and electricity.

With the advent of the brits into these markets, it is inevitable that property prices are on the rise and subsequently prices for local commodities are bound to increase over time. However, it seems to be affecting the locals so much that they have to protest! The brits seem to be driving out the locals (so to speak) from their own homes as they are making it unaffordable for them to live in.

With every booming economy, the country is only considered to be progressing if the local people benefit from it as well. That clearly doesn't seem to be the case here. With so many angry locals who are clearly unhappy with rising prices, what does that mean for the property market, and more importantly, what does that mean for the local communities? It seems everytime a new market opens up for investment, the locals are the last ones to benefit from it - if at all! Is it our responsibility as investors, or the local government!?

 

[Lee Filkins]

In a growing economy the local at grass roots level, benefit the last. Whilst the wealth filters through to the end of the chain. As an investor we have to look at the following:

a) If the local do not benefit than you cannot rely on foreignors to underpin the market for a long term as for the investors a fresh market will open.

b) In any growing economy a certain class will benefit, Apart from the Royal family these classes will be in Rabat and Casablanca and not in Fez.

c) The locals can have resentment against the foreignors and we dont know how they will react to it,

Fez, is an ancient city and a very conservate one for that matter. I would be skeptical to invest there as a European as moral codes that can be applied in Med/Atlantic/Casablanca have to be toned down. I can respect that but an average European may not be aware of it.

 

[imported_simonw]

It does beg the question whether such trends will be observed in the other regions of morocco. Being generally a low income country, im sure similar sentiments are across the board. And not to forget, Fez may be on the developers radar as well and could be ripe for future development.

Re. your point on conservatism, it also applies to the tourist market and im not entirely convinced that visitors are observing a certain code of coduct.

Buyers beware!

 

[Lee Filkins]

Fez, does not have a beach and Fez is not Marrakech. Due to this Fez is not been exposed and the tolerance level may be low/different. The other resorts have seen Europeans visting them for decades specially the French and as a result quite use to it the different levels of behaviour.

Last year, I was in Tangiers and regularly ordered a beer infact the local beer Casablanca was more expensive than the imported ones. Not an eye brow was raised. On my way to marina smer near Tetoun. I stopped at a Pizzaria and ordered a bear along with my Pizza.
I got the looks from the waiter that could have killed me.

The above is just as example to stress another factor in considering where to buy and where not to buy.
I

 

[imported_simonw]

my way to marina smer near Tetoun. I stopped at a Pizzaria and ordered a bear along with my Pizza.
I got the looks from the waiter that could have killed me.

I hope you actually ordered a "beer" and not a "bear" cause that certainly would have got you some daggering looks!!

Fair points though, and yes, the other regions have seen their fair share of tourists, who are now venturing into the other less known regions. So I guess time will determine whether tolerance levels win, or will the brits be driven out in due course!

 

[Lee Filkins]

If only my late English teacher, would have seen my current state of spelling. In this instance I luckily I did not order the BEAR, in writing. To be honest when I am in North of Morocco. I speak in Spanish. You haven't seen my spelling in Spanish, Dreadful is the word come to mind.

 

[Lee Filkins]

Moroccans are very hospitable people. However if you turn up with your union jack shorts, aggresive tattoos and burp/throw up everwhere, than I am sure that no brownie points will be awarded to them.

 

[siroco]

BEING an invester my self i do know that the comment above is complete rubbish and i am shore the people of fes will agree it is openly encourage to improve the lifestyle and houseing conditions for the people of FES i e social housing jobs clean water THIS is happening through INVESTMENT i suggest you take a look at THE KINGS VISION maybe this may open your mind PS i have lived in FES for 12 months and never seen a demonstration regarding investors making prices of property prices out of there reach I wonder if you have ever been to FES? YOU ARE CERTANLY NOT AN INVESTOR!as you have no idea of the specific conditions put onto investors by the walli of fes

 

[siroco]

Fes Does Not Have A Beach But There Is A Project Called Little Venice Due To Be Released It Is 350 Hectares Of Canals And Water Ways There Is Also A Massive Waterpark In Construction Which Includes A 18 Hole Golf Course In The Middle Of The City Fes Is Not Marrakesh It Has The Biggest Medina In Morocco It Is Family Freindly And The Prices Of Property Are 60% Less And If You Buy In Fes It Is Fes Not Somthing 20km Away

 

[siroco]

RUBISH FES IS THE SECOND CITY IN MOROCCO THE KING HAS VERY CLOSE TIES WITH FES ieHIS WIFE IS FROM FES I CAN ASURE YOU THE INVESTMENTS STAY IN FES FOR THE FESI PEOPLE ALSO WHEN I NEED A BEER IN FES I GO TO A LOCAL PUB WHY NOT TRY OR MAY BE YOU KEEP MISSING THE HIENIKEN SIGNS

 

[imported_allnewmorocco]

how do you get to fes now since Ryan Air pulled out ???

 

[Uk2Moroccopro]

lets be honest guys please. in Fez, in Tangier, In Nador...in marrakesh...in london, in amsterdam, in france...people are all the same. it is the problem of a real conflict management business and the poor moroccan people are victim about what it is happening with irresponsible investors and real estate big companies who make lot of profit without paying even the wage of a man who spend all his day showing them properties in the medina or by the sea...i have seen that everywhere and i am in the business of property. How many investors came to morocco to buy just a house where to live? who helped him to success..ofcourse moroccan people because they are so nice but unfourtuntly there is no help back from certain investors...they use them after have learned skills from them opened estate agencies or creat websites and attract other new investors who are going to be also investing and selling and...paying pinuts to guides, boys or agents with a false smile which hide many things.
Please as wise investors we have to respect the country, the people and their hospitality
thank you.

 

[imported_move2morocco]

i bought an old house to renovate in the medina here in azemmour. i don't find any resentment with locals - quite the opposite - sheer excitement at the prospect of offloading their ancient ruin for 50-60k euros and heading to the 'new town' to buy a new family home, which might even include mains water. particulary here, the king's plan azur has taken hold - there is a new institute for leisure and tourism here in azemmour, and the town is literally on the doorstep of the Mazagan plan azur...500 bed 5 star hotel, 180 villas, 2 Gary Player golf courses and a designer souk. there is a buzz on this part of the atlantic coast. am happy to discuss.

 

[imported_JAD]

i bought an old house to renovate in the medina here in azemmour. i don't find any resentment with locals - quite the opposite - sheer excitement at the prospect of offloading their ancient ruin for 50-60k euros and heading to the 'new town' to buy a new family home, which might even include mains water. particulary here, the king's plan azur has taken hold - there is a new institute for leisure and tourism here in azemmour, and the town is literally on the doorstep of the Mazagan plan azur...500 bed 5 star hotel, 180 villas, 2 Gary Player golf courses and a designer souk. there is a buzz on this part of the atlantic coast. am happy to discuss.

Hi There - I have an apartment reserved in a development called Sunset in Fez being sold by Prestige Properties. I have not been able to visit yet & the flights are currently quite difficult so I may end up buying without looking at the site as the prices are so reasonable -could buy a run of the mill car for the same so am not sure whether I should be worried or not! We have been to Tangier area before so not completely in the dark with Morocco.

Am hoping flights links will improve though or it will be harder to get rentals or visits for ourselves. But apart from that it sounds like a good place to invest.