Properties in Fez from £20,000

[moroccomania]

A recent Telegraph article on Fez stated that if you look closely, and don't follow the wealthy trend, you can still pick up properties in Fez for around £20k. Whilst not exactly Marrakech, Fez has always been touted as the next one in line. And we all know what has happened to prices in Marrakech!!

Fez's most famous palace called the El Mokri is going to be developed into a luxury hotel and accommodation. In Fes-El-Bali medina, property prices are a fifth of Marrakech - not to forget that it's the world's largest car free urban zone! Healthy living at its best!

However, one thing to be very cautious about is the title deeds. 99% of all properties here do not have modern title deeds. Hence, the advice of a proper solicitor is a must.

A company called Ready2Invest (Ready2Invest) is marketing fully furnished 2 bedroom houses from £102k with 9 year rental guarantees. Seems like it won't be long before Fez does turn into the next Marrakech!

You can read the whole article here:
Fez is hard work, but he who dars wins - Telegraph

MM

 

[imported_simonw]

I’ve been to Fez and think the medina is the best-preserved medieval medina in the world. However, its architectural heritage is in serious danger. Majority of the people living in Fez are relatively poor and can’t afford to modernise or maintain these properties. A small number of these properties have already been restored, some of which have been by foreigners.

I agree with you that Fez is one of the cheapest cities to buy in Morocco at the moment, although the prices have gone up somewhat due to the recent announcement of direct flights from the UK.

In the last few years, increasing attention has been given to the Old Medina of Fez. A Princess of the royal family has led the restoration of the fountains in the Medina, and the Moroccan government has created significant incentives for businesses and private interests to return to the Fez Medina and create new uses for the remarkable range of historic houses there. This too has led to a surge of interest in the architectural and cultural treasures in the Old City of Fez, evidenced by a number of traditional Medina houses being purchased and restored by both Moroccan and foreign families.

From my knowledge, traditional courtyard houses start at from as little as £6k, and most cost between £10k and £20k. You can pick up an unmodified riad between £20k and £75k. But these are rare and highly sought after. At the moment, official estimates claim that the value of prices in the Fez medina are going up 15% per year, but in some cases it's been much more.

With regards to the ready2invest opportunity for 2 bed townhouses at £102k - I personally think they are expensive! Ok, you get a 9 year rental guarantee, but I think this has been built into the price.. Need to know a bit more about the deal before I can comment fully.