This is an update on the real estate market in Marrakech,Morocco,towards the end of the lockdown in the Red City by local real estate expert,Colin Bosworth,CEO of bosworthpropertymarrakech.com
Marrakech remains in partial lockdown as of June 16th. Most shops and businesses are now open again,although restaurants,bars and hotels remain closed for now. The airport should be open again at the end of this month,though only for internal flights. We are expecting a progressive opening of airspace to international travellers over the summer. Marrakech has experienced incredibly low rates of infection during the pandemic and is very well positioned to open for business safely and quickly.
In the short term we are expecting a significant shock to the Marrakech property market,notably in the small and medium sized hotel,guesthouse and restaurant sectors. Many family-owned and run Riad operations will be stressed by the unexpected and sudden stop to cash flow. Likewise,some restaurants are in difficulty. We can expect multiple closures. It is probable that some will be coming onto the market at favourable conditions in the coming weeks.
In the private residence and short term rental property sectors we are expecting less of an immediate shock. Typically these properties rely less on sustained cash flow. However,the economic downturn in Europe may lead some owners to consider selling in the medium term and to repatriate funds needed in their home countries. I think we can expect some downward price pressure as the year advances.
For top of the range Riads and boutique hotels,always much coveted â even in times of economic uncertainty â we expect the market to remain relatively robust. These structures usually have sufficient reserves to survive a shock to the market and they retain their rarity value.
Likewise,we expect luxury villas to retain their value. Owners will not be too challenged by current conditions and,despite some vendors possibly requiring funds in their home countries,we do not foresee a big sell off. Mid-range villas â on golf courses and country clubs â were already discounted and are probably at their natural level already.
Looking forward to the turn of the year and the reboot of international tourism in Morocco in general,and Marrakech in particular,we see some very interesting research on destinations well positioned to rebound strongly. Marrakech,which had been enjoying strong visitor growth over the last 3 years,is high on the list of favourite places to visit once travel is again possible. If this research turns into reality,then we can expect Marrakech as a destination to experience a relatively sharp V-shaped recovery. This would then turn into stronger demand for property in the small and medium sized guesthouse and hotel sectors.
So whilst we are clearly entering a period of Buyer’s Market,we are relatively confident that this could be fairly short in duration. If international tourism returns to even 70% of it’s 2019 level,we will see stability return and then upward pressure on property prices once again. There are many imponderables at the current moment,yet authorities are forecasting that this could happen as soon as Christmas 2021.
Our market advice to sellers at this time is clear. Only sell if you have a need to do so. As a vendor,patience is currently a virtue.
On the other hand,as an investor,this is a very interesting time to identify your targets and to prepare your offers. There will be room to negotiate some very good deals. We think that small and medium sized Riad Guesthouses,and small boutique hotels will represent the lowest hanging fruit.
Bosworth Property Marrakech is the leading property consultancy in Marrakech. With a decade of experience in this fabulous city,we provide market valuations,bespoke property search services and have an extensive list of properties for sale. You can contact us at any time. You can reach Colin Bosworth,founder and CEO,directly on +212 6 5802 5028 or by mail firstname.lastname@example.org
A single day affords the chance to sample some encounters unique to Boston. You won’t have time for full immersion,but you can touch on several singular attractions and destinations. Your focus will be the downtown area,home to the city’s oldest and most historic areas.
Start: Boston Common (Red or Green Line to Park St.),15 State St. (Orange or Blue Line to State),or Faneuil Hall (Green or Blue Line to Government Center).
One Singular Sensation: On a 1-day visit,consider concentrating on just one or two things you’re most excited about,plus a good meal or 2. If what really gets you going is the Museum of Fine Arts,the Museum of Science,Newbury Street’s art galleries and boutiques,or even an excursion,you have a good excuse for not doing more– and for a return trip to Boston!
1. The Freedom Trail
Boston’s signature attraction is a 2.5-mile line of red paint or brick set out at the idea of a local journalist in 1958. Following the entire Freedom Trail can consume the bulk of a day,but numerous options that focus on the downtown part of the walk take 2 hours or two. Your goal is to cover– at whatever pace suits you,as carefully or as casually as you like– the first two-thirds of the trail,from Boston Common through Faneuil Hall. Start at the Boston Common Visitor Info Center with a pamphlet describing the self-guided tour or with the audio tour available from the Freedom Trail Foundation. If you prefer a guided tour,check the schedule of tours with National Park Service rangers,Boston By Foot,and the Freedom Trail Foundation.
2. Faneuil Hall Marketplace
Faneuil Hall Marketplace offers a host of shopping options,a number of which are outlets of national chains. You can offer your wallet a workout before,after,or even (this can be our little secret) during your sightseeing and tour.
3. Quincy Market
The main level of Faneuil Hall Marketplace’s central building,Quincy Market,is a gigantic food court. You can eat at the marketplace,but I suggest crossing Atlantic Avenue and enjoying your snack or lunch with a glorious view. Stake out a seat overlooking the marina next to Christopher Columbus Waterfront Park. If you prefer to eat indoors,head nearby to Union Oyster House
4. Paul Revere House.
Our favorite Freedom Trail stop is a little 17th-century home overlooking an attractive cobblestone square.
5. The North End
The Freedom Trail continues here with another famous Paul Revere hangout,the remarkable Old North Church. But there’s more to this historic neighborhood than just history. The city’s “Little Italy” (locals don’t refer to it as that) is a great place for wandering around.
6. Hanover Street
Coffee outlets throughout the city valiantly attempt to serve excellent espresso and cappuccino; the shops here always are successful– and if they don’t,they don’t remain in business very long. Pair your caffeine with a fresh-baked pastry,settle in at a bakery or caffÃ¨,and take in the scene on the North End’s main road. Top choices: CaffÃ¨ Vittoria,Mike’s Pastry,and CaffÃ¨ dello Sport.
7. The Waterfront
Now downtown Boston’s small size pays off: In almost any direction,the gorgeous harbor is a short stroll from the North End. As the day unwind,you can take a sightseeing cruise from Long Wharf or Rowes Wharf– though a ferry ride from Long Wharf to Charlestown and back may be much better for your schedule and budget. If cruises aren’t for you or are out of season,explore the New England Aquarium or the Boston Children’s Museum. If those don’t attract you,head for the nearby Seaport District (also called the South Boston Waterfront) and visit the Institute of Contemporary Art. It’s a 20- to 30-minute walk or 10-minute cab ride.
Or– it’s not the Waterfront,but make allowance with us– abandon the sightseeing after the Paul Revere House and go shopping in the Back Bay,starting with a stroll along Newbury Street.