What started as a slow trickle of Europeans buying properties in Morocco has developed into something of a torrrent - some might say a flood. Each month brings news of increased numbers and everyone, it appears, is keen to get a piece of the action. New airlines are offering direct flights to Morocco (the latest from Glasgow, of all places). And, of course, the media is playing along, promoting the idea or owning your own little piece of Morocco - "A Gucci riad"... "Ancient Glory (needs restoration)".
It has to be asked. What is this doing to the local economies, to the society, to "ordinary Moroccans"? Riads and Dars that housed extended families are being vacated to make way for trendy couples who want part of the "next big thing".
A riad or dar that once cost around 30 -40 thousand Euros is now likely to bring well over 100,000....
The latest contribution to the frenzy is The Observer from the UK.
Morocco is on the up: 170,000 Britons visited in 2004, an increase of 26 per cent on the previous year. And increasingly, they're buying. As Alistair Emery of Hamptons puts it: 'People are looking at Spain and Portugal, where there has been huge capital growth over the past five to 10 years, and they are seeing that Morocco is not that much further away, but offers the potential of much better growth.'
The appeal of Morocco goes beyond investment potential, however. It's probably the most exotic country you can reach on a three-hour flight; its decorative style, vibrant culture and warm year-round climate leave the likes of Spain and Portugal in the shade.
Marrakech is the epicentre of both the tourist trade and the real estate market. Peter Roberts, a director of development company Amazing Morocco, says: 'It has a fantastic climate, with over 300 days of sunshine - and it's a dry heat, so there are no problems with sleeping at night. It also has a wonderfully cosmopolitan character.'
It should be mentioned that there is one group of foreigners that the Moroccans should be welcoming with open arms; those whose driving motivation is the preservation of the ancient architecture. The "conservation/renovation" ethos is alive and well amongst a small group of dedicated individuals and couples and already the Medina of Fes is the winner. Sadly not all investors have an eye for heritage or cultural values.
Read the full Observer article here and then spare a thought for the locals. Sure the renovations provide work for some artisans, but a majority of residents will simply sit back and watch in wonder at this influx of foreigners following yet another trend.
Link: The Observer: Capital from the casbah
Mind you if you really want to distract yourself from the realities of life in Morocco read the nonsense that appears as travel articles but are in fact thinly disguised advertorials by journalists who should know better. This link to an article by Susan Spano, complete with exfoliating treatments... is a clear warning of just how much romantic tosh there is swilling about: Capturing romance of the city in a riad- Susan Spano
Also see: Europeans buy up big in Morocco
And in French: Mehdi7 on development problems in Tangier
Tags: Morocco, Fès, Maghreb, news
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