Back in September, The View from Fez reported the sale of what sounded at the time like a highly inflated price for a house in the Fez Medina. Dar Tisaa was reported to have sold to a Russian buyer for 300,000 Euros. We now understand that this price may not have been accurate.
Dar Tisaa is an attractive dar that has been renovated tastefully with a fish pond in the courtyard and a great roof terrace view of the medina. The renovations have created three delightful suites, each with private bath.
As we pointed out at the time, the supposedly amazing price was in no way reflective of the normal Medina prices. It should be remembered that a house in Fez can be bought from 10,000 at the low end with most houses ranging from 20 to 200 thousand. In a recent survey of websites we came up with an average of around 56,000 Euros.
We can now report that the original sale that we reported has fallen through and prospective buyer is rumoured to have purchased another house.
Meanwhile, Dar Tissa is said to be under negotiation with another purchaser.
At the moment it is a case of "buyer beware" as house prices can vary from agent to agent. We recently came across a case where a British buyer was quoted between 95 and 100 thousand Euros which when they checked another property agent's website was priced at between 70 and 80 thousand Euros.
Hopefully the high price bubble will burst as buyers become wiser about the tricks of the trade in the medina.
Our original story is here: Record house prices in Fez Medina
Tags: Morocco Fes, Maghreb news
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