Overseas Property
Discussion
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From my experience, going out there and speaking to locals can be well worth it.
Morocco is very unproven market with anyone but the French. However budget airlines starting to fly there very shortly. Which City were you looking at?
The unofficial word is that the King is having a bit of "who's got the biggest" competition with Sheikh Mohammed (crown Prince of Dubai). All seems to depend massively on tourist numbers to both these regions increasing in very large proportions as indigenous markets do not seem able to sustain such projections. The question I always ask is, where are these tourists and this money coming from?
The unofficial word is that the King is having a bit of "who's got the biggest" competition with Sheikh Mohammed (crown Prince of Dubai). All seems to depend massively on tourist numbers to both these regions increasing in very large proportions as indigenous markets do not seem able to sustain such projections. The question I always ask is, where are these tourists and this money coming from?
rich25 said:
Morocco is very unproven market with anyone but the French. However budget airlines starting to fly there very shortly. Which City were you looking at?
The unofficial word is that the King is having a bit of "who's got the biggest" competition with Sheikh Mohammed (crown Prince of Dubai). All seems to depend massively on tourist numbers to both these regions increasing in very large proportions as indigenous markets do not seem able to sustain such projections. The question I always ask is, where are these tourists and this money coming from?
The unofficial word is that the King is having a bit of "who's got the biggest" competition with Sheikh Mohammed (crown Prince of Dubai). All seems to depend massively on tourist numbers to both these regions increasing in very large proportions as indigenous markets do not seem able to sustain such projections. The question I always ask is, where are these tourists and this money coming from?
Essaouira - has beach, old town and nice old port - lovely place. didnt like marrakech although prices are supposed to be rising there didnt see the appeal - not that touristy, not centre of commerce not a beach.
Bill,
Do not know that area well enough to comment. I would jusy say take the usual precautions - buy with your head rather than your heart. You may love the property/area but will it appeal to a wide market. In areas such as Morocco mortgage products will not be available and rental low. This means that you will realise your investment on resale - Is it a feasible market for this? Will resale be easier elsewhere in a more substantiated market e.g. western europe, uk?
The key to remember is that profits are only realised on exit - so have a secure exit strategy planned. Can the indigenous market afford to pay the price you wish to resell the unit for in the future or will there be enough demand from UK/foreign buyers to make money on purchase price. Hope this helps a bit.
Oh yes, you could always try looking at holiday brochures/searching for similar properties from a tourist perspective to give you an idea of demand and supply/competition in the area.
Do not know that area well enough to comment. I would jusy say take the usual precautions - buy with your head rather than your heart. You may love the property/area but will it appeal to a wide market. In areas such as Morocco mortgage products will not be available and rental low. This means that you will realise your investment on resale - Is it a feasible market for this? Will resale be easier elsewhere in a more substantiated market e.g. western europe, uk?
The key to remember is that profits are only realised on exit - so have a secure exit strategy planned. Can the indigenous market afford to pay the price you wish to resell the unit for in the future or will there be enough demand from UK/foreign buyers to make money on purchase price. Hope this helps a bit.
Oh yes, you could always try looking at holiday brochures/searching for similar properties from a tourist perspective to give you an idea of demand and supply/competition in the area.
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