(2007-02-08) Morocco real estate, Moroccan property renovations attracting investors
Some good news for the investors in rentals property in Morocco - property in Morocco, a country with year-round sun, a unique culture and fascinating, innovative architecture, is becoming popular with investors looking for renovation opportunities, a report claims.
According to the Independent, the opportunity to purchase and work on a home in the African nation is proving "irresistible" to buyers.
There are currently homes, or riads, in Morocco available for £50,000. Many properties are ornate but unrenovated, the newspaper claims, advising potential investors to consider the full extent of work and cost that restoration could entail.
Opportunities are currently available to buy a property in Morocco for around £50,000 and sell it on for over £200,000, the Independent claims.
Most of the availabilities are in Marrakech, the country''s most popular city, with people interested in buying a riad either as a holiday home or permanent residence.
For people who are planning on letting the property out after renovations, rental income for a house with five en-suite rooms can be as much as £675 per night.
Demand for short-term letting is also strong at the current time, as city breaks are popular and the popularity of low-cost air travel is making it much more convenient for people to travel to Morocco.
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