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Souk It And Ski, A New Ski Resort In Morocco’s Atlas Mountains!
Date Added 23/01/2008
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Morocco has undoubtedly spiced up the Mediterranean property scene of late-overseas investors smitten by the sub tropical climate, enchanting souks and Moorish architecture, with a growing roll call of A-list property owners such as Mick Jagger and Richard Branson fuelling the countries upscale profile. Changes to the law in 2001 allowing foreign investors to take the proceeds of property sales out of the country, signalled a step change in the countries real estate fortunes, backed by a newly created government Promotion Unit to channel inward investment.
`French and UK buyers continue to lead the purchasing pack`, confirms Louise Hillcoat of Amazing Morocco. `Lack of restrictions on property ownership together with familiar conveyancing laws, mortgage availability and annual capital growth at 15 percent are attracting a high percentage of first time buyers.
`Budget flights have also boosted holidaymaker to investor ratios, with a choice of low cost operators, including Morocco’s recently launched budget service Jet4You making weekend getaways a viable option`.
Real estate projects in Marrakech, Tangiers and Fez have attracted a healthy mix of second homers and pure investors. Arguably the most innovative development to date, however, is that of Oukaimenden ski resort in the Atlas Mountains. Snow sure at over 3,250 metres, yet only an hours drive from downtown Marrakech the stations $2billion `luxury` makeover by Emirates based developer Emaar PJSC will combine recreation, entertainment, commercial and real estate components `phase built` across the High Atlas scenic valley bowel. Scheduled to complete in 2010, Emarr’s master plan promise `low-density` and an absence of high rise music to the ears of property agent and developer Nicky Kerman of Marrakvillas. `The resort has been popular with wealthy Moroccans for years`, he says, `its close proximity to Marrakech and its quality off piste and cross-country options draw a loyal following, but its full potential has never been exploited. The ski season is reliable but short-lived, running from January to March, but snow making facilities and improved access points will extend the season by another four to six weeks at least. Plans to upgrade mountain biking, trekking and climbing amenities in the summer months will also maintain a steady foot flow of visitors throughout the year`.
Catching the wave of an early boom several upmarket developments are springing up in the surrounding ourika Valley; the vineyard speckled mountain foothills offering the best of both worlds is close enough to the hustle and bustle of Marrakech, yet just a 30 minute transfer to the slopes. `The area has huge potential`, adds Hillcoat. `Planning guidelines, how ever, are stringent; no building can exceed three storeys and build density on developments can be no more than 60 per cent. New leisure facilities including a polo ground and golf course are also in the frame, which will highlight the regions dual-season draw`.
Spotting the signs of early growth, investors, Chris and Sue Macklin from Heathfield in East Sussex purchased their £500,000 six bedroom luxury villas in the gated community of Domaine dar Chimicha last July. Located just 20 minutes from Oukaimeden on the Ourika Road, the development, wrapped around the walled gardens of an imposing original Moorish mansion – Villa Alexandra, and accessed by a private bridge, boasts ten luxury villas set in the grounds of about 1.25 acres a piece, a number of the villas extending to 5,000sqft over two storeys, with a further 2,900sqft of terraces, verandas, and service courtyards. `We bought primarily as an investment,` explains sue. `But personal use was a consideration too – we have five kids spanning from 20 to 37, so we plan to holiday here with the family as much as possible`. The Macklins were given a choice of four build styles and opted for the Berber design, with carved windows, high archways and an internal courtyard. `We’ve got about an acre of private garden planted with citrus olive and palm trees and a large pool,` adds sue. `Properties come with fully fitted kitchens, bathrooms, air conditioning and heating as standard with a build time of around 15 months`. As to whittling down investment location, `we like the vibrant atmosphere of Marrakech, but the mountains won us over, its such a peaceful spot. Getting here is easy as flight time is under four hours`.
Property owner and entrepreneur Peter Roberts from Ripon Yorkshire fell in love with the area when he took his wife Caro on a retreat to the mountains to celebrate her 50th birthday. The couple and now developing an exclusive group of eight individual villas at Bab Adrar d’Atlas a former 20 acre farm estate planted with cypress, fig and orange trees set back from the Ourika Valley. `The land we found took our breath away,` explains Peter. `I visualised warm summer evenings sitting on our garden terrace looking at snow capped mountain peaks and that’s pretty much what we’ve got. It suits buyers who prefer to be away from the tourist hordes, yet you’re only 25 minutes from Marrakech`. Both agree that Oukaimedens’s upgrade , will be a huge tourist draw as well as giving a fuillip to property values. `its warm enough here through the winter to swim, play tennis and golf, but with the option to ski now available as well, the area will be busy all year round. Rental demand is strong as inventories are low. Like all overseas investors, owners also benefit form five year tax holiday on rental income which is a real incentive.
Designed by Moroccan architect Karim ElAchak, the sue of regional materials and local artisans have been key to the developments indigenous look. No two properties are the same, each sporting its own individual style, sizes ranging from 370sqm to 690sqm, with vast gardens, private pools, rooftop terraces and covered outdoor living areas. Light and airy interiors blend tradition with contemporary modern chic and boast bespoke artisan features such as sculpted plasterwork brick vaulted ceilings and polished tradelakt walls. Downstairs living areas include large cellars, kitchen and staff accommodation, while upstairs bedroom suites comprise dressing rooms, spacious bathrooms and private terraces. Three bed villas start from £530,000 rising to £945,000 for a five bed home.
Owners not out and about exploring the surrounding mountain valleys and Berber villages can make the most of the resorts Hammam spa, gym and treatment rooms with a tennis court and golf practise are currently being built. `Morocco is on a mission to attract foreign buyers,` adds Roberts, `but this is undoubtedly one of the best spots to build and buy. A days skiing or leisurely stroll around Marrakech Medina, why choose when you can have both?
Laura Henderson
The Scotsman
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