A Place in the Sun for $40,000

Monday, Feb. 11, 2008

Read more about Morocco in International Living Postcards—your daily escape

I’ve found somewhere that offers year-round sunshine and a warm, dry climate as well as affordable housing, stunning landscapes, extensive coastline—more than 2,000 miles long—and a low cost of living. I’m talking about Morocco—just a 35-minute ferry ride from the south of Spain.

The average annual temperature is from 64° to 82°F—and rarely drops below 55°F in winter on the Atlantic coast. Summertime highs can reach 100°F in Marrakech. It’s a beautiful, welcoming country...traditional yet moving swiftly toward modernization—many large international companies are being set up here and there have been huge improvements in the infrastructure (especially with regard to transport). With large stretches of beaches and at least five hours of sun a day, it’s already a popular vacation destination for Spanish and, increasingly, English tourists.

One of the biggest attractions of Morocco is the fact that it is blessed with not one, but two coastlines, overlooking the Mediterranean Sea and another, much longer, on the Atlantic. Much of the southern Atlantic coastline is untouched by development—but plans are afoot, and opportunities await.

The cost of property here is a big draw. You can find a two-bedroom home in Marrakech for just over $40,000, or a 688-square-foot apartment on a golf resort with a view of the Mediterranean for $100,000.

One place that I have my eye on is the delightful port of Essaouira, north of Agadir. The warm terracotta city walls and the Portuguese fortress give it unique charm with the whitewashed old medina—a UNESCO World Heritage site. The port itself, Mogador, was originally a Roman trading post for local dyes, and then later a place for pirates to drop anchor—this is one of the best harbors along the coast. The town of Essaouira grew in the 18th century under Mohammed III, and by the end of the century, a thousand traders were based here .

Today, the town has a lazy appeal and seems to have escaped the mass-tourism frenzy. Independent travelers come here to tune out and just enjoy life, drawn by the curving, wide, sandy beach and the surfing. The food is simple and good—especially if you like seafood. You can have a sandwich of freshly caught sardines just off the grill at the harbor for about $2, or dine in style in the town with chilled white wine for around $30 for two people. And you can explore the shade of the Medina alleys, sip a refreshing mint tea with a sweet pastry, wander the ramparts, and watch the wood carvers at work.

And the price for a piece of this tranquil town? Just a quick look at local realtors shows a sunny three-bedroom apartment in the new town with access to a roof terrace for $73,000. A duplex of 1,800 square feet with three bedrooms, two bathrooms, two living rooms, and a terrace is $177,500. And in the heart of the historic medina, a small two-story house with two bedrooms, a roof terrace, and views over the old town costs $102,000.

For entrepreneurs, one of the last original hotels built around an inner courtyard, a riad (a traditional-style Moroccan home), is ready for you to develop, currently with 16 guest rooms and terrace views of the sea and the medina for only $348,000.

Leigh Fergus
Roving Europe Editor, International Living

P.S. To get to Essaouira, the nearest airport is in Marrakech. I found some great deals from New York to Marrakech (airport code RAK) with AirGorilla for just $362. The flights are not direct, but still only 15 hours.

Editor’s note: Leigh Fergus will be investigating Morocco further over the next few months and will tell you all about her recent discoveries at the Ultimate Event in Cancun, Mexico, May 28–31. You can register now…and remember, the early bird gets the $200 discount.

Read related articles:

- Morocco…Backpacker's Haven Turned World-class Resort

- How to Finance an International Property Investment

- Your Own Second Home in the Sun