Your New Mediterranean Home: Double the Size, Half the Price

Imagine a home overlooking beautiful sapphire waters for only $140,000.

Monday, June 9, 2008
Northern Morocco

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

Sparkling blue water and an unbroken stretch of soft, sandy beach stretched out before me as I looked south from the new complex of vacation apartments on the Mediterranean.

If, like me, you’ve always dreamed of having a place of your own close to the Med with a view of the famous sapphire waters, you’ve probably been put off by the high property prices. But earlier this year I discovered a coastal region where prices are less than half what you’d pay for similar properties elsewhere...

It’s the 20-mile stretch that runs from the small seaside town of Fnideq in northern Morocco, just minutes from the Spanish protectorate of Ceuta, down to Martil, another small resort, and beyond. In summer, this run of unspoiled beaches attracts locals from the nearby Spanish-style mountain town of Tétouan, and Spanish vacationers who come all year round for the low cost of living and warm weather.

One new development that particularly impressed me was Alcudia Smir. This is by Fadesa, a Spanish group that has been in the Moroccan market for eight years now. The low-build complex is just a minute's walk from the beach; properties on the top floor have the best sea views, and no other construction is allowed between this new complex and the coast.

Prices start at $140,000 for a one-bedroom, 500-square-foot unit with a large terrace plus a sun lounge of just under 500 square feet. I defy you to find anything similar for this price on the north side of the Med —and if you do, chances are it’ll be less than half the size.

The nearest town, a few miles to the south, is M’diq, a lively fishing port where you can eat freshly grilled sardines and other fish cooked with spices on the quayside for less than a dollar. This is no tourist trap, but an independent active town with a church as well as a mosque, a busy market, and some good seafood restaurants. Tangier's airport is less than an hour's drive away, and ferries can whisk you from Tangier's port to southern Spain in 35 minutes.

And it’s not the only complex in this part of the world. If you have a tighter budget, look at the promontory of Cabo Negro, where developments such as Colina Smir and Mirador Golf offer even lower prices : from $108,050. This section of the coast is just starting to boom, and there are golf courses here and a number of amenities up and running.

For an even more secure investment, check out the new government-backed seaside resort in Mediterrania-Saidia, farther along the coast near the Algerian border. A rental management company is already in place, and the resort—part of the $4.4 billion Plan Azur program to boost tourism—looks set to be the largest in North Africa. When completed (delivery of the first phase is for 2010), it’ll have more than a dozen luxury hotels, 3,000 apartments and villas, and three 18-hole golf courses. Properties here should appreciate well, as the king is behind the Plan Azur and gives it his full support. Check Moroccan Sands' website for more information.

Leigh Fergus
Europe Editor, International Living

P.S. The Moroccan government treats all property investors the same, regardless of nationality; the only restrictions are for farming land. Mortgages of up to 75% are currently available, and there are a number of tax exemptions if you buy new-builds.

Editor’s note: In next month’s issue of International Living magazine, Leigh gives us a detailed insight into Morocco’s property market and explains that you can live there comfortably for $1,200 per month.

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