Morocco hippie haven now attracts the rich
Marrakech, once a haven for hippies, is now 'fast becoming an alternative second home destination for high net worth individuals looking for both a lifestyle and a good investment', according to property consultancy Knight Frank.
In place of the camper van is The Four Seasons Private Residences Marrakech, one of many plush pads appearing for wealthy expatriates and second homeowners arriving in the Moroccan city.
Vanessa Branson, sister of Richard Branson, has opened a hotel, Michelin starred chef, Richard Neat, has opened Casa Lalla, and boutiques and art galleries are opening throughout the medina.
Expatriates are converting riads into bed and breakfasts.
European, middle-class, second-home buyers attracted by low property prices, are expected to follow.
According to Caroline Reid, associate director at estate agency Hamptons International: 'As an emerging market and popular region attracting year-round tourism, property prices in Marrakech compare well to southern European destinations with strong long-term capital growth prospects.'
Naomi Greatbanks, head of international residential sales at Savills, said no frills airline Atlas Blue was opening up Morocco to overseas buyers by offering low-cost flights to the country.
She said this airline would do the same for tourism and second-home buying in Morocco as Ryan Air and easyJet had done for France.
Three hours away from Paris by plane and four hours from London, Marrakech was easily accessible.
'It will be a massive help,' Ms Greatbanks said.
'Budget airlines are opening things up, people are now increasingly inclined to travel independently.
'They can book everything, the flight, the hotel and the car hire all from the same website, so they don't need to go through a package tour anymore.
'They are more confident now. As their confidence grows, so some of them buy holiday homes.'
Savills added Marrakech to its international sales network last week. It is marketing a seven-bedroom riad next door to homes owned by Bill Gates and fashion designer Thierry Hermes in the medina. The refurbished, three-storey home is on the market for GBP582,000 ($7.79 million).
