Price hikes in Fez

simonw

Hi friends,

Not sure how many of you follow blogs and news, but I read on a blog that last week sunday, there were widespread protests in Fez over the recent price hikes. The protests were carried out by locals who were trying to persuade the government to reduce the prices of basic products and utilities like water and electricity.

With the advent of the brits into these markets, it is inevitable that property prices are on the rise and subsequently prices for local commodities are bound to increase over time. However, it seems to be affecting the locals so much that they have to protest! The brits seem to be driving out the locals (so to speak) from their own homes as they are making it unaffordable for them to live in.

With every booming economy, the country is only considered to be progressing if the local people benefit from it as well. That clearly doesn't seem to be the case here. With so many angry locals who are clearly unhappy with rising prices, what does that mean for the property market, and more importantly, what does that mean for the local communities? It seems everytime a new market opens up for investment, the locals are the last ones to benefit from it - if at all! Is it our responsibility as investors, or the local government!?

camel

In a growing economy the local at grass roots level, benefit the last. Whilst the wealth filters through to the end of the chain. As an investor we have to look at the following:

a) If the local do not benefit than you cannot rely on foreignors to underpin the market for a long term as for the investors a fresh market will open.

b) In any growing economy a certain class will benefit, Apart from the Royal family these classes will be in Rabat and Casablanca and not in Fez.

c) The locals can have resentment against the foreignors and we dont know how they will react to it,

Fez, is an ancient city and a very conservate one for that matter. I would be skeptical to invest there as a European as moral codes that can be applied in Med/Atlantic/Casablanca have to be toned down. I can respect that but an average European may not be aware of it.

simonw

It does beg the question whether such trends will be observed in the other regions of morocco. Being generally a low income country, im sure similar sentiments are across the board. And not to forget, Fez may be on the developers radar as well and could be ripe for future development.

Re. your point on conservatism, it also applies to the tourist market and im not entirely convinced that visitors are observing a certain code of coduct.

Buyers beware!

camel

Fez, does not have a beach and Fez is not Marrakech. Due to this Fez is not been exposed and the tolerance level may be low/different. The other resorts have seen Europeans visting them for decades specially the French and as a result quite use to it the different levels of behaviour.

Last year, I was in Tangiers and regularly ordered a beer infact the local beer Casablanca was more expensive than the imported ones. Not an eye brow was raised. On my way to marina smer near Tetoun. I stopped at a Pizzaria and ordered a bear along with my Pizza.
I got the looks from the waiter that could have killed me.

The above is just as example to stress another factor in considering where to buy and where not to buy.
I

simonw

I hope you actually ordered a "beer" and not a "bear" cause that certainly would have got you some daggering looks!!

Fair points though, and yes, the other regions have seen their fair share of tourists, who are now venturing into the other less known regions. So I guess time will determine whether tolerance levels win, or will the brits be driven out in due course!

camel

If only my late English teacher, would have seen my current state of spelling. In this instance I luckily I did not order the BEAR, in writing. To be honest when I am in North of Morocco. I speak in Spanish. You haven't seen my spelling in Spanish, Dreadful is the word come to mind.

camel

Moroccans are very hospitable people. However if you turn up with your union jack shorts, aggresive tattoos and burp/throw up everwhere, than I am sure that no brownie points will be awarded to them.

siroco

BEING an invester my self i do know that the comment above is complete rubbish and i am shore the people of fes will agree it is openly encourage to improve the lifestyle and houseing conditions for the people of FES i e social housing jobs clean water THIS is happening through INVESTMENT i suggest you take a look at THE KINGS VISION maybe this may open your mind PS i have lived in FES for 12 months and never seen a demonstration regarding investors making prices of property prices out of there reach I wonder if you have ever been to FES? YOU ARE CERTANLY NOT AN INVESTOR!as you have no idea of the specific conditions put onto investors by the walli of fes

siroco

Fes Does Not Have A Beach But There Is A Project Called Little Venice Due To Be Released It Is 350 Hectares Of Canals And Water Ways There Is Also A Massive Waterpark In Construction Which Includes A 18 Hole Golf Course In The Middle Of The City Fes Is Not Marrakesh It Has The Biggest Medina In Morocco It Is Family Freindly And The Prices Of Property Are 60% Less And If You Buy In Fes It Is Fes Not Somthing 20km Away

siroco

RUBISH FES IS THE SECOND CITY IN MOROCCO THE KING HAS VERY CLOSE TIES WITH FES ieHIS WIFE IS FROM FES I CAN ASURE YOU THE INVESTMENTS STAY IN FES FOR THE FESI PEOPLE ALSO WHEN I NEED A BEER IN FES I GO TO A LOCAL PUB WHY NOT TRY OR MAY BE YOU KEEP MISSING THE HIENIKEN SIGNS