How much will it cost me to get a Riad renovated to my specs in Marrakech? Can someone provide me with Key In Hand Project Management Marrakech?
Size matters. As a general rule, the bigger the building footprint the more it costs per square metre, simply because land is at a premium in the better quarters of Marrakech Medina. To this end, some developers have been knocking two or three plots together in order to get to a critical size – basically, a family used to European space will require a minimum of 150 square metres on the ground. This will offer over 400 square metres of living space if you count the roof terrace – one of the joys of Marrakech.
A Riad boutique hotel will probably require a minimum of 250 square metres on the ground in order to respect the five suites minimum required by law.
Buying with a view to developping a boutique Medina hotel will cost more. Yet with just £200,000 you can own property which will fit the bill. Renovation costs can be as low as £300 per square built metre, meaning that for about £300,000 you could have a prime business up and running in one of the worlds tourist hot-spots.
Institutional investors will be looking at the bigger picture – there’s a real niche here for retirement home development, for example. Large Medina properties can still be found and we know where to find them. For the ambitious, there are whole derbs which could be acquired and developped as urban resorts. Bare plots, whilst not that common, are on our books.
We are your trusted Medina specialists. Feel at ease to contact us for free advice and guidance in Marrakech. Call +212658025028 or mail firstname.lastname@example.org – or just use the form below. We look forward to hearing from you!