I want to buy a Riad - does anybody out there have experience?

11POSTS

4 years ago

Hello Morocco community!

My name is Robert and I recently ran across this website and am wondering how I didn't find it sooner! I'm currently nomadic (have been for about 7 years now), and have always had a fascination with Morocco. My wife and I have been to Marrakech and Fez, and we'll be returning to Marrakech in just 2 weeks for a short stay.

The purpose of this trip is a bit different though - we've gotten in touch with a real estate company who will be showing us around various Riads in the Medina. I've been thinking about doing this for quite awhile now, but just recently have gotten much more serious about it.

I want to buy a Riad primarily as a small investment, but equally one that I could enjoy from time to time with friends and family. I'm in tech, and I have no experience running AirBnBs or being a "landlord" of any kind. I'd hope to work with a local company, or even just a friendly local who could help keep operations running smoothly.

I plan to buy a Riad with 4-6 bedrooms, within a few minutes walking of Jemaa el-Fna.

I'm wondering if anybody out there could help give me some sense for what I might expect assuming tourism will return to pre-pandemic levels. My understanding is that tourism is still recovering (like in many places) - it's alright by me if it takes time to fill the rooms at the rate they were filled before Covid.

Some questions that come to mind are:

* Is it possible / realistic to run a Riad remotely?
* How do you decide whether run rent the whole Riad, or by the room?
* Pre-covid, how much could one expect to rent a 4 bedroom Riad for per night? 6 bedroom?
* Kind-of unrelated, what are the best ways to be meet and be involved with the local community, even if from afar?

Looking forward to all of your advice!

Best wishes,
Robert

1 member reacted to this post

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rkotcher Member

11POSTS

4 years ago

Thank you, Cheryl!

Yahya411 Contributor

163POSTS

4 years ago

Hi, my wife grew up in Riad 100M from the main square Jemma el Fna close to Cafe France and the souk area right in front of their house. Those Riads in Jemma el Fna area have gone way up in price ( several hundred thousand Euros) when available or greater than $200,000 Euros for a fixer upper. I recommend looking on AirBNB site to see how much they rent for. That should give you an idea.

Regards,

1 member reacted to this post

rkotcher Member

11POSTS

4 years ago

Thanks Yahya411! I've spend a good deal of time on sites like AirBnb and booking.com, and the numbers don't always seem to have a pattern. As far as I can see, the number of rooms and "charm" are the two factors that seem to affect price.

In your opinion, what are the best neighborhoods in the medina to buy? Besides the mains square?

Have a great day!

Yahya411 Contributor

163POSTS

4 years ago

I got spoiled, because my wife grew up in main market square which is the main tourist section. You just walk out the door and your there. You'll never get bored. Look through these real estate sites. It should give you an idea of how much Riads cost. Avito.ma, Mubawab.ma, and Bosworth Property Marrakech. Bosworth puts out YouTube videos, so search there.

Queenjani Member

17POSTS

4 years ago

Do you want to buy a full-functioning riad and just take over running the place or are you interested in finding a renovation object?

rkotcher Member

11POSTS

4 years ago

Hi Queenjani, thanks for your message! I'm not looking to renovate. I'd like to purchase a property that is in good condition. Thanks :-)

Queenjani Member

17POSTS

4 years ago

Can I ask which price range we are talking about when buying a riad that is in good condition? What offers did you get so far?

My dream would ultimately be to build a riad from scratch, second to renovate an existing riad and add my own design twists, eco architecture, wastewater management... I didn't start looking into it for real yet, still in the drawing and dreaming phase

I'm on the opposite of you, having experience in managing and developing a hotel but I need partners who can invest.

thespot New member

8POSTS

4 years ago

#10

Dear Robert,

I hope you are doing great.

* Is it possible / realistic to run a Riad remotely?

It is not realistic to run a Riad remotely. It is very important to have a local person to run the operations and it is also important to have a trustworthy person to run operations.

* How do you decide whether run rent the whole Riad, or by the room?

It is better to rend per room as the demand is higher than the "exclusivity requests". You can also the whole Riad upon request but in that case is suggested to increase the rate.

* Pre-covid, how much could one expect to rent a 4 bedroom Riad for per night? 6 bedroom?

It depends on the location, the design, the services provided and the size of the room. A well decorated room that has a private bathroom in a classic building and non exceptional location would be 80 eur per night.

* Kind-of unrelated, what are the best ways to be meet and be involved with the local community, even if from afar?

The local community is very much "hand on" and it would be very difficult to meet and interact from afar. It would be better to be on the spot and get to explore.

All the best,

1 member reacted to this post

Gdo Bni New member

4POSTS

3 years ago

#11

Dear Robert,

I just did what you are asking about. After 2 years ponderIng, I bought one riad in marrakech. And I expect to run it remotely. After some needed renovation I expect to open in December 2022. Its too long to write all details of the process and the traps to avoid. But I’ll be happy to talk about all that I did if you like.

Take care ,

Guido

GuestPoster14008 Guest

0POSTS

3 years ago

#12

I know nothing about buying or restoring riads but getting a new kitchen in my property down in south Morocco was bad enough!

I can highly recommend a couple of really good books, both about people who have gone to morocco to do just that. Riads, not kitchens.

A house in Fez by Suzanna Clarke

The Caliph's house by Tahir Shah.

These books will either be useful or put you off entirely.

Either way, a really good insight into how tradesmen function in Morocco.

They all do a good job in the end though don't they?

Wishing you luck

1 member reacted to this post

El Daly Effendi Member

1POSTS

3 years ago

#13

@Gdo Bni I am very much interested to listen to your experience. what would be the best means you would prefer so we can communicate. thanks

Cheryl Moderator

16449POSTS

3 years ago

#14

Hello El Daly Effendi,

Welcome to Expat.com

Since you are new, do not forget to introduce yourself here > New members of the Morocco forum, introduce yourselves here - 2022.

Cheers,

Cheryl

Expat.com team

ysn971 Member

1POSTS

3 years ago

#15

@Gdo Bni did you open your Riad yet?

rkotcher Member

11POSTS

2 years ago

#16

2 years later and resuming the search for a Riad.. life kind of got in the way and haven't had the time to buy yet. Am excited.. Would love to connect with anybody else who is also looking..

ExpatServicesMarrakech Active member

35POSTS

2 years ago

#17

@rkotcher Compared to Western property prices, it’s still okay to buy something here.

But the thing people struggle with here is always finding good renovation companies. That’s where people usually get cheated and taken advantage of.

All the best with your search!

1 member reacted to this post

rkotcher Member

11POSTS

2 years ago

#18

@ExpatServicesMarrakech thank you for your advice. Have you worked with any renovation companies that you'd recommend?

ExpatServicesMarrakech Active member

35POSTS

2 years ago

#19

@rkotcher I know that the owner of Café Atay in the Old Medina has a very good construction company and is very trustworthy. He delivers his work on time and uses high-quality materials.

I think he might know where there are good riads for sale. I would just go there and ask for Ahmed. If he is not there, you can leave your phone number, and I am sure he will get back to you.

rkotcher Member

11POSTS

2 years ago

#20

@ExpatServicesMarrakech thank you for the advice! i will go there!

Yahya411 Contributor

163POSTS

2 years ago

#21

@rkotcher Proceed with caution, don't get scammed. You must make sure no other family members have interest in the property and all agree to sell. Also, you could go with reputable firm like Bosworth that speak English in Marrakech.

1 member reacted to this post

sfrancesdonnelly Member

2POSTS

2 years ago

#22

@rkotcher - hi did you buy a Riad yet ? - we are also looking at this - thanks any advice tips ?

jasmink Member

1POSTS

2 years ago

#23

Hi @rkotcher

am actually on the same journey, and will be looking at properties later this month! And looking for a good,trustworthy construction company. I am an interior designer/art dealer, so I have a clear idea of what I want. But need a good project manager with network of artisans to make it into reality