Re: Marrakech Property
Dear Karyna
It was a pleasure to meet you and show you some properties during your visit to Marrakech. Below is a brief synopsis of each of the 3 properties you saw.
Bin Ennakhil - the asking price remains at 55m euros but as discussed this price is negotiable and we had it under contract last year but due to health reasons the purchaser had to pull out. I now believe an offer circa 35m euros would be acceptable. This property is unique and will never be able to be recreated, it is a work of art or a monument as much as fabulous property.
Dar Cilia - like Bin Ennakhil the asking price remains at 65m euros and was also under contract last year but due tax reasons the deal did not go ahead - it is likely a figure around 40 - 45m euros would be acceptable. The only comparable recent sale was in this compound known as Bab Atlas and was the sale of the largest property there for a reputed 100m euros to The Emir of Qatar.
Ksar Swan - also located in Bab Atlas with an asking price of 30m euros is less negotiable. This property is owned by the developer of the whole project and as you saw has some wonderful workmanship with hand carved cedar ceilings and beautiful gardens. As it is lived in most of the year it has a much warmer or homely feeling to the all the others you saw.
The very high end property market in Marrakech is as expected a tiny part of the market and there are no comparable sales since the purchase by the Emir however right now Ali Bongo from Gabon and Al Nahyan family of Abu Dhabi are both building palaces which will cost over 40m euros each.
Normally when purchasing a property in Morocco one should add approximately 10% to the purchase price split 6% in government taxes, 1% Notaire fees and 3% real estate agency fees however in the case of Bin Ennakhil for example as the property is owned by a company in Lichtenstein there are no government taxes to be paid in Morocco.
I am sending via wetransfer more pictures of Bin Ennakhil, Ksar Swan and Dar Olfa and you have the PDF brochures for each property.
I look forward to hearing from you and of course I remain at your disposal should you have any more questions.
Kind regards
Alex
Alex Peto
Partner
Find us on Facebook Instagram
Private Office Marrakech
1st Floor, Imm El Pacha
67 Rue Ibn Khaldoun, 40000
Marrakech
Morocco
Dear Karyna
Happy New Year.
I thought I would check you well received all the photos and information I sent through and wondered if there was any feedback?
All the best
Alex
Alex Peto
Partner
Find us on Facebook Instagram
Private Office Marrakech
1st Floor, Imm El Pacha
67 Rue Ibn Khaldoun, 40000
Marrakech
Morocco
Dear Alex,
Thank you very much , hope you had a nice holiday. We were told that an offer had been accepted in the low 20s by another buyer. We think a price between 15 and 20 would be as high as we would go, and that would include all taxes. We calculated that at least 5. 10 months would be needed and 18 months to finish the guest part, redo plumbing, electrical and infrastructure, which frankly appeared quite old. If your other offer falls through, please contact me. Otherwise thank you very much for your time. We understand sellers can sometimes be stubborn, but there is a reason that this has been on the market for so long without a sale.
Happy New Year.
All the best,
Karyna
Dear Karyna,
There have been many offers for Bin Ennakhil and there is currently one on the table for around 30m euros but it has not been agreed.
I will of course let you know if it sells or indeed if it falls through but a figure between 15m - 20m euros is not of interest to the vendor.
If you could come back and have another look in the spring should it remain available it would be great.
All the best,
Alex
Alex Peto
Partner
thank you, we wish you well. our interes= will expire at the end of this month as we will move on to another house.=C240 thx.