House Hunting in Morocco

Ever dream of calling it quits and heading off to a far away destination for the rest of your life?

I know I have...many times.

Before you take the leap though it's good to have an idea about what your leaping into and unfortunately in many cases the cost is similar to the U.S.

From the New York Times...

The house is a riad, a traditional Moorish residence with living spaces organized around a two-story courtyard. The house is sold fully furnished (except for artwork and a piano). Almost all the furniture in the house was collected by the owner while exploring Morocco over the past 10 years, or made by local artisans.

Marrakesh’s medina — its walled city — has been the city’s cultural, economic and political center since it was founded nearly a millennium ago. It is home to the city’s busiest souks and most prominent historical sites. Marrakesh-Menara Airport is about six kilometers (just under four miles) from the medina; London is a three-and-a-half-hour flight.

It's estimated that home prices rose 35 to 40 percent in the five years leading up to 2008. Since then, over the past 10 months, prices have dropped 20 to 25 percent. The average price for a renovated riad in the medina ranges from 3 million to 4 million dirhams ($440,000 to $520,000). In general, most riad transactions are cash only. A buyer should estimate 6.5 to 7 percent of the purchase price for various fees.

To see more photos of the house, click here. The selling price is about $600,000.