August 2022

This month we have visited a number of countries including Senegal, Cabo Verde, Portugal and Morocco.

James Whitmee has been working on an assignment in Dakar, while Ian has been researching the residential market in Lisbon.

Earlier in the month, Charles visited the port city of Tangier to undertake a valuation of a piece of land in the exclusive Vieille Montagne neighbourhood. Once a popular summer retreat for writers such as William S. Burroughs, Jack Kerouac and Tennessee Williams, the Vielle Montagne district is now most well-known for being the location of the Dar al-Makhzen Royal Palace and the most high-end residential neighbourhood in the city.

According to Bank Al-Maghrib, land prices in Morocco fell by 2.9% in 2021 and transactions were down by over 15% over the same period. This is, in part, as a result of an increasing reluctance on the part of developers to initiate new projects due to increasing costs and general economic uncertainty.

However, in Tangier, the picture is somewhat different. The price of land in the city has remained effectively steady (with a fall of just 0.3% in 2021) and transactions are, in fact, up by 11.7%.