First & foremost, for those people who didn't know that Fadesa ... Addoha ... GFM ... (whoever) have changed their name yet again ... Press release as per below:
Anas Sefrioui said 'New breath for GFM (Group Fadesa Morocco).' The developer has indeed created a new brand: Excelia who now oversee all of its projects throughout the Kingdom of Morocco, particularly in Saidia, Marrakech and Tamuda Bay on the north coast.
With the new brand comes a new strategic positioning of business: real estate and tourism school. Excelia is the result of reflection that began many months ago. Re-branding GFM Property 50% Discount Douja Addoha Group since December 2007, suffered the financial instability of its other shareholder, the Spanish-Martinsa Fadesa, now in receivership, the source said. The continuity of its business in Morocco and the orderly development of its flagship projects in the Moroccan Kingdom did not prevent the installation of a suspicious atmosphere around the GFM name, prompting its top management to consider creating a new brand , carrier of all the values intrinsic to the group.
Well let's all just hope that it's more than just a name change. I for one haven't seen much change in their attitude in Saidia, towards helping buyers or owners recently. However, maybe it just needs to filter downwards from the 'top management' eh ?
OK, now to some questions that have been asked recently...
1) Rental bookings for this Summer. Many people have recently asked what the rental potential is here at this stage. Well let me say this ... more and more properties are becoming available for rental on a weekly basis. It is going to be completely dependant on demand (obviously!), and as this is a fledgling resort (remember, it's not been officially open a year yet), still with may half built areas, Villamora it is not. Be realistic, it took destinations like Potugal 20 years or so to get to the tourist stage there were at (before the credit crisis). The resort still has a very long way to go before it can really be classed as the 5* international resort we were all promised. The main clientele at this stage are Moroccans. Those living abroad and within the Kingdom. Saidia has been one of their main holiday destinations for many years, and now it has had the input of foreign and local investment, it just makes it that much more popular. After Moroccans, it seems to be Spanish and then 'others'.
Last year it was estimated that 300,000 people visited the region during the Summer season. Great news. However, that doesn't mean to say that they all resided on the Med-Saidia Resort. There are many new places to stay being built all over the region. Another 'All Inclusive' hotel is due to open this Summer on the Resort. This is serious competition for self catering. (Personal note : it actually amazes me when owners of properties, who wish to rent out their own properties, don't actually stay in rental properties while they are here - they choose to stay in a hotel ... but expect others to rent their property - hmmmmm ??) Click here to take a look at benefits of self-catering property on Med-Saidia.
Other factors to consider, language and culture. This is NOT, and I repeat NOT a home from home for Brits abroad. It is a completely different way of life. It is NOT the Costa Del Sol. They speak a different language and adhere to a different culture. This should be factored into your rental projections - especially as Ramadan is moving across the Summer season for at least the next three years. Take a look at : The Moroccan Muslim holiday calendar for the next few years.
The way in which people currently find a property to rent is basic. Many people just arrive and look for a 'key holder'. This is usually a guy standing on a street corner in the old town shaking a bunch of keys. I am serious. Take a look and see if you can find a way to book and pay for a property online in advance of arrival. Except for the hotels, I think you'll find it a challenge. It's a turn up, take a look at a few properties and decide type situation.
Needless to say, if you've been looking at the booking calendar on our website, there do not seem to be many pre-bookings. We however know, that come July we'll be getting very little sleep due to the people just turning up and wanting somewhere to stay that night. That's they way it is. It has taken us time to get used to it and accept it, but for the time being, it doesn't seem like it's going to change that much. It's not what you know, it's who you know and many people know us.
How many rentals do we expect? Who can really tell ? We hope to fill the properties we have as much as possible (of course), but nothing can be guaranteed. There are a whole range of people who are now living on the development year round. These are hotel staff, Marina staff, retired French & Spanish people and some locals who just like living in a new, modern property. This brings life to the resort year round too.
Next recent query. 2) We have decided to pull out of our Saidia property purchase ... however we have had no responses concerning getting our deposit back. In the two years I have been here, I have personally only heard of one person, in 2006 that received funds back from Fadesa. That is not to say that others haven't had them, I just have not heard about it. If you have had funds back from Fadesa/GFM I would be interested to hear about it for other people's reference. If you are having trouble getting through to the After Sales telephone lines, believe me so is everyone !? Maybe they changed those numbers without telling anyone too ? If you are having issues getting through to someone, please feel free to contact me and I will give you the relevant e-mail addresses.