The Wealth Scene chats to Charles Smith, Commercial Manager at Prime New Developments, the UK broker for The Ritz-Carlton Residences Marrakech. He is responsible for all strategic planning and business development with the aim to expose clients to some of the finest, most exciting new build residential and resort properties for second home purposes or as property investment.
- Tell us about yourself and biography in real estate?
I am a 25 year veteran luxury real estate broker with experience in all areas of residential and mixed use real estate, and for seven years I was running Sotheby’s International Realty in the UK, all providing me with a clear and acute understanding of the discretionary real estate market. This understanding covers the requirements of buyers and sellers as well as market design and implementation, and a savvy and experienced working relationship with the media.
I now run my own RE consultancy business, LREA, residential development lead generator www.PrimeNewDevelopments.com and head up the European expansion for Concierge Auctions.
- What are your thoughts on Morocco as a destination for property investment?
As a destination it is truly unique. It has that wonderful blend of Arabic charm and mysticism, old world European bohemia, all in a stable country with a wonderful climate only a few hours from most European cities. There is nothing quite like being in hot, bustling Marrakech with the sounds, sights and smalls of a busy market, the faithful being called to prayer as dusk sets, all surround by high white topped Atlas Mountains!
- What makes The Ritz-Carlton Marrakech Residences a top pick for a luxurious second home investment?
Competitively priced against other destinations, it is a development constructed to extremely high standards, by an experienced long-standing construction company in what we feel is an undervalued market. The endorsement of it being a Ritz Carlton Residence carries every commendation one would want. Accessibility is important, and access to Marrakech for most European hubs is easy.
- What are your tips for someone looking to buy a home in Marrakech?
When buying second homes overseas, the value one derives in time and effort by buying “turn key” cannot be recommended highly enough. Undertaking building work domestically is a challenge to say the least, so when dealing with another country, another language, other customs and rules that one is unfamiliar with, it is not something to considered or undertake lightly. Buying a property from a proven developer, with a high brand association is money very well spent, for peace-of-mind and future proofing of your investment.
- What are the USPs of a hotel branded residence?
Most buyers will be using their home only periodically. To be able to enjoy every available minute for the best quality of life must be a priority. Taking a property with the hotel facilities, not only brings you the benefits of being to use all that a premium hotel operator delivers, but also potentially making the use of your asset through rental programmes, safe in the knowledge your property will be looked after to their very high standards.
- What does the Ritz-Carlton brand add to the proposition?
Many hotel brands offer residential programmes. Just as hotel guests book their stays around the world, one has a choice of location and service depending on one’s needs. By choosing a brand synonymous with the very best in service and style such as Ritz Carlton, one gets that indulgent level of luxury and long-term protection of the asset
- What does polo bring to the development?
Whilst the development enjoys all the trappings of a luxury hotel branded development, the extra angle of Polo is a significant additional amenity. With a world-wide following, Polo is a sport so intertwined with style and the jet-set, it brings an additional value add for future proofing of one’s investment.