Sahara - OK thanks.

I was not comparing riads with new builds. I was comparing the price differential
between riads in Marrakesh and riads in Fes (one third) and then looking for the the same price differential between new build in Fes and new build in Marrakesh.

As I said I can acept a difference between riad prices and new build luxury prices (although £40k may be pushing it a bit and riads are in limited supply and have proved to be much more desireable that new builds in the Marrakesh market).

What I was asking is - Why the new build price in Fes is not significantly cheaper than a new build in Marrakesh?