Tourism growth and real estate investment in Marrakech
In 2024, Morocco welcomed 17.4 million visitors, up 20% on 2023 and 35% above pre-pandemic 2019 figures. Marrakech, the country’s leading destination, benefits directly from this exceptional momentum. This context strongly supports real estate investment in Marrakech, particularly short-term rentals and second homes.
This steady growth since 2022 is fuelling solid property demand. By comparison, the country received 14.5 million tourists in 2023, a 34% increase on 2022.
Rental demand
The tourism boom is boosting rental returns in Marrakech, with strong seasonal demand. Riads, villas and apartments in sought-after areas (such as the Medina, Gueliz and Hivernage) record very high occupancy rates, increasing interest in real estate investment in the city.
Lasting strengths for investing in Marrakech
Climate and accessibility
Marrakech enjoys a pleasant climate all year round and is only a 3-hour flight from Paris. Its natural and cultural wealth (mountains, desert, a UNESCO-listed medina) adds to its appeal.
Stability and legal security
In a tense geopolitical context in Europe and the Middle East, Morocco stands out for its political stability. The constitutional monarchy and bilateral agreements with the EU reassure foreign investors.
An attractive tax regime for investors
The Moroccan tax system includes:
- a 20% capital gains tax (minimum 3% of the sale price);
- an exemption after 8 years of ownership (for the main residence);
- the France–Morocco tax treaty, which avoids double taxation;
- the free repatriation of capital invested in foreign currency.
By contrast, Spain and Portugal are becoming less attractive after recent tax reforms, while Tunisia and Algeria impose more restrictions.
Resilience and opportunities
Tourist demand and the Moroccan diaspora
The market benefits from two types of clients: international tourists and Moroccans living abroad. This diversity ensures constant demand that is less exposed to crises.
Modern infrastructure under development
- the expansion of Marrakech airport;
- the motorway network connecting the major cities;
- urban development programmes modernising the city centre and outskirts.
Attractive returns
With prices that remain moderate compared with Europe, Marrakech offers:
- a gross yield of 6% to 10%;
- strong year-round occupancy;
- steady capital appreciation.
The profile of buyers in Marrakech
Many buyers arrive already convinced of Marrakech’s potential, thanks to recommendations from other investors and media coverage of its growth. This enthusiasm can, however, lead to quick decisions, sometimes without a clear strategy.
Why expert advice matters
Buying property, even in a dynamic market, requires a profitability study, legal knowledge and a strategy (rental, resale, personal use). Working with a local professional is strongly recommended.
Marrakech, a profitable investment choice
Combining tourism growth, favourable taxation, political stability and rental returns, Marrakech has established itself as a major property destination for international investors.
Thinking of investing in Marrakech? Contact me for a personalised profitability study.
For more details, feel free to contact me directly on WhatsApp (+212 6 61 07 49 33), Instagram (@abdel.laaouina) or LinkedIn (Abdelhadi Laaouina), or book a consultation.
Abdelhadi Laaouina, PhD, is a luxury real estate advisor at Morocco Sotheby’s International Realty in Marrakech. He specialises in luxury real estate in Morocco, and in Marrakech specifically, with a focus on riads, heritage properties, villas and hospitality investment, and brings more than 12 years of experience in real estate and hospitality.
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For more details, feel free to contact me directly on WhatsApp (+212 6 61 07 49 33), Instagram (@abdel.laaouina) or LinkedIn (Abdelhadi Laaouina), or book a consultation.
Abdelhadi Laaouina, PhD
Abdelhadi Laaouina, PhD, is a luxury real estate advisor at Morocco Sotheby’s International Realty in Marrakech. He specialises in luxury real estate in Morocco, and in Marrakech in particular, with a focus on riads, heritage properties, villas and hospitality investment, and brings more than 12 years of experience in real estate and hospitality.