Investing in Morocco

Investing in Marrakech in 2026: the complete guide

Where to buy, at what price, for what return, and how to avoid the classic mistakes: what I tell my clients before their first investment in Marrakech.

Why Marrakech attracts so many investors

Morocco welcomed 19.8 million foreign visitors in 2025, up from 12.9 million in 2019. Marrakech is its showcase: the airport is set to double its capacity, the city connects to more than a hundred destinations, and the 2030 World Cup is speeding up major projects, including the high-speed rail line to Casablanca.

On prices, the wider market has stabilised since 2023, but exceptional properties (Palmeraie, golf estates, fine medina addresses) have gained around 10 to 15% in two years according to Knight Frank, which still expects about 6% growth in 2026 for this segment.

Where to invest: neighbourhoods and prices

The ranges below are market averages observed in 2026. They give an order of magnitude: every property is judged on its own merits, and exceptional addresses often sit outside these ranges.

Neighbourhood	Price per m² (apartment)	Price per m² (villa)	Gross yield
Hivernage	MAD 20,000 – 25,000	MAD 30,000 – 40,000	5 – 7%
Gueliz	MAD 14,000 – 18,000	MAD 22,000 – 28,000	6 – 8%
Palmeraie	MAD 15,000 – 20,000	MAD 25,000 – 40,000	6 – 9%
Targa	MAD 10,000 – 12,500	MAD 17,000 – 22,000	5 – 6%

In the medina, riad prices vary enormously with condition, alley, title deed and operating licence: a riad to renovate and a guest house in operation cannot be compared per square metre.

What should you buy?

A riad in the medina, as a family home or a guest house: the most “Marrakech” investment, but also the one that needs the most checks (title, works, neighbours, licences).
A villa in the Palmeraie, on the Amizmiz or Ourika roads, or in a golf estate, as a second home and for upmarket holiday lets.
An apartment in Gueliz or Hivernage, for a lower budget, simple management and an easier resale.

What return can you expect?

With well-managed holiday letting, gross yields are often between 5 and 9% depending on the area and the property; Knight Frank cites up to 7 to 10% gross for very short stays. The net figure then depends on charges, management, tax and occupancy, and that is the number to look at before you sign.

A holiday let must be declared and comply with the rules in force; a guest house needs an operating licence and a classification. I can point you to the right people for your project.

How much on top of the price?

Allow around 6 to 7% in purchase costs (registration duty, land registry, notary), plus the agency commission as agreed. The breakdown and a worked example are in my guide to notary fees in Morocco in 2026. For resale, capital gains tax is explained in selling property in Morocco.

Can a foreigner buy in Marrakech?

Yes. A foreigner can buy titled property freehold on the same terms as a Moroccan, except agricultural land. Fund the purchase in foreign currency by bank transfer and keep the records: that is what allows you to repatriate the proceeds when you sell.

Frequently asked questions

Is it a good time to invest in Marrakech?

The wider market has been stable since 2023, while exceptional properties keep rising, driven by international demand, record tourism and investment linked to the 2030 World Cup.

What is the minimum budget to invest in Marrakech?

An apartment in Gueliz or Targa remains accessible on moderate budgets, while a Palmeraie villa or a riad guest house is in another range. The right budget depends on your goal: a home, a return, or both.

Which area is best for holiday lets?

The medina and the Palmeraie for upmarket tourist clients; Gueliz and Hivernage for city stays and simple management.

Can a foreigner buy a riad?

Yes, if it has a title deed. You need to check the title, the condition of the building and, for a guest house, the operating licences.

Sources: Knight Frank, Marrakesh Insight 2026; Moroccan Ministry of Tourism; Masaken 2026 market averages. Indicative figures.

Have a project in Marrakech? Let’s talk about your budget, your goal and the properties available, including off-market. Book a consultation