In 2025, real estate became the leading destination for foreign direct investment in Morocco, attracting MAD 10.1 billion out of a record MAD 31.2 billion.
Every year, the Office des Changes publishes its annual report on Morocco’s balance of payments and international investment position. It is one of the most reliable sources for understanding who invests in the country, in what, and how these flows evolve over time. The 2025 edition, released in October 2026, tells a clear story.
Foreign investors have never been so present in Morocco. And among all the sectors they choose, real estate now comes first. For anyone considering buying property in Morocco, whether a riad in the Marrakech medina, a villa in the Palmeraie or a hospitality asset, these figures deserve a closer look.
A record year for foreign investment
Net foreign direct investment (FDI) in Morocco reached MAD 31.2 billion in 2025, up 79.6% from MAD 17.4 billion in 2024.
Net flows measure incoming investment minus divestments, such as disposals and repayments. They are the best indicator of how much new capital actually stays in the country. Gross receipts, before divestments, also hit a high of MAD 60.6 billion, up 29.4% in a year.
The breakdown by sector is the most striking part of the report:
| Sector | Net FDI 2025 (MAD bn) | Share of total |
|---|---|---|
| Real estate activities | 10.1 | 32.3% |
| Manufacturing | 9.8 | 31.4% |
| Trade | 3.8 | 12.1% |
| Electricity, gas and energy | 1.8 | 5.6% |
| Finance and insurance | 1.6 | 5.2% |
Real estate and manufacturing together account for 63.7% of all net foreign investment. In other words, nearly one dirham out of three invested by foreigners in Morocco in 2025 went into real estate.
Who invests in Morocco
France is once again Morocco’s leading investor, with net flows of MAD 10.1 billion and 32.5% of the total in 2025.
This is a sharp reversal. In 2024, net flows from France were negative, at minus MAD 2.2 billion, and the United Arab Emirates had taken first place. In 2025, the top five investor countries all invested more than the year before:
| Country | 2024 (MAD bn) | 2025 (MAD bn) |
|---|---|---|
| France | -2.2 | +10.1 |
| United Arab Emirates | +3.6 | +4.4 |
| Netherlands | +1.1 | +2.9 |
| United Kingdom | -0.2 | +2.8 |
| Germany | +1.8 | +2.5 |
France, the Emirates and the Netherlands alone account for 55.9% of net flows. The United Kingdom also returned to positive territory after a slightly negative 2024.
This geography matches what I see in the luxury property market. European buyers, French in particular, remain the core of demand in Marrakech, while investors from the Gulf are gaining ground year after year.
Real estate: steady growth since 2022
Net foreign investment in Moroccan real estate rose every year, from MAD 5.1 billion in 2022 to MAD 10.1 billion in 2025:
| Year | Total net FDI (MAD bn) | Real estate (MAD bn) | Real estate share |
|---|---|---|---|
| 2022 | 23.0 | 5.1 | 22% |
| 2023 | 10.7 | 6.0 | 56% |
| 2024 | 17.4 | 7.7 | 44% |
| 2025 | 31.2 | 10.1 | 32% |
The most telling year is 2023. Total foreign investment fell to MAD 10.7 billion, less than half of 2022, yet real estate kept growing and represented 56% of all net flows that year. When investors became more cautious elsewhere, Moroccan property remained a preferred destination.
In 2025, the share of real estate fell to 32% simply because total investment surged, driven by industry and large infrastructure projects. The amount invested in real estate, however, reached a record. Real estate was the leading sector in 2023 and again in 2025; in 2024, manufacturing narrowly overtook it.
For an investor, this consistency matters more than any single year. It reflects lasting confidence in the Moroccan market rather than a passing trend.
What it means on the ground in Marrakech
In Marrakech, these national figures translate into a market that is more international, more demanding and more yield-driven than ever.
The buyer profile is diversifying. European clients remain the foundation of the luxury market, but Moroccans living abroad, dual nationals and investors from the Gulf and the rest of Africa are increasingly present. Each group comes with its own expectations, from a family second home to a pure investment logic.
Yield now weighs on almost every decision. Many buyers arrive with precise figures in mind: expected occupancy, nightly rates, running costs and return on investment. A property is no longer only a place to enjoy a few weeks a year; it is an asset expected to perform when its owner is away.
Tourism is the engine behind this shift. With record visitor numbers in Morocco and Marrakech as its flagship destination, riads, villas, kasbahs and boutique hotels have become genuine hospitality assets. Hospitality real estate is today one of the most dynamic segments of the market.
The common thread across all these buyers is the same requirement: an asset that combines quality of life, return and legal certainty.
Real estate is a science, not a gamble
Real estate is a market governed by many factors and indicators, and the 2025 figures are a reminder that each of them can move the market.
Supply and demand come first. But prices and returns also depend on:
- Geopolitics, which shapes where international capital feels safe to go.
- Interest rates, which drive the cost of financing and the appeal of property compared with other assets.
- Tourism flows, which determine occupancy and nightly rates for hospitality assets.
- Public policy, from taxation to urban planning and investment incentives.
- The performance of competing destinations, since an investor choosing Marrakech is often also looking at other tourism markets.
None of these indicators can be read alone. What matters is how they relate to each other: how a change in rates affects buyers from a given country, how tourism growth translates into yields by neighbourhood, how a policy decision shifts demand. Studying these correlations is what turns raw data into an informed decision.
Buying real estate, whether for business or for personal use, is an important step that must be handled wisely. Falling in love with a property matters, of course. But a sound investment is never improvised: it is studied, explained and anticipated, through data and expertise.
Conclusion
The 2025 figures confirm that Moroccan real estate has become a structural destination for international capital, not a short-term opportunity.
Foreign investment reached a record, real estate led all sectors, and its growth held even in the difficult year of 2023. Behind these numbers are buyers who are better informed and more demanding, looking for assets that perform as well as they inspire.
For more details or to receive the full Office des Changes report, 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 Marrakech, with a focus on riads, heritage properties, villas and hospitality investment, and brings more than 15 years of experience in real estate and hospitality.
Sources: Office des Changes, annual report on Morocco’s balance of payments and international investment position, 2025; Asharq Bloomberg.