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Marrakech: Beyond the Hype, the Real Estate Market Reveals its Structural Fundamentals

Morocco, and Marrakech in particular, is not overheating; it is undergoing a phase of historical catch-up. Tourism figures for 2024 (17.4 million visitors, +20% vs. 2023) are not an isolated peak, but the confirmation of unprecedented structural demand.

📈 Record Tourist Performance, Real Estate Driver

The objective set for 2026 has been achieved two years ahead of schedule. This explosive tourist growth since 2022 (+34% in 2023, +20% in 2024) directly feeds two key segments:

  • Short-Term Rentals (for tourist activity).
  • Secondary Residential Investment (for quality of life and heritage).


The current growth in real estate prices is a reflection of a natural catch-up after a period of post-2018 stagnation. It is not a speculative surge but a valuation supported by robust fundamentals.

✅ Pillars of Moroccan Resilience for the Investor

The Moroccan market stands out due to lasting resilience factors, clearly differentiating it from other regions such as Europe or the Middle East.

  • Political Stability and Security: A stable and secure political environment, essential in the current geopolitical context.
  • Proximity and Attractiveness: A Mediterranean climate, unique cultural richness, and only a 3-hour flight from Paris.
  • Tax Advantages: A non-double taxation agreement with France, and a capital gains tax limited to 20% (with possible exemptions after 8 years).
  • Demand Diversification: Balance between international tourists and MREs (Moroccans Residing Abroad), stabilizing growth.


Did you know? The Franco-Moroccan tax treaty offers a clear and secure framework, contrasting with recent tax reforms and heavier taxation in some competing countries like Spain or Portugal.

❤️ The Emotional Factor: An Anti-Speculative Bubble

Psychological analysis of buyers reveals a fundamental structural difference:

  • Authentic Motivation: The foreign investor in Morocco does not buy for a Golden Visa or a temporary tax advantage, but out of emotional attachment to the destination, its lifestyle, and its culture.
  • Long-Term Stability: Unlike markets focused on residency-by-investment programs (where the investor will disinvest once the advantage ends), the buyer’s emotional attachment creates lower volatility and a fundamentally long-term investment perspective.


This human factor is the best guarantee against a speculative bubble.

🎯 Perspectives & Recommendations for the Investor

The Moroccan market offers a genuine opportunity for quick profitability with moderate prices. However, a rigorous approach is required:

  • Adopt a Long-Term View: Base your strategy on fundamentals (tourism, demography, infrastructure) and not on impulse.
  • Diversify Wisely: Do not limit yourself to a single type of property (riads, villas, apartments) or a single geographical area.
  • Work with Local Experts: Deep knowledge of the rental market and local regulations is essential to manage cyclical risks (seasonality, exchange rates).

Morocco, with its continuous infrastructure projects and recognized stability, is ready for measurable and sustainable real estate growth.

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