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27 May 2018

Marrakech is expected to become a leading city for real estate investments

MARRAKECH, Morocco, May 24, 2018 /PRNewswire/ - Marrakech, Morocco, named as a profitable destination to buy property in 2018 after market research conducted by WIRE Consulting, an independent company specialising exclusively in international real estate services.

"Marrakech is likely to become an important destination for investors looking for rewarding opportunities" - Angelo Cinel, CEO of WIRE Consulting commented. "The increasing tourist flow throughout the year and the cost of living compared to major European countries coupled with lower property taxes and strong public spending on infrastructure will also weigh on short-term growth for investors." Marrakech, a city for property investment

The real estate market in Marrakech seems to have bottomed out and is believed to be at the beginning of a rapid recovery phase with substantial visible growth. The recovery to pre-crisis levels in this specific market shows an expansion within private activities, and the willingness to provide support with public funds seems to be common to all political forces involved.

The price per square foot has undergone a significant correction since the historic highs of 2017 and, unlike European counterparts, property prices in Marrakech have only started to rise since 2016. The average price per square foot in the central areas has decreased from 168 $ in 2007 to 102 $ in 2017 and from 125 $ to 73 $ in the first suburb.

Marrakech's luxury market, which is concentrated in three districts, has average prices three times higher than the general market. The most attractive in terms of investment is Guéliz (with an average price per sqm of 207 $ for recent properties), which has seen a huge growth in demand over the past two years, followed by the more traditional areas of Hivernage (362 $ per sqm), and Palm Grove (312 $ per sqm), which are located in discreet and elegant areas with easy access to the city's main services.

 

The luxury market of Marrakech

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