"Marrakech is likely to become an important destination for investors looking for remunerative 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 combined 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 property market in Marrakech appears to have bottomed out and is believed to be at the start of a rapid recovery phase with substantial visible growth. The recovery towards pre-crisis levels in this specific market shows an expansion within private activity, and the willingness to provide support with public funds seems common to all the political forces involved.
The price per square foot has undergone a significant correction since the historic highs of 2017 and, unlike its European counterparts, property prices in Marrakech have only started to rise since 2016. The average price per square foot in the central areas fell from 168 $ in 2007 to 102 $ in 2017 and from 125 $ to 73 $ in the first suburbs.
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 the Guéliz district (with an average price per m² of 207 $ for recent properties), which has seen huge growth in demand over the past two years, followed by the more traditional districts of Hivernage (362 $ per m²), and Palm Grove (312 $ per m²), which are located in discreet and elegant areas with easy access to the city's main services.