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27 May 2018

Marrakech should 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 a market study conducted by WIRE Consulting, an independent company specializing 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 real estate investments

The real estate market in Marrakech appears to have bottomed out and is believed to be in the early stages of a rapid recovery with substantial visible growth. The recovery to pre-crisis levels in this specific market shows an expansion in private activity, 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, Marrakech real estate prices have only begun to increase 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 neighborhoods, has average prices three times higher than the general market. The most attractive in terms of investment is the Guéliz neighborhood (with an average price per square meter of 207 $ for recent properties), which has seen tremendous growth in demand over the past two years, followed by the more traditional neighborhoods of Hivernage (362 $ per square meter), and Palm Grove (312 $ per square meter), which are located in discreet, elegant areas with easy access to the city's main services.

 

The luxury market of Marrakech

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