The Marrakech property market has experienced remarkable growth since 2021. Prices in many neighborhoods have risen sharply, in some areas by as much as forty to one hundred percent within four years. This boom has been fuelled by the post-COVID recovery of tourism, growing demand from the Moroccan diaspora, and an influx of international investors seeking both lifestyle and strong returns.
How Much Have Prices Increased?
From 2021 to 2025 property values in Marrakech rose on average between thirty and fifty percent, with the steepest rises in prime locations. The year 2024 was especially exceptional, as property prices climbed more than twenty percent compared with 2023. Although the pace slowed in 2025 to more moderate annual growth of three to seven percent for apartments and family homes, luxury villas continued to record double-digit appreciation.
Price Growth by District
Guéliz, the modern heart of Marrakech, saw apartment prices nearly double in just two years. Values moved from about € 1.400 per m² in 2022 to 2.500 to 3.000 dirhams per m² in 2024 and 2025, an increase of 80% to 100%.
In Hivernage, known as the city’s luxury district, premium properties appreciated by 40% to 60% since 2021. Prices here now range from € 3.000 - € 4.000 per m² reflecting its status as one of the most exclusive addresses in Marrakech.
In the historic Medina, riads became highly sought after. Values increased by around 40% in only two years as foreign and diaspora buyers transformed many of them into boutique hotels and guesthouses. Average prices start around € 900 per m² for basic properties, while fully renovated riads command much higher sums.
Along Route d’Ourika, a corridor at the foot of the Atlas Mountains, prices rose 20% - 30% between 2021 and 2025. This area has become a hotspot for new developments such as luxury villa compounds. With new infrastructure such as the Morocco Mall nearby, demand is set to remain strong. A high increase in prices is expected over the next few years in this area.
Price Growth by Property Type
Apartments across the city appreciated by roughly 25% to 40% since 2021. In 2025, prices typically range from €80.000 to €300.000 depending on size and location.
Detached villas saw even stronger gains, with increases of 35% to 50% in four years. High-end estates in Palmeraie, Hivernage and Amelkis now exceed €1.500.000 to €2.000.000, and top gated communities command between €2.500 and €3.000 per m².
Riads in the Medina rose by 40% in just two years. Entry prices for properties requiring renovation begin around €150.000, while fully restored riads often sell for more than €600.000.
Rental Yields and the Tourism Connection
The strength of Marrakech as a real estate market is closely tied to tourism. In 2024 Morocco welcomed 16 million visitors, making it the most visited country in Africa, and Marrakech was the leading destination within the country. This surge in visitors directly translated into rental demand and strong yields for property owners.
Short-term rentals such as Airbnb typically generate annual gross returns of 11% to 13%, with peak season returns of up to 17%. Long-term rentals to expats or local families are more stable, usually providing 7% to 9% annually. Many investors adopt a hybrid approach, combining short-term rentals during high season with longer leases in quieter months.
Risks and Regulatory Considerations
Rapid appreciation also carries risks. The explosive growth of 2023 and 2024 is unlikely to be repeated every year, and investors should expect more stable growth going forward. Regulations around short-term rentals are tightening, requiring registration and tax compliance. Legal due diligence remains essential, especially in the Medina where ownership records can be complex. Investors must also consider that the market is less liquid than in Dubai or European capitals, and that seasonal factors such as Ramadan or summer heat influence rental demand.
cONCLUSION
Between 2021 and 2025 property prices in Marrakech increased by 30% to 50% overall, with hotspots like Guéliz and Hivernage recording rises of up to 100%. Luxury villas and tourism-driven properties continue to outperform, supported by a booming travel industry and strong demand from the Moroccan diaspora.
Even as growth stabilizes, Marrakech remains more affordable than Casablanca, Rabat or major European cities, while offering higher rental yields and significant capital appreciation. For members of the diaspora and international investors, Marrakech real estate represents one of the most dynamic growth stories in Africa, combining lifestyle appeal with financial opportunity.
Interested in Investing in Marrakech?
At YSM Properties, we specialize in guiding investors through the Marrakech real estate market. We currently offer an exclusive villa project on Route d’Ourika, one of the fastest growing investment corridors in the city. Zen Atlas Marrakech has 6 exclusive villa's with the highest finishing quality. Prices in this area have already increased by 20% to 30% in the past four years, and with further growth expected due to major infrastructure projects and rising tourism demand, this is the right time to secure your position.
The upcoming Morocco Mall Marrakech, located just minutes away on Route d’Ourika, will further boost property values and attract both local and international buyers. Combined with luxury developments and improved accessibility, this makes Route d’Ourika one of the most promising areas for long-term capital appreciation and rental yields.
👉 Contact us today to learn more about our villa project and discover how you can benefit from the next wave of growth in Marrakech real estate.
