2027 should above all confirm the emergence of a multi-speed property market.
Our forecast for property prices in Marrakech in 2027
In the absence of detailed official forecasts for each neighbourhood in Marrakech, it would be misleading to announce a single figure applicable to all properties.
Nevertheless, by cross-referencing the latest data from Bank Al-Maghrib and the ANCFCC, Morocco’s economic outlook, international demand, developments in financing and analysis from industry professionals, three trends can be envisaged.
The most likely scenario: between 0% and +4%
For the Marrakech property market as a whole, our central scenario is an increase of between 0% and +4% in 2027.
This range does not mean that every flat, villa or riad will perform in the same way.
It represents a theoretical average that could conceal significant disparities:
- rare and well-positioned properties could increase by 4% to 7% ;
- ordinary properties offered at the right price could remain stable;
- overpriced properties might need to fall by 5% to 10% to find a buyer.
These percentages are estimates, not official forecasts. They are based on the trends available at the beginning of August 2026.
Why prices are not expected to fall sharply in 2027
At first glance, the latest statistics may appear to herald a significant correction.
In the first quarter of 2026, prices in Marrakech fell by 1.5% compared with the previous quarter. Residential prices decreased by 3.5%, while the total number of transactions fell by 51.5%.
This decline should be taken seriously, but it is not sufficient to signal a collapse.
The The decline in sales was much greater than the decline in prices. This means that part of the market has become gridlocked: buyers are refusing prices they consider excessive, while many sellers are still refusing to reduce them significantly.
Many owners can afford to wait
A sharp property downturn generally occurs when many sellers are forced to sell quickly.
Yet in Marrakech, a significant proportion of the market consists of second homes, family properties, legacy investments and properties held without immediate financial pressure.
An owner who does not achieve the desired price can retain the property, postpone their plans or temporarily withdraw the listing.
This behaviour reduces the number of sales, but also slows the fall in prices.
The cost of building new properties remains high
Developers and builders have to contend with land prices, materials, labour and financing costs.
Médias24 was still observing in July 2026 that, in the resale market, sales were declining without prices actually giving way, while new-build properties continued to face rising costs and a significant gap between asking prices and buyers’ financial capacity.
This makes it less likely that a substantially cheaper supply of new-build properties will emerge in 2027.
The market may stagnate. Developers may slow down or postpone projects. But they cannot reduce prices indefinitely while their costs remain high.
Marrakech remains sought after by international buyers
Property demand in Marrakech does not depend solely on households living in the city.
It also rests on Moroccans residing abroad, expatriates, international investors and second-home buyers.
According to the head of Mubawab, interviewed by H24Info in June 2026, approximately 25% of enquiries recorded on the platform came from the diaspora and foreign nationals, with Marrakech among their main destinations.
This international demand does not protect every property.
It mainly favours :
- well-located apartments;
- quality villas;
- properly renovated riads;
- properties that are easy to use or rent out;
- properties with a clear legal status.
The high-end market should prove more resilient
Marrakech’s prime property market is partly following its own dynamics.
A study dedicated to the high-end residential market had already forecast an increase of around 6% in prime values in 2026, driven by the scarcity of high-quality properties, international demand and expected infrastructure improvements.
Knight Frank’s Africa 2026–2027 report also highlights the resilience of Morocco’s high-end residential market and the positive effect of the tourism recovery on short-term rentals, particularly in Marrakech.
This does not mean that the high-end segment will automatically rise by 6% in 2027.
However, it reinforces the view that the best properties should prove more resilient than the mainstream market.
Why a sharp general increase also appears unlikely
The market’s resilience factors should not be confused with the conditions for a fresh surge.
Prices may not collapse without necessarily continuing to rise sharply.
Morocco’s economy is expected to slow in 2027
The High Commission for Planning forecasts economic growth of 3% in 2027, following estimated growth of 4.8% in 2026. Domestic demand should continue to support activity, but against a less dynamic economic backdrop.
This slowdown does not amount to a recession.
Nevertheless, it makes a rapid, general increase in property prices nationwide unlikely.
Marrakech may be better able to withstand this thanks to tourism and foreign demand. But the city cannot be completely disconnected from purchasing power, credit and the Moroccan economy.
Buyers are increasingly rejecting inconsistent prices
The market’s main change may not be the disappearance of demand.
It is the change in buyers’ behaviour.
They compare properties more closely, assess the work required, calculate rental returns and negotiate more firmly.
A property owner can no longer always add 10% or 20% to the price simply because Marrakech is attractive or because the 2030 World Cup is approaching.
An asking price is not a sale price.
Properties offered at unrealistic prices risk remaining on the market for several months before being sold following a reduction.
Not all properties benefit from the same level of scarcity
Marrakech’s property market is sometimes presented as if there were a general shortage.
This is inaccurate.
There is genuine scarcity among certain types of property:
- central apartments with terraces and parking;
- well-built villas on attractive plots;
- properties with exceptional views or locations;
- renovated riads with convenient access;
- properties located in the most sought-after residences.
By contrast, supply is far more abundant for ordinary flats, remote villas, properties requiring substantial work or properties with design flaws.
Scarcity will support certain prices in 2027. It will not support the market as a whole.
Which properties could increase in value in 2027?
Quality flats in Guéliz and Hivernage
Flats located in central areas should continue to attract strong demand when they combine several qualities:
- a location that makes it easy to get around;
- good natural light;
- a genuinely usable terrace;
- parking;
- a well-maintained residence;
- well-controlled service charges;
- a functional layout.
Flats combining all these features remain relatively rare.
Their prices could continue to rise slightly in 2027, particularly when the asking price remains consistent with the residence and the condition of the property.
By contrast, a dark, noisy or poorly maintained flat, or one located in a run-down condominium, will not automatically benefit from the rise simply because it is in Guéliz.
Rare, well-built villas
Villas located in established residential settings, close to golf courses or with high-quality grounds should also prove resilient.
Demand should remain present for properties offering:
- sound construction;
- good insulation;
- a sufficiently large garden;
- a well-positioned swimming pool;
- easy access;
- a well-maintained residence managed;
- reasonable maintenance costs.
Truly rare villas could still gain between 4% and 7%.
However, generic villas offered at prices close to those of significantly superior properties will face much greater difficulties.
Renovated and legally secure riads
Good riads constitute a market of their own.
The most sought-after properties combine an attractive location, a sound structure, high-quality renovation, relatively convenient access and fully verified documentation.
This type of property can continue to attract international buyers.
By contrast, riads requiring substantial works or whose profitability relies on overly optimistic tourism projections may be subject to greater negotiation.
Which properties could fall in 2027?
Currently overvalued properties
The main decline expected in 2027 is unlikely to affect the market as a whole.
It is more likely to affect properties whose asking price is already excessive.
An apartment reasonably worth 2.5 million dirhams but marketed at 3 million may ultimately sell for 2.6 or 2.7 million.
Statistics may record a fall in the asking price. But this will mainly represent a return to the market’s true value.
Properties requiring extensive works
Buyers are increasingly taking the true cost of renovation into account.
The cost of materials, the availability of contractors and the duration of the works can turn an apparently attractive property into a costly undertaking.
Properties requiring extensive renovation will therefore need to be offered at a sufficient discount.
Difficult-to resell
Properties that are too distinctive may appeal to a buyer, but have limited liquidity:
- very large floor areas with few bedrooms;
- remote villas that are costly to maintain;
- apartments without a lift or parking;
- properties in poorly managed developments;
- properties with difficult access;
- buildings whose compliance is unclear.
These properties could experience greater-than-average declines.
Three possible scenarios for 2027
Central scenario: stability or a slight increase
This is currently the most credible scenario.
Average prices would range between 0% and +4%.
Transactions could gradually resume if sellers adjust their expectations and buyers regain greater visibility.
Good properties would continue to sell, while overpriced properties would remain on the market for longer.
Bullish scenario: even stronger international demand
In a highly favourable environment, prices could rise by 4% to 7% across part of the market.
This scenario would require:
- continued tourism momentum;
- the development of air connectivity;
- strong demand from MREs and foreign buyers;
- a limited supply of high-quality properties;
- favourable lending conditions.
Prime properties could then exceed this average.
This scenario remains possible, but it should not be applied to every neighbourhood and every property category.
Bearish scenario: a more severe economic correction
An average decline of between 3% and 7% could become conceivable in the event of an economic shock, a slowdown in tourism, tighter lending conditions or a large influx of properties onto the market.
The least liquid or most overvalued properties could then lose more value.
As at 1 August 2026, however, this does not appear to be the most likely scenario.
So, will prices rise or fall?
The most honest answer is as follows:
Average prices are expected to remain relatively stable or increase slightly in 2027, but not all owners will benefit from this trend.
The market is expected to divide into three categories.
Rare properties
They should continue to gain value.
These are well-located, well-built, well-maintained properties with clear legal status that are difficult to replace.
Properties priced correctly
They should remain stable and continue to sell within reasonable timeframes.
Their performance will depend on negotiation and the exact situation in the neighbourhood.
Overvalued properties
They will need to fall in price.
This decline may take the form of direct negotiation, a reduction in the asking price or a lengthy period without a sale.
Should you buy before 2027?
For a buyer, waiting a few months does not guarantee a fall in the price of good properties.
It may be sensible to wait when a property is overpriced, when the seller refuses any negotiation or when no suitable property is available.
By contrast, waiting for a general market collapse carries a risk: genuinely rare properties may continue to increase in price or be bought by someone else.
The right decision is therefore not to buy systematically before 2027.
It is to buy a good property when its price is justified.
Should you sell in 2027?
A owner with a quality property should still be able to sell on good terms in 2027, provided they do not confuse Marrakech’s appeal with complete freedom on price.
Buyers will be present, but selective.
A realistic valuation, a well-presented property, complete documentation and a clear marketing strategy will probably make more difference than the market’s average performance.
Conclusion: our forecast for Marrakech in 2027
With 2027 only a few months away, no serious indicator points to a general collapse in property prices in Marrakech.
However, the slowdown observed in 2026 shows that the market has reached a limit: buyers are no longer automatically following every increase requested by property owners.
Our main scenario is therefore one of stabilisation accompanied by a slight rise in prices, probably ranging between 0% and +4% across the market as a whole.
The best apartments, villas and riads could perform better.
Ordinary properties should remain stable.
The overpriced, poorly maintained or difficult-to-resell properties will need to adjust their prices.
In 2027, the Marrakech property market is not expected to rise or fall across the board.
It should become even more selective.
The essential question will therefore not simply be whether prices rise.
It will be to determine which properties genuinely deserve this increase.
Frequently asked questions about property prices in Marrakech in 2027
Will property prices rise in Marrakech in 2027?
A slight increase is the most likely scenario for quality properties. The market as a whole could range from stability to moderate growth.
Is a property market crash possible in Marrakech?
A crash is not the main scenario at the beginning of August 2026. A more significant correction would remain possible in the event of a major economic or tourism shock.
By how much could prices rise in 2027?
Our central scenario is between 0% and +4% for the market as a whole. Rare properties could rise by 4% to 7%, or even more in exceptional cases.
Which properties could lose value?
Properties that are excessively expensive, require extensive work, are poorly located or have low liquidity are most exposed to a fall in value.
Is it preferable to buy before 2027?
It may be sensible to buy before 2027 when a quality property is offered at a coherent price. Waiting solely in the hope of a general collapse appears risky.
