When owners and property professionals who have been established in Marrakech for many years are asked about the market, the conclusion seems obvious: property prices have risen sharply.
Plots of land once offered at a few hundred dirhams per square metre are now being negotiated at twice the price. Some villas bought before the pandemic are being put back on the market for several million dirhams more. In Hivernage, Guéliz, the Medina and around the golf courses, the finest properties are reaching levels that would have seemed exceptional ten years ago.
Yet official statistics show a much more moderate evolution, with several periods of decline.
Both observations can be correct.
Marrakech’s property market has not doubled as a whole. However, certain plots, villas, riads and high-end flats have genuinely gained 50%, 80% or even 100% in the most sought-after areas.
The true evolution of Marrakech’s market therefore cannot be summed up by a single curve.
Why do the figures for Marrakech appear to contradict one another?
To understand the evolution of property prices in Marrakech, we must first distinguish between three types of data.
Prices recorded by the ANCFCC
The Real Estate Asset Price Index is produced by Bank Al-Maghrib and the National Agency for Land Conservation, Cadastre and Cartography.
It is based on the so-called repeat-sales method. Only properties that have been involved in at least two recorded transactions during the period studied are included. The index covers flats, houses, villas, urban land and commercial properties.
This method is useful for observing a general trend, but it has several limitations in Marrakech.
It represents the following only imperfectly:
- new developments;
- exceptional properties that are rarely resold;
- riads that have been extensively transformed;
- new golf developments;
- properties bought in one form and resold after renovation;
- peripheral areas recently opened up for development.
A plot sold undeveloped and then transformed into a residential project is no longer exactly the same product. It is therefore difficult to track its evolution using a simple repeat-sales method.
Prices shown in listings
Property portals, agencies and owners generally publish asking prices.
However, the advertised price is not necessarily the price signed before the notary.
In a high-demand market, the gap may be small. In a slower market, a property offered at 5 million dirhams may ultimately sell for 4.3 or 4.5 million.
Listings are useful for measuring sellers’ expectations and visible market levels. They are not a perfectly reliable basis for calculating historical change.
Studies covering the prime market
International firms mainly track prestigious properties, branded residences, golf villas and exceptional riads.
Their findings can therefore differ substantially from the general index.
In 2026, Knight Frank estimates that prime residential properties in Marrakech generally range between 5,500 and 7,000 euros per square metre, with higher amounts for certain exceptional villas. The firm also estimates that prime prices have risen by 16% since 2023.
These figures do not represent Marrakech’s average flat.
They describe a specific, but particularly visible, segment.
2016: a market that was already highly segmented
In 2016, Marrakech’s official property price index rose by just 0.7% over the year.
This average concealed a 2.2% increase for flats, an 8.7% rise for commercial premises and a 1.9% decrease for land.
At first sight, the market therefore appeared almost stable.
Yet in the same year, flats linked to the Four Seasons project at M Avenue were marketed at around 30,000 to 35,000 dirhams per square metre, depending on their location. This was already far above ordinary residential property prices in the city.
Marrakech therefore already had two markets:
- a relatively stable local residential market;
- a premium market targeting affluent Moroccan and international clients.
The difference was that in 2016 the premium market still concerned a limited number of addresses and developments.
2017–2021: a less bullish period than one might imagine
The decade was not a straight upward line.
After a recovery in 2017, official data recorded several corrections. In the first quarter of 2018, Marrakech’s index fell by 6.6% compared with the previous quarter, including an 11.9% decline for land and a 1.9% fall for flats.
The 2018–2021 period was marked by:
- a slowdown in several developments;
- more irregular international demand;
- strong negotiation on older properties;
- then the closure of borders and the abrupt halt in tourism during the health crisis.
In the fourth quarter of 2021, the national index was still recording a significant annual decline, particularly for flats and villas.
This does not mean that all Marrakech property owners lost money.
A well-bought flat in Guéliz could retain its value. A renovated riad could appreciate. A villa with an exceptional plot could increase in value.
But between 2017 and 2021, the market had not yet experienced the broad rise in asking prices seen after the pandemic.
2022–2023: the Marrakech market’s revival
The end of the health crisis marked a turning point.
Marrakech quickly became a sought-after destination once again for:
- second-home owners;
- Moroccans living abroad;
- French, Belgian, Swiss and British buyers;
- entrepreneurs working remotely;
- families wishing to settle in Morocco;
- investors in seasonal rentals.
The rental market also plays an important role. Many buyers begin by renting a villa or riad for several months before considering a purchase.
Knight Frank describes this as a “rent first, buy later” journey, particularly common in the high-end market. The firm also notes a more diverse international clientele and a younger buyer profile.
However, demand is not spread across every type of property.
Buyers primarily seek:
- completed villas ready for immediate occupation;
- well-managed residences;
- generous outdoor spaces;
- coherently renovated properties;
- properties with clear legal status;
- locations accessible from the centre.
This selectivity is gradually creating a two-speed market.
2024: some prices genuinely double
The acceleration became far more visible in 2024.
Médias24 reported at the time that some districts of Marrakech had seen their price per square metre double in two or three years.
One professional interviewed gave the example of land intended for villas, previously offered at around 2,000 dirhams per square metre, and subsequently marketed at around 4,000 dirhams.
This testimony does not mean that all land in Marrakech has doubled.
It nevertheless confirms that your on-the-ground observation is real: the doubling exists, but in particular areas and for particular products.
The rise is concentrated in particular on:
- certain peripheral routes that have become suitable for development or more accessible;
- land close to golf developments;
- plots suitable for gated residences;
- villas ready for immediate occupation;
- properties meeting international standards;
- properties with genuine scarcity.
The prospect of the 2030 World Cup, rail projects, expanded airport capacity and the strong recovery in tourism are also strengthening owners’ and developers’ expectations.
But precision is essential: an expectation of development is not yet a transaction.
Some plots have genuinely doubled. Others are simply being advertised at twice the price without yet finding a buyer.
2025–2026: the gap widens between the general market and the finest properties
The 2025 figures perfectly illustrate Marrakech’s paradox.
Across the year as a whole, the official index shows an average increase of just 1% in Marrakech, while the number of transactions rose by 24.1%.
At the same time, Knight Frank recorded a 16% increase in prime values since 2023 and estimates that certain properties in Amelkis, Royal Palm, the Palmeraie and the Medina gained a further 10% to 15% over two years.
These two results are not incompatible.
They mean that:
- the ordinary market rose moderately;
- some older or peripheral properties stagnated;
- high-end and rare properties rose much faster;
- strategic land sometimes experienced spectacular growth.
The first quarter of 2026 also confirms that the market has not become invulnerable.
In Marrakech, the official index fell by 1.5% compared with the previous quarter. Flats fell by 1.8%, houses by 3.4%, while villas remained virtually stable at +0.1%. At the same time, transactions fell by 51.5%.
This quarterly decline does not erase the increase accumulated by certain products since 2020.
It chiefly indicates that, at the beginning of 2026, buyers refused to automatically follow sellers’ expectations.
Have flats in Guéliz and Hivernage doubled?
Not across the board.
An older flat without a terrace or parking, or in a poorly maintained residence, has not necessarily doubled in ten years.
However, several categories have experienced substantial growth:
- recent flats with terraces;
- residences with a swimming pool and parking;
- developments close to M Avenue;
- penthouses and top-floor properties;
- fully renovated properties;
- flats suited to an international clientele.
The central market has become strongly polarised.
An ordinary flat in Guéliz may remain close to the market average, while a new or exceptional property a few streets away may be offered at two or three times more per square metre.
This is why a neighbourhood average quickly becomes misleading.
To assess the properties currently available, it is preferable to compare directly flats for sale in Marrakech according to the residence, condition, floor and amenities.
Have villas appreciated more?
Villas are probably one of the segments to have performed best since the pandemic.
Demand has shifted towards:
- golf developments;
- Amelkis and Al Maaden;
- Royal Palm and the Amizmiz road;
- the Palmeraie;
- secure residences;
- properties located fifteen or twenty minutes from the centre.
This rise does not, however, concern every house.
An older, energy-intensive or poorly built villa, or one in a poorly maintained residence, will not follow the same trajectory as a property renovated on an attractive plot.
Knight Frank also describes a two-speed market, in which demand is concentrated in established, well-managed communities offering clearly identifiable construction quality.
Buyers can compare villas for sale in Marrakech, but the price per square metre of living space is not enough.
Plot size, garden quality, the residence, construction and the future cost of maintenance all play a major role.
Have riads genuinely soared in value?
The riad market has experienced a particularly visible rise since 2020.
According to a Sotheby’s Realty professional quoted by The Times, riad prices rose by 5% to 10% between 2020 and mid-2023, followed by a further increase estimated at around 15% over the subsequent twelve months.
This growth mainly concerns riads that are:
- located in the most sought-after districts;
- accessible or close to a car park;
- properly renovated;
- equipped with several suites;
- suitable for tourist operation;
- legally and administratively structured.
Conversely, a riad requiring extensive renovation cannot be compared with a completed guest house.
The increase in the final price often reflects both:
- the rise in land value;
- the cost of the works;
- the quality of the renovation;
- the authorisations obtained;
- the furnishings;
- the operating capacity.
The riads for sale in Marrakech must therefore be compared at equivalent levels of finish and use.
Is land the segment that has risen the most?
In some areas, yes.
Land has a particular characteristic: its value can change very quickly when an area benefits from a new access route, infrastructure or change in its development potential.
In February 2025, professionals interviewed by Médias24 also referred to plots that had risen approximately from 500 to 1,000 dirhams per square metre since 2024 in certain peripheral areas.
This is not an official average.
These examples nevertheless show that the sharpest increases observed in Marrakech are often found in land and in products created from that land.
Land sold at 500 dirhams per square metre does not automatically become attractive at 1,000 dirhams.
Its value still depends on:
- zoning;
- development potential;
- access roads;
- utility networks;
- minimum surface area;
- the building coefficient;
- the authorisations that can realistically be obtained.
A guide to reading the ten-year evolution
| Segment | Evolution observed between 2016 and 2026 |
|---|---|
| General residential property | Moderate and irregular growth according to the official index |
| Ordinary older flats | Stability or limited growth depending on the residence |
| Recent central flats | Significant growth for the finest products |
| Golf villas and renovated properties | Strong growth since 2020 |
| Renovated and operational riads | Clear growth, particularly since 2022 |
| Strategic land | Doubling observed in certain areas |
| Overvalued or defective properties | Limited growth, longer selling periods |
| Prime property | +16% since 2023 according to Knight Frank |
The table is not a price index.
It summarises the trends documented by official statistics, the financial press and studies devoted to the high-end market.
Why have some owners genuinely doubled their investment?
An owner who bought at the right time may have benefited from several simultaneous effects.
The rise in land value
The value of the land may have doubled even before the building itself is taken into account.
Renovation
A renovated villa or riad is no longer the property that was originally purchased.
Part of the apparent increase remunerates the work and the risk undertaken by the owner.
A change in clientele
A property once sold mainly to a local clientele may now be offered to international buyers with a larger budget.
Scarcity
Beautiful completed properties remain relatively scarce.
A buyer eager to move in may prefer to pay more rather than manage two years of building work.
Changes in the surrounding environment
Restaurants, international schools, shops, roads and facilities can permanently alter an area’s appeal.
What cannot be stated responsibly
It would be incorrect to write:
“All property prices in Marrakech have doubled since 2016.”
But it would be equally incorrect to claim:
“Prices have remained practically stable for ten years.”
The correct wording is as follows:
Marrakech’s general market has risen irregularly, while certain micro-markets — strategic land, golf villas, renovated riads and prime property — have experienced much stronger increases, reaching or exceeding 100% in some cases.
There is currently no sufficiently precise public database from which to produce a reliable ten-year curve for every neighbourhood and every type of property.
A single graph entitled “average price evolution in Marrakech” would therefore give a misleading impression of precision.
What does this evolution mean for a buyer in 2026?
Past growth does not guarantee future growth.
A property that has doubled since 2020 may be correctly valued, but it may also be overpriced by an owner extrapolating from recent years.
Before buying property in Marrakech, it is necessary to examine:
- the price at which comparable properties actually sell;
- the specific evolution of the area;
- the quality of the property;
- the cost of any necessary works;
- how easily it can be rented;
- resale liquidity.
The right question is not simply how much the seller paid.
It is to determine what the property is worth today compared with the alternatives available.
Conclusion: Marrakech has not doubled, but part of the market has
Between 2016 and 2026, Marrakech’s property market changed profoundly.
The city attracted a broader international clientele. Golf residences expanded. Renovated riads became sought-after assets. Developable land became scarcer in certain areas, and the cost of producing new properties increased.
This transformation did not benefit all properties equally.
Official data show a much more moderate general market, with phases of growth, decline and stabilisation.
But on-the-ground observations and high-end market studies confirm strong appreciation for certain assets.
Yes, some properties have almost doubled or genuinely doubled.
But they doubled because they generally combined several advantages: location, scarcity, land, renovation, quality of operation or a profound change in their surroundings.
The lesson of the past ten years is therefore less spectacular, but more useful:
In Marrakech, it is not the whole city that rises at the same rate. It is the right properties, in the right areas and bought at the right price, that generate the strongest appreciation.
To explore the differences between areas in greater depth, the Property in Marrakech page presents the main property types and the market dynamics to consider.
Main sources used
- Bank Al-Maghrib and ANCFCC, Real Estate Asset Price Index
- Knight Frank, Marrakesh Residential Market Insight 2026
- Médias24, surveys on the evolution of land and property in Marrakech
- International property press covering the riad and prime-property markets
Data verified in August 2026. Examples of doubling concern particular areas and products and should not be applied to Marrakech’s property market as a whole.
