People come from all over the world to buy things in Marrakech. There are both old and new homes in the city, which makes it a great place to spend. Marrakech has a home for every price, whether you’re looking for a vacation home, a place to rent, or a place to live permanently.
Prices for homes stay cheaper than in Europe, and there is a lot of demand for rentals because of tourists. This guide tells you why getting a home in Marrakech is a good idea, where to look for the best deals, and what steps to take.
Why should you buy property in Marrakech?
Strong tourism business
Marrakech is a popular place for tourists to visit. Every year, millions of tourists come, which makes rental homes, boutique hotels, and Airbnb sites very popular. Buying land here can help you make a steady income.
Reasonable prices for homes
The cost of real estate in Marrakech is much lower than in Paris or London. It’s possible to buy a fancy house in Europe for the cost of a small flat.
High Returns on Rentals
There are a lot of short-term rentals out there. Listing their homes on sites like Airbnb is a way for many people to make steady renter income.
Stable economy and incentives for foreign buyers
Morocco is happy to have foreign investment. Non-residents can buy, sell, and rent homes without any problems from the government. Buyers are safe in this market because property rules protect them.
Different Kinds of Homes for Sale in Marrakech
There are different kinds of homes in Marrakech to fit different prices and ways of life.
Rìads
Traditional Moroccan homes with gardens are called riads. Many people buy them and fix them up to use as guesthouses or their own homes. People love staying in riads in the Medina (Old Town).
High-end villas
There are pools, gardens, and modern decor inside these houses. They are common in places like AgdPalmeraielmeraie.
Apartments
Ardalsionals and tourists Have fun!live in Gueliz and Hivernage. Along with modern conveniences, they are close to places to eat, shop, and work.
Buildings Built Off-Plan
You can invest in a new project before it’s finished when you buy an off-plan home. Most of the time, these houses cost less.
Business Properties
You can buy shop, hotel, or restaurant space in busy areas if you want to start a business or put money into being a host.
The best places to buy a home in Marrakech
Medina
People love Marrakech’s old city core for its narrow streets, markets, and traditional homes. A lot of people buy riads to use as vacation homes or guesthouses.
Hivernage
This area is very fancy, with 5-star hotels and high-end flats. People who want to live in a modern home in a central area are drawn to it.
Palmeraie
Palmeraie is great for people who want peace and nature because the streets are lined with palm trees, and there are high-end resorts there. Villas in this area often have big yards with pools.
Gueliz
Here is the new part of Marrakech. There are many stores, coffee shops, and office buildings in Gueliz. It’s a great spot to buy flats to rent out.
Agdal
There are new apartment buildings and high-end villas in this area. Families like it because it’s close to fun things to do.
Chrifia and Targa
These places are outside the city hub and have cheap homes. The areas are quiet and good for families. They have new homes and are surrounded by gates.
Property for Sale in Morocco
One of the best places to buy a home in Morocco is Marrakech, but there are also great deals to be found in other towns.
- Casablanca is the business capital of Morocco and a great place to buy industrial property.
- Tangier: This market is growing because it has a port and is influenced by Europe.
- Rabat is the political capital and a great place to buy a home or invest for the long run.
- As more people look for vacation homes in Essaouira, a town on the coast.
Even though each city has its own pros, Marrakech is still the best choice for foreign buyers because of its lifestyle and rental potential.
A step-by-step guide on how to buy a home in Marrakech
Step 1: Lay out your money.
Think about how much the house, taxes, agent fees, and any repairs might cost.
Step 2: Look for a Real Estate Agent You Can Trust
A real estate agent in the area can help you find homes, negotiate prices, and take care of papers.
Step 3: Go to Properties
Look at all of your choices before making a choice. Think about the property’s size, position, and possible rental income.
Step 4: Checks with the law
Get a lawyer to make sure the property has a clear title and no open legal issues.
5. Sign the deed of sale.
Sign the contract and pay the deposit (normally 10%) once everything is set in stone.
Step 6: Make the last payment and sign up.
The notary will take care of the last papers. The land is registered in your name as soon as the payment is made.
Legal Things Foreign Buyers Should Know
- Other than farmland, anyone from outside of Morocco can buy property there.
- A lawyer registers property and makes sure that all legal requirements are met.
- Taxes and fees that buyers have to pay include notary fees (1% to 2%), registration tax (4%), and agent payments (2% to 3%).
- You need to register with the tax officials if you want to rent out your home.
How much it costs to buy and take care of a home in Marrakech
- Between €100,000 and €300,000 for apartments in Gueliz and Hivernage.
- It costs between €150,000 and €500,000 to fix up a riad in the Medina.
- Luxury homes in Palmeraie cost between €500,000 and €2,000,000.
- Annual property tax: Rates change based on the value of the home.
- Bills for utilities like water, electricity, and internet rely on how much you use them.
Rental Yields and Return on Investment (ROI)
Rentals for a short time (Airbnb and vacation homes)
Tourists come to Marrakech all year long, which makes short-term rentals a good way to make money. Medina, Gueliz, and Hivernage properties do well.
Rentals for a long time
Both foreigners and locals are looking for apartments and villas in up-to-date areas. This choice provides steady income without having to deal with frequent rental changes.
Income from rentals is expected.
- Airbnb riad in Medina: €80 to €250 per night
- Palmeraie luxury houses rent for €3,000 to €8,000 a month.
- A Gueliz flat costs between €500 and €1,500 a month.
How to Make Money Investing in Real Estate in Marrakech
- To avoid scams, only work with real estate agents you can trust.
- Pick the right area based on what you want to do with your money.
- Learn about the changes in the market before you buy something.
- To handle court paperwork, hire a lawyer in your area.
- When choosing a home, think about how much it will be worth in the long run.
In conclusion
Marrakech has a unique mix of culture, price, and the chance to make money by investing. There are many places to live in the city, whether you want a vacation home, a rental property, or a permanent house.
Start looking for a home today and take advantage of the fact that the real estate market in Marrakech is growing.
