The residential property market in Morocco, particularly in Marrakech, is currently going through a vibrant period of growth and transformation, writes Jawad El Hassani Sbai, CEO of Chestertons Morocco. Since the lifting of COVID-19 restrictions, house prices in Marrakech have seen a marked surge, especially in the luxury segment. This increase is driven by several factors, including pent-up demand and renewed interest from both domestic and international buyers. Property stock levels are historically low, particularly for high-end properties which has created a competitive environment for buyers seeking premium homes. However, it’s important to note this low inventory is being countered by a pipeline of upcoming high-quality new developments.

Sustainability features are increasingly popular amongst buyers in Morocco. Properties boasting solar panels, energy-efficient designs, and water-saving technologies are in high demand. This trend reflects a growing awareness of environmental issues and a desire for more eco-friendly living spaces. Branded residences have gained significant popularity, especially in existing resorts with recognised brands. This success has sparked a wave of new developments for large- scale branded resorts offering a range of top facilities, including golf courses, wellness and botanical gardens. These projects cater to buyers seeking a luxury lifestyle with integrated hotel style services and facilities. 

For those in the know, several neighbourhoods in Marrakech stand out as most interesting. The Medina remains the historic and cultural heart of Marrakech, popular for traditional riads with traditional Persian gardens. Guéliz is known for its modern vibe, shopping, and dining options, attracting younger buyers and savvy buy-to-let investors looking for smart apartments. Palmeraie offers larger estates and restored mansions and is favoured by those seeking privacy and exclusivity, with the scarcest supply in the country. The area known as “Les 3 Golfs” is renowned for its three prestigious golf courses, featuring luxury property resorts and new upcoming luxury gated communities. Up-and-coming areas include Route d’Amizmiz and Route de l’Ourika, which have recently seen an extension of the urban masterplan. These neighbourhoods are experiencing rapid development, with both small-scale gated communities and high-end branded resorts.

The Marrakech market is seeing a significant influx of Moroccan expats investing locally or relocating due to a new reverse exodus movement from Europe. Additionally, buyers predominantly come from across Europe particularly France, Spain, Italy as well as the Middle East. We have seen growing interest from American and Asian buyers since the pandemic. Motivations for purchasing vary, including investment, lifestyle, second homes, and relocation. Recent policy changes have impacted the market, with stamp duty changes triggering the current bullish market trend. Stricter regulations on short-term rentals have also been implemented to control the market and ensure quality offerings.