Yes, the analysis of Marrakech's property market is included in our pack
The question of 'the best neighborhood to buy a property in Marrakech' does not have a one-size-fits-all answer.
Some of you are buying to live there, while others want to make the best investment possible. Individual preferences and circumstances matter.
That’s why the article below is covering every intent.
At SandsOfWealth, when we write a blog post or when we update our our property pack for Morocco, we want to bring solutions and cover different aims in a clear and organized way.
Enjoy the read, and please remember that we are not financial or investment experts. This article is for informational purposes only.
To improve the readability and user-friendliness of this article, we will categorize neighborhoods in Marrakech into various groups, including budget-friendly options, emerging hotspots, and areas with high rental demand, among others. Consequently, some neighborhoods may appear in multiple categories and be mentioned several times throughout the article.
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How is the real estate market in Marrakech?
The real estate market in Marrakech is experiencing a dynamic and vibrant phase, attracting a diverse range of buyers, including a significant number of foreigners.
This city, known for its rich cultural heritage and unique charm, offers a real estate landscape that's quite different from anywhere else.
Marrakech's strengths lie in its unique offerings that are hard to find elsewhere. The city is renowned for its beautiful riads—traditional Moroccan houses with interior gardens or courtyards—which are a real estate gem exclusive to this region. These properties blend historical architecture with modern luxury, offering a living experience that's both authentic and comfortable.
People are drawn to Marrakech for various reasons.
The city's rich history, vibrant culture, and beautiful architecture make it an attractive destination for those seeking a blend of tradition and modernity. The warm climate and scenic landscapes add to its allure.
Furthermore, Marrakech is a hub for arts and crafts, cuisine, and festivals, making it a culturally enriching place to live or own property.
The real estate market here is particularly appealing to foreigners, who are attracted by the city's unique character, the potential for holiday homes, and the opportunity for investment. The market's dynamism can be seen in the increasing number of property transactions and developments, particularly in luxury segments.
For instance, the rise in upscale residential developments and gated communities is a testament to the growing demand.
One distinct aspect of properties in Marrakech is the harmonious blend of traditional Moroccan design elements with contemporary comforts. This fusion creates living spaces that are both aesthetically pleasing and functional, offering a unique lifestyle that's hard to replicate elsewhere.
Looking towards the future, properties in Marrakech are expected to gain value due to several factors.
The city's growing popularity as a tourist destination enhances its global appeal, potentially increasing demand for rental and holiday properties.
Additionally, ongoing developments in infrastructure and the city's efforts to preserve its cultural heritage while embracing modernity make it an increasingly attractive place for long-term investment.
The blend of cultural richness, historical significance, and modern developments positions Marrakech's real estate market for sustained growth and appeal.
Top neighborhoods in Marrakech to consider for living
Areas in Marrakech that are budget-friendly
If you're looking to buy property in Marrakech on a budget, there are a few neighborhoods you might want to consider.
Here is a summary table. Below, we will give more details.
| Neighborhood | Reason for Affordability | Potential for Value Increase | Property Types | Average Price per Sqm | Demographics | Strengths | Weaknesses |
|---|---|---|---|---|---|---|---|
| Gueliz | Outside traditional tourist zones | Growth and increasing foreign interest | Older apartments, newer developments | Lower than central areas | Local professionals, expatriates | Lively urban atmosphere, proximity to amenities | Crowded, some areas lack traditional charm |
| Tamansourt | Newer development area, away from city center | Becoming more established | Modern apartments and houses | Reasonable | Younger families, professionals | Modern amenities, planned urban environment | Still developing community feel, distant from central Marrakech |
| M'hamid | On the outskirts, slower development | City expansion | Traditional houses, new developments | Low | Long-term residents, new movers | Potential for growth, authentic local experience | Distance from city center, slower development pace |
Gueliz
In Marrakech, for affordable property options, the neighborhood of Gueliz is a good start.
It's more budget-friendly because it's a bit outside the traditional tourist zones, which keeps prices down. But, with the city's growth and increasing foreign interest, property values in Gueliz could rise. In Gueliz, you'll find a mix of older apartments and newer developments.
The average price per square meter in Gueliz is relatively lower than in the more central or tourist-focused areas. Gueliz is popular among local professionals and expatriates.
Its strengths include a lively urban atmosphere and proximity to city amenities, but it can be crowded, and some parts might lack the traditional Moroccan charm.
Tamansourt
Tamansourt is another neighborhood worth considering. It's affordable mainly due to its status as a newer development area, a bit away from the city center. This also means there's potential for property values to increase as the area becomes more established.
The properties in Tamansourt are mostly modern apartments and houses, with average prices per square meter being quite reasonable. Tamansourt is attracting a mix of younger families and professionals.
Its strengths are the modern amenities and planned urban environment, but it's still developing its community feel and is a bit distant from central Marrakech.
M'hamid
M'hamid is cheaper because it's on the outskirts of Marrakech and has been slower to develop.
However, as the city expands, property values here are expected to go up. In M'hamid, you'll mostly find traditional houses and some new developments.
The average price per square meter is low, making it attractive for budget-conscious buyers.
The area is home to a mix of long-term residents and new movers. M'hamid's strengths include its potential for growth and more authentic local experience, but its distance from the city center and slower pace of development might not appeal to everyone.
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Areas in Marrakech that are popular and upscale
When looking to buy property in Marrakech, two neighborhoods stand out as upscale and popular choices. These neighborhoods each have their unique character and draw different types of residents.
| Neighborhood | Average Price/Sqm | Property Type | Resident Demographic | Strengths | Weaknesses |
|---|---|---|---|---|---|
| Hivernage | High | Luxury Apartments, Villas | Wealthy Locals, Expats | Proximity to Amenities, Luxury Lifestyle | Cost of Living, Noise |
| Palm Grove (Palmeraie) | Very High | Luxurious Villas | Celebrities, Affluent Buyers | Nature, Exclusivity | Isolation from City Center |
Hivernage
Hivernage is one of Marrakech's most upscale neighborhoods.
In Hivernage, you'll find luxury apartments and villas, often with lush gardens and pools. The prices reflect this opulence, with an average cost per square meter being quite high compared to other areas.
Residents are typically wealthy, including both locals and expatriates. The area promises to stay hyped due to its proximity to high-end hotels, trendy restaurants, and nightlife venues.
However, the downside is the higher cost of living and occasional noise from the nightlife. In terms of property types, expect to find modern, well-equipped homes with a touch of Moroccan architecture.
Palm Grove (Palmeraie)
Palm Grove, known locally as Palmeraie, is renowned for its luxurious villas amidst extensive palm groves.
It's a favorite among celebrities and affluent buyers seeking privacy and exclusivity. The prices per square meter in Palm Grove are very high, reflecting the area's status and the large size of the properties, often with private pools and extensive gardens.
The neighborhood is expected to maintain its allure due to its unique blend of nature and luxury. However, it's a bit isolated from the city center, which might be a downside for some.
The properties are typically grand villas and estates, perfect for those seeking a tranquil, opulent lifestyle.
Make sure you understand the real estate market in Marrakech
Don't rush into buying the wrong property in Morocco. Sit, relax and read our guide to avoid costly mistakes and make the best investment possible.
Areas in Marrakech that emerge as new hotspots
Let's explore these emerging neighborhoods in Marrakech that, according to our local partners and our customers, are getting quite a bit of buzz lately.
| Neighborhood | Evolution | Current Prices | Expected Trend | Resident Demographic | Strengths | Weaknesses |
|---|---|---|---|---|---|---|
| Sidi Ghanem | From Industrial to Artistic | Reasonable | Increasing Popularity | Young Artists, Entrepreneurs | Creative Vibes, Affordable | Lacks Some Conveniences |
| Bab Doukkala | Traditional to Modern Blend | Good Value | Growing Popularity | Expats, Tradition Seekers | Authentic Charm, Modern Touches | Crowded, Noisy |
| Azbezt | Medina's Hidden Gem | Affordable | Increasing Attention | Locals, Culture Enthusiasts | Cultural Immersion, Tranquility | Limited Modern Amenities |
Sidi Ghanem
Sidi Ghanem, originally an industrial area, is transforming into a hub for artists and designers.
It's becoming trendy due to its affordable spaces turned into studios, galleries, and hip cafes. The prices in Bab Doukkala are more reasonable compared to the upscale neighborhoods, attracting a younger, artistic crowd.
The area's evolution from an industrial zone to a creative district indicates that its popularity and property prices will likely increase, but it still maintains a raw, edgy vibe.
The mix of residential and commercial spaces offers unique living experiences but might lack some conveniences of more established neighborhoods.
Bab Doukkala
Bab Doukkala, a traditional area near the Medina, is gaining popularity for its authentic Moroccan charm mixed with modern conveniences.
Initially more of a local neighborhood, it's now attracting those who want a taste of traditional Moroccan life without foregoing modern amenities. Property prices in Bab Doukkala are lower than in more established upscale areas, making it a good value proposition.
The expectation is that the area will continue to grow in popularity, particularly among expats and those seeking a blend of old and new.
The properties range from renovated riads to new apartments. However, the area can be crowded and noisy, given its proximity to the bustling Medina.
Azbezt
Azbezt, nestled within the Medina, is emerging as a hidden gem.
Initially overshadowed by more famous parts of the Medina, it's now being recognized for its quieter, more residential atmosphere. Properties in Azbezt are generally more affordable, attracting a mix of locals and foreigners seeking an authentic Marrakech experience.
The neighborhood is expected to gain more attention, potentially increasing property values.
The charm lies in its narrow streets and traditional riads, offering an immersive cultural experience. However, the area might not provide all the modern amenities and can feel a bit isolated from the city's more modern parts.
Make a profitable investment in Marrakech
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Top neighborhoods in Marrakech to invest in property
Areas in Marrakech with a strong rental demand
If you're considering buying real estate in Marrakech for renting it out, these neighborhoods with high demand for rentals should be considered.
| Neighborhood | Tenant Profile | Property Type | Average Rental Income | Rental Yield | Tips for Better Income | Weaknesses |
|---|---|---|---|---|---|---|
| Gueliz | Young professionals, expatriates | Modern apartments, studios | $800 - $1,200/month | 5-7% | Properties near main streets, modern amenities | High competition, noise |
| Medina | Tourists | Traditional riads | $150 - $300/night | 8-10% | Close to attractions, unique features | Regulations, maintenance of historical buildings |
| Palmeraie | Affluent tourists, expatriates | Luxury villas | $2,000 - $4,000/month | 6-8% | Exceptional amenities, privacy features | Location away from city center |
Gueliz
In Gueliz, Marrakech's modern district, there's a strong rental demand due to its vibrant urban lifestyle, appealing to young professionals and expatriates.
Tenants in Gueliz seek contemporary apartments or studios, attracted by the area's cafes, restaurants, and shopping centers. Rental income for a well-located two-bedroom apartment in Gueliz can range from $800 to $1,200 per month, yielding a rental return of approximately 5-7%.
To maximize rental income, focus on properties near main streets or amenities. However, the area's popularity can drive up purchase prices, and competition for tenants can be high.
The key to success in Gueliz is offering modern amenities, like high-speed internet and updated interiors, which are in high demand. On the downside, noise levels can be high, and parking can be a challenge.
Medina
Medina, the historic heart of Marrakech, attracts a constant flow of tourists seeking authentic experiences.
Traditional riads are the most sought-after properties here, with rental income for a well-maintained, centrally-located riad ranging from $150 to $300 per night. These properties often serve as boutique hotels or luxury stays, offering a unique blend of traditional Moroccan architecture and modern comforts.
A high rental yield of around 8-10% in Medina is achievable, especially with properties that offer exclusive features like rooftop terraces or plunge pools. To increase rental income and reduce vacancy, focus on properties near popular attractions or with unique historical features.
The challenges in Medina include navigating regulations for historical buildings and potential maintenance issues due to the age of the properties.
Palmeraie
Palmeraie, known for its luxury villas and serene environment, is ideal for affluent tourists and expatriates seeking privacy and exclusivity.
Large villas with gardens and pools in Palmeraie are in high demand, and rental income can range from $2,000 to $4,000 per month, or even higher for short-term luxury rentals. The expected rental yield here is around 6-8%.
To attract high-end tenants, focus on properties with exceptional amenities like landscaped gardens, private pools, and security features. The area's calm and greenery are a major draw, but it's slightly removed from the city center, which might not appeal to everyone.
The key to success in Palmeraie is maintaining high standards of property upkeep and offering additional services like housekeeping or concierge services.
Don't lose money on your property in Marrakech
100% of people who have lost money in Morocco have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.
Areas in Marrakech where property prices might increase in the future
In these areas in in Marrakech you can still find properties at a reasonable price, with room for appreciation as the neighborhoods develop.
| Neighborhood | Tenant Profile | Property Type | Average Price per Night | Tips for Better Income |
|---|---|---|---|---|
| Gueliz | Young professionals, tourists | Contemporary apartments, studios | $80 - $150 | Modern amenities, proximity to urban attractions |
| Medina | Tourists seeking authenticity | Traditional riads | $100 - $250 | Near popular attractions, unique historical features |
| Palmeraie | Affluent tourists | Luxury villas | $250 - $500 | Luxury amenities, privacy, additional services |
Gueliz
In Gueliz, Marrakech's modern district, there's a strong rental demand due to its vibrant urban lifestyle, appealing to young professionals and expatriates.
Tenants in Gueliz seek contemporary apartments or studios, attracted by the area's cafes, restaurants, and shopping centers. Rental income for a well-located two-bedroom apartment in Gueliz can range from $800 to $1,200 per month, yielding a rental return of approximately 5-7%.
To maximize rental income, focus on properties near main streets or amenities. However, the area's popularity can drive up purchase prices, and competition for tenants can be high.
The key to success in Gueliz is offering modern amenities, like high-speed internet and updated interiors, which are in high demand. On the downside, noise levels can be high, and parking can be a challenge.
Medina
Medina, the historic heart of Marrakech, attracts a constant flow of tourists seeking authentic experiences.
Traditional riads are the most sought-after properties here, with rental income for a well-maintained, centrally-located riad ranging from $150 to $300 per night. These properties often serve as boutique hotels or luxury stays, offering a unique blend of traditional Moroccan architecture and modern comforts.
A high rental yield of around 8-10% in Medina is achievable, especially with properties that offer exclusive features like rooftop terraces or plunge pools. To increase rental income and reduce vacancy, focus on properties near popular attractions or with unique historical features.
The challenges in Medina include navigating regulations for historical buildings and potential maintenance issues due to the age of the properties.
Palmeraie
Palmeraie, known for its luxury villas and serene environment, is ideal for affluent tourists and expatriates seeking privacy and exclusivity.
Large villas with gardens and pools in Palmeraie are in high demand, and rental income can range from $2,000 to $4,000 per month, or even higher for short-term luxury rentals. The expected rental yield here is around 6-8%.
To attract high-end tenants, focus on properties with exceptional amenities like landscaped gardens, private pools, and security features. The area's calm and greenery are a major draw, but it's slightly removed from the city center, which might not appeal to everyone.
The key to success in Palmeraie is maintaining high standards of property upkeep and offering additional services like housekeeping or concierge services.
Make sure you understand the real estate market in Marrakech
Don't rush into buying the wrong property in Morocco. Sit, relax and read our guide to avoid costly mistakes and make the best investment possible.