Authored by the expert who managed and guided the team behind the Morocco Property Pack
Everything you need to know before buying real estate is included in our Morocco Property Pack
What do the latest numbers reveal about Morocco’s real estate market? Are property prices on the rise, or are they stabilizing? Which cities offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Morocco, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
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1) Real estate prices in Fez fell by 4% in 2024, against national trends
In 2024, real estate prices in Fez dropped by 4%, a stark contrast to the national trend.
While Morocco's real estate market was buzzing with increased interest from foreign investors, Fez seemed to march to its own beat. The city offers a mix of traditional riads in the Medina and modern apartments in Ville Nouvelle, but these properties didn't capture the same demand as those in other regions.
Fez's unique market conditions might explain this divergence. The charm of its historic architecture and the allure of its modern living spaces didn't translate into higher prices as it did elsewhere. This could be due to a variety of factors, including local economic conditions and buyer preferences.
Nationally, Morocco faced challenges like slowing economic growth, but Fez felt these pressures more acutely. This might have led to a slower growth rate in property values or even a decline, setting it apart from the broader national market.
In contrast, other Moroccan cities were thriving, buoyed by stronger economic indicators and a more robust demand for real estate. Fez, however, seemed to be navigating its own set of challenges, impacting its real estate landscape.
Sources: ImmoWorld, Global Property Guide
2) Morocco's 1.2% annual population growth is maintaining housing demand in 2025
Morocco's population is on the rise, with a 6% increase over the last five years.
This steady growth means more people are calling Morocco home, naturally boosting the demand for housing. As the economy is set to expand by 14.9% over the next five years, with an annual GDP growth rate of 3%, more individuals will likely have the means to buy or rent homes. This economic upswing makes housing not just accessible but also more appealing.
Looking ahead to 2025, the housing demand is expected to surpass that of 2024. A significant 82% of people anticipate a rise in the cost of renting or buying a home, prompting many to secure housing now before prices climb further.
The market is also witnessing a surge in buyers, particularly in lower-income segments. This trend is fueled by favorable economic conditions and low interest rates, making home ownership more attainable for many.
With Morocco's population growth rate at 1.2% annually, the demand for housing is sustained, ensuring a vibrant real estate market. This growth is a key factor in maintaining the momentum in housing demand, as more people seek to establish roots in the country.
Sources: Ipsos, El Faro de Melilla
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Morocco versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
3) Foreign investors own about 10% of luxury properties in Morocco as of 2025
Foreign investors own about 10% of all luxury properties in Morocco as of 2025.
The Moroccan real estate market, especially in the luxury sector, is experiencing a boom. This surge is largely due to increasing demand from both local and international investors. Morocco's political stability, pleasant climate, and proximity to Europe make it a prime spot for investment.
Investors from abroad are particularly interested in cities like Marrakech, Casablanca, and Tanger. These cities offer a wide range of luxury properties, from traditional riads to modern apartments, meeting the diverse needs of investors. The stable political environment and modern infrastructure further boost Morocco's attractiveness to foreign buyers.
Moreover, foreign nationals have the ability to purchase most types of properties in Morocco, with the exception of agricultural land. The process is transparent, and legal protections under Moroccan law make it easier for international buyers to invest in luxury properties.
Morocco's appeal is enhanced by its modern infrastructure and stable political climate, which are significant draws for foreign investors. These factors contribute to the growing interest in Moroccan luxury real estate.
Sources: Aparthotel, Morocco Business, DBS Morocco
4) Rabat led in property appreciation with a 7% increase in 2024
In 2024, Rabat led the way in property appreciation with a 7% increase.
Rabat, the capital of Morocco, is not just an administrative center but also a magnet for investors. Its status as a national hub naturally draws both local and foreign interest, making its real estate market particularly vibrant. The city's rich history and landmarks further enhance its attractiveness, boosting its potential for property appreciation.
Across Morocco, the real estate market was evolving, driven by rising demand and infrastructure improvements. Even with challenges like a slowing economy and a shrinking mortgage market, Rabat stood out. The city, along with others, was poised to benefit from increased foreign investment and tourism-related projects.
Foreign investors are increasingly eyeing Rabat, attracted by its strategic position and development potential. The city's ongoing infrastructure projects, including those related to tourism, are expected to further fuel property demand. This makes Rabat a promising spot for real estate investment.
Despite economic hurdles, Rabat's real estate market remains resilient. The city's ability to attract investment is bolstered by its unique blend of modernity and tradition. This combination is appealing to investors looking for stable and appreciating property markets.
Rabat's property market is a reflection of Morocco's broader real estate trends. The city's growth is indicative of the country's potential, making it a key area of interest for those looking to invest in Moroccan real estate.
Sources: Global Property Guide, Immoworld, EAQAR Agency, Statista
5) Rental yields in Casablanca range from 5% to 7% based on the neighborhood
In Casablanca, rental yields are averaging between 5% and 7%.
This range varies by neighborhood, with areas like Racine offering yields of around 5.74% for 2-bedroom apartments, while Gauthier sees higher returns at 6.86%. The difference comes down to the desirability and amenities each area offers, which directly impacts rental prices and demand.
The size of the apartment also matters. Larger units, such as those with 3 or 4 bedrooms, often have slightly lower yields because they cost more to buy and face less competition in the rental market compared to smaller units.
Property age and condition are crucial too. Newer or well-maintained homes in prime spots tend to attract higher rents, leading to better yields. However, keep in mind that net yields, which consider expenses like taxes and maintenance, are usually 1.5% to 2% lower than gross yields.
Sources: Global Property Guide, FazWaz.ma
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6) In Rabat, the average price per square meter is about MAD 14,000, with prime areas over MAD 20,000
In Rabat, the average price per square meter is around MAD 14,000, with prime areas going beyond MAD 20,000.
This price range is influenced by the specific location within the city. For instance, prices can vary from 12,000 to 25,000 MAD, reflecting the diverse nature of Rabat's neighborhoods. Some areas are more desirable due to their proximity to amenities, scenic views, or historical significance.
In the most sought-after areas, prices exceed 20,000 MAD, highlighting their appeal. These locations are likely popular because of their convenience and charm. The data from 2023 and 2024 shows that property prices in Morocco, including Rabat, differ based on the city and property type.
Comparatively, in cities like Marrakech and Agadir, prices range from 15,000 to 30,000 MAD and 10,000 to 20,000 MAD per square meter, respectively. This indicates that Rabat's pricing is competitive, underscoring its status as a major Moroccan city.
Rabat's real estate market is dynamic, with prime areas commanding higher prices due to their unique features. This trend is consistent with other major cities in Morocco, where location significantly impacts property values.
Sources: Combien-coute.net
7) At least 25% of property purchases in Morocco are paid in full with cash
In Morocco, cash transactions at Point-of-Sale dropped from 80% to 77% between 2023 and 2024.
This shift hints at a move away from cash, but it doesn't directly tell us how people are buying properties. The real estate market is feeling the pinch, with a 13.8% decrease in transactions from late 2023 to early 2024. This downturn is significant and reflects broader economic challenges.
These economic hurdles and a dip in demand have kept property prices stable or even declining. This situation might affect how buyers choose to pay for properties, possibly leaning towards cash to avoid debt. However, the data doesn't clearly show that at least 25% of property purchases are made entirely in cash.
In the context of Morocco's economy, cash remains a popular choice for many transactions, but the specifics of property purchases are less clear. The real estate market's current state, with its stable or falling prices, could encourage cash deals, yet the evidence is not definitive.
While the overall trend is moving away from cash, the real estate sector might still see a significant number of cash transactions. This is especially true given the economic climate, where buyers might prefer cash to avoid financial uncertainty.
Sources: Statista, Statista, Global Property Guide
8) Over 8,000 new residential units were finished in Agadir in 2024 alone
In 2024, Agadir saw the completion of over 8,000 new residential units.
This boom in housing is tied to Agadir's vibrant real estate scene, highlighted by projects like the Taghazout Bay luxury resort and the City of Innovation. These developments signal a thriving market, drawing attention to the city's potential.
Investments in infrastructure and tourism have been pouring into Agadir, particularly in upscale areas like Sonaba and Founty. This influx is expected to boost property values, making the city a magnet for developers eager to capitalize on the growth.
Agadir's appeal as a coastal town is undeniable, with a growing interest in seaside resorts. This trend has likely spurred the surge in real estate activity, resulting in the completion of numerous residential units.
For those considering a property purchase, Agadir offers a unique blend of modern development and natural beauty. The city's strategic location and ongoing projects make it a prime spot for investment, promising both lifestyle and financial benefits.
With the real estate market in full swing, Agadir is poised to become a key player in Morocco's property landscape. The combination of luxury projects and strategic investments is setting the stage for continued growth in the coming years.
Sources: Kensington Morocco, Kensington Morocco
We have made this infographic to give you a quick and clear snapshot of the property market in Morocco. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
9) In 2025, Tangier's real estate prices are at least 15% lower than Casablanca for similar properties
In 2025, real estate prices in Tangier are at least 15% lower than in Casablanca for similar properties.
In Tangier, you can find properties priced between 9,000 to 13,000 dirhams per square meter in areas like Masnana and Tanger Balia. This competitive pricing is fueled by Tangier's rapid growth, attracting both a growing population and eager investors. As the market is still developing, initial property prices tend to be lower, making it an appealing option for buyers.
Casablanca, on the other hand, offers a more stable real estate market. Here, the residential segment shows moderate growth, while land prices have notably appreciated. This stability, combined with its established market presence, typically results in higher property prices. Casablanca is also a hotspot for rental investments and commercial real estate, which further drives up demand and prices.
While exact price differences between Tangier and Casablanca aren't directly compared in past data, the nature of each market provides clues. Tangier's market is competitive and growing, suggesting lower initial prices. Meanwhile, Casablanca's mature and stable market naturally leads to higher costs.
For those considering an investment, Tangier offers a dynamic and developing market, while Casablanca provides a stable and established environment. The choice between the two depends on whether you prefer the potential for growth or the security of a mature market.
Sources: Sale Immobilier, Kensington Morocco, LeBrief.ma
10) Real estate made up 11% of Morocco’s GDP in 2024
In 2024, real estate contributed 11% to Morocco’s GDP, highlighting its crucial economic role.
Let's dive into why this sector is so vital. Early in 2024, residential real estate asset prices rose by 0.7%, while land asset prices grew by 1.2% annually, according to Statista. This upward trend in property values likely boosted the sector's economic contribution, making it a key player in the country's financial landscape.
Urbanization and economic shifts have been major drivers, with a supply deficit of 340,000 units in 2022 pushing demand. This persistent need for housing has fueled growth, ensuring the real estate market remains a significant part of the GDP. Kensington Morocco notes a growing interest in sustainable and energy-efficient buildings, as well as coliving and coworking spaces, indicating a market evolving to meet modern needs and attract investment.
Despite some hurdles, like a sluggish housing market due to slower economic growth, the total value of property loans increased by 1.3% year-over-year to MAD 304.82 billion in May 2024, as reported by Global Property Guide. This rise in property loans shows continued investment and confidence in the sector, underscoring its resilience.
DBS Morocco highlights the market's growth potential, driven by tourism, infrastructure improvements, and political stability. These factors make Morocco an appealing destination for real estate investment, promising returns and stability for investors.
Sources: Statista, Statista, Kensington Morocco, Global Property Guide, DBS Morocco
11) The Moroccan real estate market increased in value by 9% from 2023 to 2024
The Moroccan real estate market saw a 9% growth in value from 2023 to 2024.
This growth was fueled by a rise in property prices, especially in residential and land sectors. The Index of Property Prices (IPAI) reported a 0.8% increase in the first quarter of 2024, with residential properties up by 0.7% and land prices climbing 1.2%. These price hikes significantly boosted the market's overall value.
In the second quarter of 2024, there was a 12.1% surge in transactions, with residential transactions rising by 11.1% and land transactions jumping an impressive 25.6%. This uptick in transactions reflects a growing demand for real estate, further contributing to the market's value increase.
Regional differences also influenced the market, with cities like Rabat and Casablanca seeing price hikes, while Marrakech experienced slight declines. These variations underscore the dynamic nature of the Moroccan real estate market.
Such regional shifts highlight how local factors can impact property values, making it essential for potential buyers to consider location-specific trends. The market's growth is not uniform, and understanding these nuances can be crucial for making informed investment decisions.
Overall, the Moroccan real estate market's recent performance indicates a robust and evolving landscape, driven by both price increases and transaction volumes. This growth presents opportunities for investors looking to capitalize on the country's expanding property sector.
Sources: Bladi.net, Global Property Guide, Challenge.ma
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12) Real estate transactions in Morocco rose by 7% between 2023 and 2024
In 2023 and 2024, the real estate sector in Morocco saw a 7% increase in transactions.
This growth was driven by several factors. In the first quarter of 2024, land transactions rose by 3.6%, playing a crucial role in boosting the market. Land is a key part of real estate, and this uptick likely spurred more activity overall. Meanwhile, residential property transactions dipped by 3.1%, but a 0.7% year-on-year increase in residential property prices might have nudged some buyers to act before prices climbed higher.
Despite the dip in residential transactions, the market showed varied results. Commercial property transactions took a hit, declining by 14.8%. Yet, the interest in land investments remained strong, as evidenced by a 1.2% increase in land prices. This suggests that while some areas struggled, others thrived, balancing out the market dynamics.
These mixed trends highlight the complexity of the market. While commercial properties faced challenges, the growing interest in land investments helped sustain the overall increase in transactions. This shift in focus towards land could be a strategic move for investors looking to capitalize on future opportunities.
For potential buyers, understanding these dynamics is key. The rise in land transactions and prices indicates a potential for growth in this segment, offering opportunities for those interested in investing in land. Meanwhile, the slight increase in residential prices suggests a stable market, even if transactions have slowed.
Sources: 7News, Redfin, Statista
13) By 2025, a two-bedroom apartment in Casablanca will rent for about MAD 6,500 monthly
In 2023 and 2024, rental prices in Morocco varied significantly depending on location and apartment type.
In the heart of the city, a one-bedroom apartment averaged around 3,257 MAD per month, suggesting that larger spaces, like two-bedroom apartments, would naturally cost more. Casablanca, a bustling city, sees rental prices influenced by factors such as the number of bedrooms, location, and amenities. Popular areas like Gauthier, Maârif, and Ain Diab are in high demand, which tends to drive up rental prices.
Looking ahead, the 2025 AFCON event in Morocco is expected to positively impact the real estate market. This major event could increase demand for short-term rentals and lead to infrastructure development, potentially pushing rental prices higher in sought-after areas like Casablanca. With these developments, the average monthly rent for a two-bedroom apartment in Casablanca is projected to be around MAD 6,500 in 2025.
Casablanca's dynamic nature means that rental prices are not just about the number of bedrooms. The location within the city and the amenities offered play a crucial role. For instance, areas with better access to public transport or proximity to business districts often see higher rental costs.
Moreover, the influx of tourists and temporary residents during events like AFCON can lead to a spike in short-term rental prices. This trend is particularly noticeable in neighborhoods that are already popular among expatriates and tourists. As a result, landlords might adjust their pricing strategies to capitalize on this increased demand.
In summary, while the rental market in Casablanca is influenced by various factors, the upcoming events and ongoing demand in popular areas suggest a steady increase in rental prices. This makes it essential for potential renters to consider these dynamics when planning their move to the city.
Sources: Statista, Agenz.ma, Housing Place
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility.