Marrakech

Marrakech is Morocco's most internationally recognised city -- the 'Red City' of UNESCO-listed medina, ochre walls, Atlas Mountain backdrop, and a tourism economy that has drawn European retirees, second-home buyers, and creative-class purchasers for decades. The city is consistently one of North Africa's strongest property markets for foreign buyers. Residential prices vary widely by sub-market: traditional riads in the medina sell for MAD 8,000-15,000 per square metre, while villas in the Palmeraie or Hivernage districts run MAD 15,000-30,000 per square metre (USD 1,500-3,000). Modern apartments in Gueliz are MAD 10,000-18,000 per sqm. Gross yields on short-let riads can reach 8-12% with good management; long-let yields are more modest at 4-6%. For international buyers, Marrakech offers Mediterranean lifestyle, strong tourism-driven short-let yields, freehold for foreigners with no restrictions, USD/EUR-stable MAD (managed peg basket), and a well-established expatriate community. The catch: liquidity is patchy outside core districts, the riad renovation market has hidden complexity, and resale times can run 6-18 months.