Marrakech on the race to become a top city for real estate investments
Marrakech, Morocco, named a profitable destination to buy property in 2018.
For investors who are seeking remunerative opportunities, Marrakech is likely to become a prime destination. The growing year-round tourism flow and the cost of living in comparison to main European countries associated with the lower property taxes and a high public spending on infrastructures is also supposed to weigh heavily on the short-term growth for investors.
The real estate market in Marrakech seems to have reached its record low and is thought to be at the beginning of a rapid recovery phase with substantial visible growth. The recovery towards pre-crisis levels in this specific market shows expansion within private activities, and the willingness to provide support with public funds seems common to all relevant political forces.
The price per square foot has suffered a relevant correction since the all-time highs of 2017 and, differently from European counterparties, property prices in Marrakech have begun to see an increase only since 2016. The average price per sq. ft. in central areas has decreased from $168 in 2007 to $102 in 2017 and from $125 to $73 in the first suburbs.