76,000 DH per m² in Marrakech, and it may not be over yet

In a study published on 14 May 2026, the British firm Knight Frank places the price of high-end residential real estate between 5,500 and 7,000 euros per square metre, or approximately between 59,500 and 76,000 dirhams. The most exceptional villas can exceed this range.

The general property market has stabilised since 2023, but high-end properties located in Royal Palm, Amelkis, the Palmeraie or certain areas of the medina continue to appreciate. Knight Frank estimates that prices there have risen by 10 to 15% in two years, driven by persistent demand and a shortage of homes meeting the expectations of affluent buyers. Property prices in Marrakech had already risen sharply in 2024.

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For 2026 as a whole, the firm forecasts a further increase of approximately 6% in the value of prestigious properties. This rise contrasts with the more hesitant situation observed in other segments of the Moroccan property market.

Younger and more international buyers

The French, Belgians and British remain very present in Marrakech, but the clientele is becoming more diverse. Moroccans living abroad, particularly professionals based in the United States, are increasingly active. Buyers based in Dubai and families from the Middle East are also showing interest in the city.

Retirees no longer dominate this market on their own. Buyers aged 40 to 50, often still working and accompanied by their families, now represent a significant share of demand. Younger buyers are more willing to purchase a property requiring renovation, while families, retirees and clients with little time to spare prefer immediately habitable homes.

Many prospective buyers actually begin by renting. The wealthiest spend between six months and a year in a villa before committing, in order to test the neighbourhood, schools, travel times and daily life. This journey from hotel to rental and then to purchase has become a characteristic of Marrakech’s luxury market.

The supply of move-in-ready properties nevertheless remains limited. A large proportion of listings concerns furnished villas being resold by their owners. This scarcity favours well-managed residences and developments offering guarantees regarding quality, while projects with more uncertain finishes have greater difficulty finding buyers.

For investors, Marrakech also offers gross rental yields of between 7 and 10%, particularly thanks to short-term rentals. Its winter climate continues in particular to attract buyers from northern Europe. MREs already account for an essential share of foreign property demand in Morocco.

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Infrastructure should sustain this momentum. Work related to the 2030 World Cup includes extending the high-speed rail line to Marrakech, reducing the journey from Casablanca to approximately 90 minutes. The expansion of Marrakech-Ménara Airport should also double its capacity, while the city already has direct flights to 111 destinations.

Despite prices now reaching 76,000 dirhams per square metre, Marrakech remains less expensive than several comparable European destinations. But with its expanding international clientele and the shortage of high-end properties, this gap could continue to narrow.